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  1. #1
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    Default Anyone used Liberty Finance for their mortgage?

    Just doing some research on Liberty Finance and all I can find are BAD reports ie crooks. Freaking out a little bit if the truth be known!

    Anyone out there got any experiences with them? Are they really that bad? They advertise as being available to those who don't meet the criteria of the big four...

  2. #2
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    They are not crooks they are a non conforming lender. I use to work for their competitor. I have known people that work for them. They have high interest rates. They lend to people that the banks won't look at. I have had a car loan through them many moons ago (had some credit issues) and I found then to be great (except for the rate) hmmm sort of like GE you know easy loan high rate
    Hope that helps...
    Do you have a bad credit rating? If you don't then why not use a bank?

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    Thanks for the reply! No we don't have bad credit - just a low deposit (5%) and have just been knocked back by CBA.

    We also have 3 dependants and are on a single income so most banks don't want to know about us. We are also only applying for a loan that we will be paying less than what we pay in rent!!

    Their interest rate doesn't seem to be that bad but some of their loans seem to have an excessive amount of fees too...

    Is it a silly idea to go with them and then refinance in 12 months???? If you can't already tell we are first home buyers...!

  4. #4
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    The only problem is the break fees I think they are pretty high. I've been out of the industry awhile hun so I am a tad rusty.

    I loved working for a non conformer I helped loads of people get in to their own home but it's just the rates were a shocker.

    Are you going direct or through a broker? Sometimes brokers are good because they go over the fine print with you.

  5. #5
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    Find out about the break fees and ask how long until you can refinance without having to pay a large amount. Where I worked it was 4 years so 12 months would be out of the question.

    First home buyers how exciting

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    minniemousey  (13-03-2012)

  7. #6
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    Yep we're going through a broker but they didn't explain which product we have applied for which immediately makes me wary. And "wasn't too sure" on the exact interest rate as well. I sound like a complete fool admitting that I don't know these details... Anyhoo, lesson learned.

    Ok - i'll look for the break fees. On the info I've got it only talks about a discharge fee which I'm assuming is all the way down the other end of the path!

    Thank you soooo much for the replies. I think I can at least sleep for tonight!


 

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