Freedom Lend home loan repayment calculator

Thinking about taking out a home loan with Freedom Lend? Use our home loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how Freedom Lend home loans compare with other options.

I'd like to borrow

$

I am an

Loan term

With a repayment type

Your estimated repayments

at interest rate 2.17 %

Total interest payable

$0

Total amount payable

$0

Pros and cons

  • Flexible loan options.
  • Competitive interest rates.
  • Can accommodate borrowers with a smaller deposit.
  • Limited branch access.
  • Limited home loan options.
  • Some loans have high exit fees.

Freedom Lend home loans rates

Product
Advertised Rate
Total estimated upfront fees
Comparison Rate*
Ongoing fee
Go to site
Company

2.17%

Variable

$0

2.17%

$0
Freedom Lend
More details

2.17%

Variable

$0

2.17%

$0
Freedom Lend
More details

1.99%

Fixed - 1 year

$635

2.36%

$299 annually
Freedom Lend
More details

2.21%

Fixed - 2 years

$395

2.36%

$0 annually
Freedom Lend
More details

2.31%

Fixed - 2 years

$395

2.38%

$0 annually
Freedom Lend
More details

2.39%

Variable

$0

2.39%

$0
Freedom Lend
More details

2.39%

Variable

$0

2.39%

$0
Freedom Lend
More details

3.14%

Fixed - 1 year

$0

2.50%

$0
Freedom Lend
More details

2.44%

Fixed - 3 years

$0

2.56%

$299 annually
Freedom Lend
More details

2.79%

Variable

$935

2.58%

$0
Freedom Lend
More details

2.79%

Variable

$935

2.58%

$0
Freedom Lend
More details

2.79%

Variable

$0

2.58%

$0
Freedom Lend
More details

2.79%

Variable

$0

2.58%

$0
Freedom Lend
More details

2.59%

Variable

$0

2.61%

$0
Freedom Lend
More details

2.69%

Fixed - 5 years

$0

2.62%

$299 annually
Freedom Lend
More details

3.14%

Fixed - 3 years

$0

2.73%

$0
Freedom Lend
More details

3.14%

Fixed - 2 years

$0

2.73%

$0
Freedom Lend
More details

2.74%

Variable

$0

2.74%

$0
Freedom Lend
More details

2.74%

Variable

$0

2.74%

$0
Freedom Lend
More details

2.44%

Fixed - 3 years

$0

2.79%

$299 annually
Freedom Lend
More details

2.29%

Fixed - 2 years

$0

2.80%

$299 annually
Freedom Lend
More details

2.69%

Fixed - 5 years

$0

2.82%

$299 annually
Freedom Lend
More details

2.69%

Fixed - 4 years

$0

2.83%

$299 annually
Freedom Lend
More details

3.04%

Variable

$935

2.83%

$0
Freedom Lend
More details

3.04%

Variable

$0

2.83%

$0
Freedom Lend
More details

2.84%

Variable

$935

2.84%

$0
Freedom Lend
More details

2.84%

Variable

$0

2.84%

$0
Freedom Lend
More details

3.09%

Variable

$0

2.84%

$0
Freedom Lend
More details

3.39%

Fixed - 1 year

$0

2.85%

$0 annually
Freedom Lend
More details

2.44%

Fixed - 1 year

$0

2.86%

$299 annually
Freedom Lend
More details

3.09%

Fixed - 1 year

$0

2.86%

$0 annually
Freedom Lend
More details

3.09%

Fixed - 2 years

$0

2.86%

$0 annually
Freedom Lend
More details

3.09%

Fixed - 3 years

$0

2.89%

$0 annually
Freedom Lend
More details

3.34%

Fixed - 4 years

$0

2.90%

$0
Freedom Lend
More details

3.14%

Variable

$0

2.93%

$0
Freedom Lend
More details

3.44%

Fixed - 1 year

$0

2.95%

$299 annually
Freedom Lend
More details

3.39%

Fixed - 2 years

$0

2.96%

$0 annually
Freedom Lend
More details

3.29%

Fixed - 4 years

$0

2.97%

$0 annually
Freedom Lend
More details

2.99%

Variable

$0

2.99%

$0
Freedom Lend
More details

2.99%

Variable

$0

2.99%

$0
Freedom Lend
More details

3.29%

Fixed - 5 years

$0

2.99%

$0 annually
Freedom Lend
More details

3.34%

Fixed - 5 years

$0

3.02%

$0
Freedom Lend
More details

3.54%

Fixed - 4 years

$0

3.05%

$0 annually
Freedom Lend
More details

3.44%

Fixed - 2 years

$0

3.06%

$299 annually
Freedom Lend
More details

3.39%

Fixed - 3 years

$0

3.07%

$0 annually
Freedom Lend
More details

3.29%

Variable

$935

3.08%

$0
Freedom Lend
More details

3.29%

Variable

$0

3.08%

$0
Freedom Lend
More details

3.09%

Variable

$0

3.09%

$0
Freedom Lend
More details

3.09%

Variable

$0

3.09%

$0
Freedom Lend
More details

3.34%

Fixed - 1 year

$0

3.11%

$0 annually
Freedom Lend
More details

3.34%

Fixed - 2 years

$0

3.13%

$0 annually
Freedom Lend
More details

3.34%

Fixed - 3 years

$0

3.14%

$0 annually
Freedom Lend
More details

3.44%

Fixed - 3 years

$0

3.17%

$299 annually
Freedom Lend
More details

3.34%

Variable

$0

3.18%

$0
Freedom Lend
More details

3.69%

Fixed - 1 year

$0

3.20%

$299 annually
Freedom Lend
More details

3.19%

Variable

$0

3.21%

$0
Freedom Lend
More details

3.54%

Fixed - 5 years

$0

3.24%

$0 annually
Freedom Lend
More details

3.59%

Fixed - 4 years

$0

3.24%

$0 annually
Freedom Lend
More details

3.23%

Variable

$0

3.25%

$0
Freedom Lend
More details

3.23%

Variable

$0

3.25%

$0
Freedom Lend
More details

3.69%

Fixed - 2 years

$0

3.31%

$299 annually
Freedom Lend
More details

3.64%

Fixed - 4 years

$0

3.33%

$299 annually
Freedom Lend
More details

3.59%

Fixed - 5 years

$0

3.43%

$0 annually
Freedom Lend
More details

3.69%

Fixed - 3 years

$0

3.43%

$299 annually
Freedom Lend
More details

3.64%

Fixed - 5 years

$0

3.45%

$299 annually
Freedom Lend
More details

3.89%

Fixed - 4 years

$0

3.59%

$299 annually
Freedom Lend
More details

3.89%

Fixed - 5 years

$0

3.71%

$299 annually
Freedom Lend
More details

4.79%

Variable

$3745

5.33%

$395 annually
Freedom Lend
More details

5.29%

Variable

$3745

5.44%

$395 annually
Freedom Lend
More details

4.99%

Variable

$3745

5.52%

$395 annually
Freedom Lend
More details

5.49%

Variable

$3745

5.64%

$395 annually
Freedom Lend
More details

5.29%

Variable

$3745

5.82%

$395 annually
Freedom Lend
More details

Freedom Lend customer service

Being an online-only lender means that Freedom Lend customers do not have access to a branch network, however this non-traditional lender offers its customers extended telephone support, 7 days a week. Home loan customers can also contact Freedom Lend through the online chat function on their website. Borrowers looking for face-to-face support can meet with a Freedom Lend consultant in their Melbourne office, borrowers outside Melbourne can arrange a Skype meeting through the Freedom Lend website.

  • Customer service centre (phone)
  • Online banking
  • Email
  • Live Chat

How to Apply

Borrowers wanting to apply for a Freedom Lend home loan can complete a secure online loan application form. Before applying for a Freedom Lend home loan, consider what you can afford to borrow and what other costs you need to factor in. To apply for this Freedom Lend loan, you will need to supply the following information:

  • Proof of identity.
  • Proof of income including last two months’ payslips or last two years’ tax returns if you’re self-employed.
  • Provide three months’ savings history, credit card statements and bank account statements.

Learn more about Freedom Lend

How can I get a home loan with bad credit?

If you want to get a home loan with bad credit, you need to convince a lender that your problems are behind you and that you will, indeed, be able to repay a mortgage.

One step you might want to take is to visit a mortgage broker who specialises in bad credit home loans (also known as ‘non-conforming home loans’ or ‘sub-prime home loans’). An experienced broker will know which lenders to approach, and how to plead your case with each of them.

Two points to bear in mind are:

  • Many home loan lenders don’t provide bad credit mortgages
  • Each lender has its own policies, and therefore favours different things

If you’d prefer to directly approach the lender yourself, you’re more likely to find success with smaller non-bank lenders that specialise in bad credit home loans (as opposed to bigger banks that prefer ‘vanilla’ mortgages). That’s because these smaller lenders are more likely to treat you as a unique individual rather than judge you according to a one-size-fits-all policy.

Lenders try to minimise their risk, so if you want to get a home loan with bad credit, you need to do everything you can to convince lenders that you’re safer than your credit history might suggest. If possible, provide paperwork that shows:

  • You have a secure job
  • You have a steady income
  • You’ve been reducing your debts
  • You’ve been increasing your savings

What is a debt service ratio?

A method of gauging a borrower’s home loan serviceability (ability to afford home loan repayments), the debt service ratio (DSR) is the fraction of an applicant’s income that will need to go towards paying back a loan. The DSR is typically expressed as a percentage, and lenders may decline loans to borrowers with too high a DSR (often over 30 per cent).

Can I change jobs while I am applying for a home loan?

Whether you’re a new borrower or you’re refinancing your home loan, many lenders require you to be in a permanent job with the same employer for at least 6 months before applying for a home loan. Different lenders have different requirements. 

If your work situation changes for any reason while you’re applying for a mortgage, this could reduce your chances of successfully completing the process. Contacting the lender as soon as you know your employment situation is changing may allow you to work something out. 

How do I refinance my home loan?

Refinancing your home loan can involve a bit of paperwork but if you are moving on to a lower rate, it can save you thousands of dollars in the long-run. The first step is finding another loan on the market that you think will save you money over time or offer features that your current loan does not have. Once you have selected a couple of loans you are interested in, compare them with your current loan to see if you will save money in the long term on interest rates and fees. Remember to factor in any break fees and set up fees when assessing the cost of switching.

Once you have decided on a new loan it is simply a matter of contacting your existing and future lender to get the new loan set up. Beware that some lenders will revert your loan back to a 25 or 30 year term when you refinance which may mean initial lower repayments but may cost you more in the long run.

Who offers 40 year mortgages?

Home loans spanning 40 years are offered by select lenders, though the loan period is much longer than a standard 30-year home loan. You're more likely to find a maximum of 35 years, such as is the case with Teacher’s Mutual Bank

Currently, 40 year home loan lenders in Australia include AlphaBeta Money, BCU, G&C Mutual Bank, Pepper, and Sydney Mutual Bank.

Even though these lengthier loans 35 to 40 year loans do exist on the market, they are not overwhelmingly popular, as the extra interest you pay compared to a 30-year loan can be over $100,000 or more.

What is a credit limit?

The maximum amount that can be borrowed from a lender, as per the home loan contract.

What is a bad credit home loan?

A bad credit home loan is a mortgage for people with a low credit score. Lenders regard bad credit borrowers as riskier than ‘vanilla’ borrowers, so they tend to charge higher interest rates for bad credit home loans.

If you want a bad credit home loan, you’re more likely to get approved by a small non-bank lender than by a big four bank or another mainstream lender.

What if I can't pay off my guaranteed home loan?

If you can’t pay off your guaranteed home loan, your lender might chase your guarantor for the money.

A guaranteed home loan is a legally binding agreement in which the guarantor assumes overall responsibility for the mortgage. So if the borrower falls behind on their mortgage, the lender might insist that the guarantor cover the repayments. If the guarantor fails to do so, the lender might seize the guarantor’s security (which is often the family home) so it can recoup its money.

Who has the best home loan?

Determining who has the ‘best’ home loan really does depend on your own personal circumstances and requirements. It may be tempting to judge a loan merely on the interest rate but there can be added value in the extras on offer, such as offset and redraw facilities, that aren’t available with all low rate loans.

To determine which loan is the best for you, think about whether you would prefer the consistency of a fixed loan or the flexibility and potential benefits of a variable loan. Then determine which features will be necessary throughout the life of your loan. Thirdly, consider how much you are willing to pay in fees for the loan you want. Once you find the perfect combination of these three elements you are on your way to determining the best loan for you. 

What is a variable home loan?

A variable rate home loan is one where the interest rate can and will change over the course of your loan. The rate is determined by your lender, not the Reserve Bank of Australia, so while the cash rate might go down, your bank may decide not to follow suit, although they do broadly follow market conditions. One of the upsides of variable rates is that they are typically more flexible than their fixed rate counterparts which means that a lot of these products will let you make extra repayments and offer features such as offset accounts.

Are bad credit home loans dangerous?

Bad credit home loans can be dangerous if the borrower signs up for a loan they’ll struggle to repay. This might occur if the borrower takes out a mortgage at the limit of their financial capacity, especially if they have some combination of a low income, an insecure job and poor savings habits.

Bad credit home loans can also be dangerous if the borrower buys a home in a stagnant or falling market – because if the home has to be sold, they might be left with ‘negative equity’ (where the home is worth less than the mortgage).

That said, bad credit home loans can work out well if the borrower is able to repay the mortgage – for example, if they borrow conservatively, have a decent income, a secure job and good savings habits. Another good sign is if the borrower buys a property in a market that is likely to rise over the long term.

Does Australia have no cost refinancing?

No Cost Refinancing is an option available in the US where the lender or broker covers your switching costs, such as appraisal fees and settlement costs. Unfortunately, no cost refinancing isn’t available in Australia.

Can I get a home loan if I am on an employment contract?

Some lenders will allow you to apply for a mortgage if you are a contractor or freelancer. However, many lenders prefer you to be in a permanent, ongoing role, because a more stable income means you’re more likely to keep up with your repayments.

If you’re a contractor, freelancer, or are otherwise self-employed, it may still be possible to apply for a low-doc home loan, as these mortgages require less specific proof of income.

Will I have to pay lenders' mortgage insurance twice if I refinance?

If your deposit was less than 20 per cent of your property’s value when you took out your original loan, you may have paid lenders’ mortgage insurance (LMI) to cover the lender against the risk that you may default on your repayments. 

If you refinance to a new home loan, but still don’t have enough deposit and/or equity to provide 20 per cent security, you’ll need to pay for the lender’s LMI a second time. This could potentially add thousands or tens of thousands of dollars in upfront costs to your mortgage, so it’s important to consider whether the financial benefits of refinancing may be worth these costs.

Is there a limit to how many times I can refinance?

There is no set limit to how many times you are allowed to refinance. Some surveyed RateCity users have refinanced up to three times.

However, if you refinance several times in short succession, it could affect your credit score. Lenders assess your credit score when you apply for new loans, so if you end up with bad credit, you may not be able to refinance if and when you really need to.

Before refinancing multiple times, consider getting a copy of your credit report and ensure your credit history is in good shape for future refinances.