Got a question about our home loans, car loans, business loans, or investments? Then search the Frequently Asked Questions below or call us on 13 11 33.
Home loans
Q:How much stamp duty will I pay?
To find out how much stamp duty you will pay you can contact the office of State Revenue in your state.
ACT (02) 6207 0028 www.revenue.act.gov.au
NSW 1300 130 624 www.osr.nsw.gov.au
NT (08) 8999 7406 www.nt.gov.au/ntt/revenue
QLD 1300 300 734 www.osr.qld.gov.au
SA (08) 8226 9500 www.revenuesa.sa.gov.au
TAS (03) 6233 2927 http://www.sro.vic.gov.au
VIC 13 21 61 www.sro.vic.gov.au
WA (08) 9262 1400 www.finance.wa.gov.au
Q:What is a hardship application?
A hardship application is a request made to Liberty Financial when you're finding it difficult to make your loan repayments. We'll ask you to provide supporting evidence in the form of bank statements, payslips, tax returns, utility bills and any other documents that might be relevant. If you'd like to make a hardship application, please contact our customer service team on 13 11 33.
Q:What happens if I am unable to make a repayment?
If you think you'll be unable to make a repayment, just call us as soon as you can on 13 11 33 before the date of your next repayment. Depending upon your circumstances, there could be many options (such as a repayment holiday or hardship application) available to you.
Q:Can I take a repayment holiday?
We understand that from time to time you may need to take a break from your home loan repayments for a short time. In this situation we try to understand the reason for the request and work with you to ensure the best possible outcome.
Q:Can I increase my repayments?
This depends on your circumstances and is dependent on a number of factors. Just call our customer service team on 13 11 33 to discuss.
Q:How often can I make my loan repayments?
You can choose to make your home loan repayments weekly, fortnightly or monthly. Our variable rate loans also allow you to make additional repayments at any time to help you save on interest costs and pay off your loan more quickly.
Q:Do you consider my credit history when assessing my loan application?
At Liberty Financial we carefully consider your overall financial circumstances when considering your home loan. But don't worry; we always go the extra mile to help you overcome any financial difficulties you may have had in the past and often grant home loans to customers who've been refused by other lenders.
Q:What is meant by ‘Interest-only’?
This is a repayment type that allows you to make regular repayments that only incorporate the interest charged on the loan, over a set period of time. This means that the outstanding loan balance remains unchanged during the term of the Interest-only period. Liberty offers Interest-only periods of between one and five years. After the initial Interest-only period the loan reverts to Principal & Interest for the remaining term of the loan.
Q:What is meant by ‘Principal and Interest’?
Principal and Interest (P&I) is the standard type of repayment for most home loans. The borrower makes regular repayments that include a portion of the principal repaid and the interest that is charged on the outstanding loan amount. Over time the principal portion of the repayment will increase and so the outstanding loan balance also reduces.
Q:How do I take out LMI?
We'll advise you if LMI is required when you apply for your loan and prepare the paperwork on your behalf.
Q:What government charges may apply when I buy a home?
Stamp duty is a state tax that is imposed when the ownership of a property changes. To give you an idea of how much stamp duty you should expect to pay, use our stamp duty calculator.
Other fees that may apply are land transfer registration fees and mortgage registration fees. For more information about buying a home and stamp duty in your state, visit the Australian Government's MoneySmart website.
Q:Can I use more than one property as security for my loan?
Yes, you can. Speak to a Liberty Adviser to find out how.
Q:Can I transfer my home loan from one property to another?
No problem. We refer to this as 'loan portability' and it allows you to change the property used as security on your home loan. This is a useful benefit if you're looking to downsize your home.
Q:What is a split loan?
A split loan allows you to take more than one home loan type. For example, you might want a fixed rate home loan but also enjoy the benefits of a variable loan. We allow you to split your loan into as many products as you want, to best suit your needs. Contact a Liberty Adviser , or call our friendly customer service team on 13 11 33 to learn more.
Q:What is redraw?
A redraw facility gives you easy access to any additional repayments you've made on your loan without going through a complete application process. You can request access to these funds online or over the phone and funds are usually credited to your account within 24 hours.
Q:What is a Loan to Value Ratio?
A loan to value ratio (LVR) is the term used to describe the amount of the loan as a proportion of the value of the residential property, and it's expressed as a percentage. So, for example, a loan amount of $260,000 on a property with a value of $400,000 would have an LVR of 65%.
The LVR can vary according to the type of loan you choose, your income source and the type of property that's used as security over the loan.
Q:How can I cope with interest rate rises?
If you'd like to minimise the impact of interest rate rises on your ability to keep up your loan repayments, it's important to plan ahead. Use our repayment calculator to work out your budget. Can you afford to make additional repayments now to get ahead on your loan repayments? This might give you some breathing space if your budget gets tighter in future. Look at your other regular expenses. Are there any that can be reduced?
It's also a good idea to review your loan situation every 18 months or so. Ask yourself if your home loan still suits your circumstances.
If you do find yourself struggling with your repayments then you can discuss your loan with a Liberty Adviser or call our friendly customer service team on 13 11 33. Our 'out of the box' home loan solutions take into account your current financial situation, and we may be able to offer help in the form of reduced repayments or a repayment holiday.
Q:Does Liberty Financial offer a ‘honeymoon period’ for its home loans?
'Honeymoon' or 'introductory' periods' refer to loans that offer you a lower interest rate for a certain period at the beginning of the loan. The downside to these loans is that, after the introductory period has finished, the rate is often higher than that of a standard variable loan. In addition, these types of loans often have fewer features. We prefer to offer home loans that are better value over the long term and provide you with more features and benefits. That is why we don't offer honeymoon periods for our home loans.
Q:What is a low doc loan?
This is a term used to describe the extent and type of financial information you're able to provide when you apply for a home loan. If you're unable to provide payslips or up-to-date financial statements then a low doc loan might suit you better (e.g., if you're self-employed or a contractor). In this case you'll need to provide Business Activity Statements (BAS), bank statements or a declaration stating that repayments can still be met in the event of any undue financial hardship.
Q:How much can I borrow?
As a general rule (and based on your income), you can borrow up to 95% of the property price. However, at Liberty, we like to understand your financial goals and your current circumstances before we determine how much we can lend you.
Car loans
Q:Do you offer a range of finance options?
Yes, we can structure your finance as a commercial hire purchase, a chattel mortgage or a finance lease – whatever best suits you and your business.
Q:Can I include insurance and warranty costs in the loan amount?
Yes, your loan can include the car's insurance and warranty costs.
Q:Are there any cars Liberty won’t finance?
Yes. Liberty will not provide a loan for any of the following vehicles: ASIA, Corsa Special Vehicles, Daihatsu, Eunos, Ferrari, Lada, Lamborghini, Lexus ISF, Lotus, MG, Maserati, Maybach, Morgan, Porsche, Rolls Royce, Rover, Seat, Tata and TVR.
Additional vehicle exclusions for drivers under the age of 23 are: Aston Martin, Bentley, Ford XR8 or FPV, Holden SS or HSV, Jaguar and Subaru Impreza WRX.
Q:Do I need a full driver’s licence?
You need a provisional or a full driver's licence to get a car loan with Liberty. Learner drivers are not accepted.
Q:How old do I have to be to qualify for a car loan through Liberty?
Applicants need to be at least 18 years of age to qualify for a car loan with Liberty.
Q:Do I need to take out insurance on my car?
Yes. Liberty requires that your vehicle be comprehensively insured, and that you provide proof of that insurance, before we grant you the loan.
Q:What is a balloon payment?
A balloon payment is a lump sum that you pay at the end of the loan term, and is generally used to lower your monthly repayments during the loan term. Balloon payments are available to eligible customers for terms up to five years.
Q:How do I make my repayments?
You can choose whether to make your repayments weekly, fortnightly or monthly. Repayments must be made by direct debit.
Q:Does the loan have a fixed or a variable rate?
All Liberty's car loans have a fixed rate.
Q:What information do I need to provide with my loan application?
In order for us to settle your loan application quickly, we need you to provide us with the following information:
For Liberty Motor Drive and Liberty Motor Comfort car loans:
• A legible copy of your current, valid driver's licence, showing your current residential address. A learner's permit is not acceptable.
• Your two most recent payslips.
• Copies of your last three consecutive transactional bank statements (specialty loans only).
• Signed privacy authority / consent (including for guarantor(s) where applicable).
For Liberty Fleet car loans:
• Your two most recent personal and business tax returns plus associated notices of assessment (if self-employed).
• Copies of your last three consecutive transactional bank statements (specialty loans only).
• Signed privacy authority / consent (including for guarantor(s) where applicable).
Q:How do I apply for a car loan?
Applying for a car loan with Liberty is simple. Contact us and a Liberty Adviser will be in touch with you shortly. Alternatively, you can call 13 11 33 between 8.30am and 5.30pm Monday to Friday and a member of our customer service team will be happy to assist you.
Q:Who can apply for a car loan from Liberty?
All applicants must be Australian citizens or permanent residents. Joint applications must be spouse or de facto partner. Applicants need to be at least 18 years of age.
Commercial
Q:Do you offer interest-only or fixed-rate commercial property loans?
Yes; we offer interest-only periods of one to five years, and fixed rate periods of up to three years.
Q:How quickly can Liberty approve my loan application?
We provide market-leading turnaround times. In fact, the Liberty Boost and Liberty LeaseStream products are designed to be approved quickly and easily so that you can take advantage of business opportunities faster.
Q:How much can I borrow?
How much you can borrow depends on a few things, like your credit profile, your ability to make your loan repayments and the location of the property you want to buy. Our commercial property loans start at $150,000 and we can lend up to $10 million. Our loan terms range from 1 year to 30 years.
Q:Do you offer commercial loans for commercial property investors?
Liberty Financial's commercial property range provides finance solutions for both property investors and those wishing to buy or refinance their commercial property.
Cash flow
Q:What are the ongoing costs for a Liberty CashFlow facility?
Ongoing costs range between 0.1% and 2.0% of the overall value of your facility.
Q:What is the limit on how much you can lend?
Subject to the facility limit, your maximum available funds will grow as your sales increase.
Q:How do I get started with a Liberty CashFlow facility?
Submit your application for the facility size that suits your growth plans. Upon approval, you will receive an initial payment of up to 90% of the value of your eligible invoices. You'll receive your payment within 24 hours of Liberty processing your invoices, with the remaining portion being paid when your customers settle their accounts.
Q:Is there any effect on our customers?
No. Your cash flow finance facility can remain completely confidential if you want it to, meaning that you retain control over your relationships with your customers, managing their accounts and issuing their invoices as usual. You just send us a copy of each invoice as you issue it.
Q:Do you need property as security for cash flow finance?
No, we do not automatically require property as security over your cash flow finance facility.
Floorplan
Q:Does Liberty finance my franchises?
Yes, we support most brands sold in Australia including Ford, Holden, Isuzu, Proton, Hyundai and Great Wall as examples.
Q:Does Liberty offer other products to its dealers?
Yes. Liberty has a range of finance options available, including residential and commercial mortgages, and term investments.
Q:Does my retail volume affect my price?
Yes – strong retail support will improve the cost of your floorplan facility.
Q:Does Liberty service my area?
Liberty provides floorplan facilities across Australia including rural as well as metropolitan areas.
HOW TO ENQUIRE
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