Business Frequently Asked Questions

We offer a wide range of mortgage products, including products requiring varying levels of documentation (full doc, low doc and no doc), fixed and variable rate loans and interest only loans.

What makes us different is our ability to offer a loan that suits the needs and specific circumstances of the borrower.

A full doc loan (Star) requires full documentation to verify the applicant’s income, for example payslips for a PAYG applicant or business financials for a self-employed applicant. This loan is most suitable for borrowers who can easily provide verification of income, as interest rates are generally lower under a full doc loan.

A low doc loan (Nova) is for self-employed applicants who are unable to provide business financials, but can provide some supporting documentation. This loan is suitable for borrowers who are self-employed (with a minimum of 12 months’ ABN & GST registration) and haven’t prepared current taxation returns but can provide alternative verification e.g. BAS statements.

A no fuss loan (Private) is one where no income documentation is required. It is available for business or investment purposes only. This loan is suitable for borrowers who want a short term facility for investment purposes and do not have full documentation available.

Variable rate means the interest rate on your loan is floating and moves up or down depending on market forces.

Yes. We offer three-year fixed rate loans for our Star and Nova loans. A loan of this nature provides a borrower with certainty because their monthly repayment for the duration of the fixed interest period will not change. At the end of the fixed rate period, the loan reverts to a variable interest rate.

Yes. We offer interest only loans on a variable interest rate for one, two or three years before reverting to Principal and Interest repayments. For fixed rate loans, a three year interest only period is available, at the end of which the loan will revert to a variable Principal and Interest repayment structure.

Yes, depending on the type of loan that you have. Please refer to your Loan contract and Terms & Conditions. Additional repayments can be made via:

• Direct Debit;
• Internet; and
• At our nominated bank via paper deposit slip
  

Your first loan repayment is generally one month after settlement date unless you chose to have your repayments made weekly or fortnightly. In that case, they will start one week or a fortnight after the settlement date.

Yes, depending on the type of loan that you have. Once your loan has settled, please contact our Customer Service Team on 13 11 80 who will be able to assist setting this up.

Yes. If the new property is at least equal in value and quality to your existing security property, and meets our lending guidelines as an acceptable replacement security, your mortgage may be transferrable to the new one. Fees and charges may apply.

Yes. We will accept more than property as security. Vacant land may be accepted in some circumstances.

Yes. We will have a valuation completed from one of our accredited panel valuers for all loan applications. A valuation fee applies for each property valued.

Yes. In order to accurately assess your loan application we need to know your credit history. Liberty is not able to access this information until we receive a fully completed and signed application form, which includes your express permission to review your credit history.

If you are concerned you might have trouble making a repayment, please call our Customer Service Team as soon as you can. The sooner we are aware of an issue or potential problem, the sooner we may be able to assist in finding a workable solution.

Different loans feature different fees, some of which are charged by Liberty and some by external parties, however, once your loan has settled there are no ongoing fees. All applicable fees will be outlined in our loan offer document to you.
External costs that you may incur when buying property include:

• Solicitor fees
• Any property inquiries and searches recommended by your solicitor (for example, survey, pest and building inspections)
• Insurance
• Stamp duty on the purchase
• Stamp duty on the mortgage contract (not payable in all states/territories)
• Mortgage registration fee
• Land transfer registration fee.