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Get the lowdown on all things lending and boost your borrower journey.

Eight tips for getting your next loan approved
Eight tips for getting your next loan approved

From saving deposits to alternative lenders, getting a loan may be simpler than you think.

Shelby Waugh
Shelby Waugh 2023-10-10T10:00:00.000Z ・ [ "<p>So, you&#39;ve made a plan and set a goal, now all you need is to get that loan. When you’ve had your sights set on something for a really long time, it can be daunting to think about your finances – after all, things like buying your first home, finally getting that new car, or achieving the dream of starting your own business are big goals to go after.</p><p>But getting a loan isn’t as daunting as it might seem. In fact, it’s probably simpler than you think. All it might take is a few simple tweaks and you could be well on your way to your financial goals.</p><p>Well, now is the time to get prepared to see that big green tick of acceptance, because I have done the legwork for you and found eight tips that will help you get a loan approved.</p><h3><b>Do your research</b></h3><p>Just like no two coins are the same, neither are lenders – so do your research to make sure you are applying for a loan with a lender that is suitable for you.</p><p>There are plenty of resources to help you figure out what you need and what loans you should apply for. I also recommend talking to a mortgage broker or lender; they can help you find the right loan option or features for your circumstances.</p>", "<h3><b>Look outside the one-size-fits-all approach</b></h3><p>It’s easy to go with the standard approach to getting a loan. But the stock standard is exactly that – standard. And that doesn’t suit everyone.</p><p>Sometimes what you need is a lender that takes a different approach – someone who can think outside the box to get you closer to your goals. Someone like Liberty.</p><p>Liberty’s mission is to provide free-thinking finance solutions to help people from all walks of life to achieve their dreams. Unlike traditional lenders, Liberty recognises that a checkbox approach isn’t feasible in the modern world.</p><p>Rather than just looking at the typical things to assess suitability, they look at the bigger picture. If you’re a boss with your own business or own a funky side hustle, you’re assessed as such. Maybe you have a small deposit or have had a few financial hiccups – don’t be discouraged. Liberty may just be able to help you.</p><p>Whether you’re after a house, car, business, commercial or SMSF loan, Liberty will treat you as a whole person, not just as a number.</p><h3><b>Understand your credit history</b></h3><p>When I was 25, I got my first credit card and exceeded the credit limit so fast that I needed my dad to bail me out. Now, this isn’t my proudest moment. But it’s definitely been my most valuable, as this is how I learnt about credit scores. And it’s important that you understand yours.</p><p>Lenders often want to know that you’re in good financial shape before you borrow money. One way they check this is your credit history and your credit score, which is a simplified number representing your financial past. In Australia, credit scores range from 0 – 1,200 and the higher your credit score is, the more likely it is to have your loan approved.</p><p>There’s a lot of easy-to-use services online that can tell you your credit history and score. And you’re entitled to check it for free every three months.</p><p>Keep in mind there’s a number of things that can impact your credit score, from late payments to your employment history and even upgrading your phone.</p><p>But if your score is looking a little lacklustre, don’t worry. There are plenty of ways to improve it, including paying your bills on time, growing your savings and regularly paying down other debts.</p><p>And remember – every application for credit goes on your credit report. So, it’s important to only apply with lenders who you feel are compatible with your needs and mission.</p>", "<h3><b>Getting your money in order</b></h3><p>Who doesn’t love a good shopping spree? Or a cheeky dinner and drinks in town? It’s the little things in life, right? But when you’re in the market for a loan, maxing out the credit card can really work against you.</p><p>While you can still enjoy the odd after-work cocktail, keep in mind that lenders love to see consistent spending and consistent savings. So, if you’re thinking about booking a holiday to Europe, it might be best to wait on it.</p><p>Just like lenders love good spending habits, they love seeing debt being paid off. Any existing debt you have could impact your chances to get approved. Yes, even your cheeky Buy Now, Pay Later online order. So, try to pay it down the first chance you get.</p><h3><b>Save for a deposit</b></h3><p>Let’s face it – saving can sound much easier than it actually is. But if you can start saving even a small amount on a regular basis, it can really help your application and your credit score.</p><p>A deposit shows that you’re capable of putting money aside for something that matters. Not to mention, the bigger your deposit, the less you’ll have to repay. Your deposit means you won’t need to borrow the whole loan amount, only the gap of the total amount you need. Less borrowing equals your loan being paid off quicker.</p><p>Generally, the accepted deposit amount is 20 per cent of the total loan amount. But let’s face it – that’s a lot of money to save. However, there are lenders who can help you reach your goals even if you have a small deposit.</p><h3><b>Consider a guarantor</b></h3><p>Sometimes we need a bit of help to reach our goals. This is where a guarantor comes in.</p><p>A guarantor is someone who co-signs your loan guaranteeing that they will cover the loan repayments if you run into trouble. If you need more borrowing power or have a small deposit or just need a little help getting over the line, a guarantor could be the solution.</p><p>While asking a loved one to help buy a home or start a business can be daunting, it can help bring your dreams to fruition much faster.</p>", "<h3><b>Do your tax returns</b></h3><p>It can be easy to put off doing your tax when you’re self-employed. But having them ready can help get you over the lending line.</p><p>When you apply for a loan as a freelancer or self-employed person, you’ll need to prove your income and employment stability. This can be pretty hard without the tax returns to back it up. Getting on top of these before you apply can help you see that big tick of approval sooner.</p><p>If tax time makes you want to cry, there are other options for people who don’t work the usual 9-5. A number of lenders offer low-doc loans, specifically catered to self-employed individuals and freelancers. So if you’re in that boat, it’s worth exploring your options.</p><h3><b>Check your borrowing power</b></h3><p>Knowledge is power – especially when it comes to borrowing power. If you’re unsure of what borrowing power is, it’s how much money a lender is willing to let you borrow based on your current situation. So, understanding yours is important.</p><p>Borrowing power is based on a bunch of different factors, which differ from lender to lender. A strong credit history, savings and stable income certainly help though.</p><p>The way to check your borrowing power is fairly simple. For example, for a mortgage, you look at your income and subtract all your expenses. Yes, all of them. Even that sneaky 2am cheeseburger. Once all expenditure has been deducted, you add in the loan repayment. This calculation helps lenders decide how much they can lend you and gauge your ability to pay it off.</p><p>If you’re ready to start exploring, Liberty has flexible solutions available. Speak with a Liberty adviser today – they have access to a range of lenders and can help you get to yes sooner.</p><p></p><p>Originally published on <a href=\"\" target=\"_self\" linktype=\"url\"></a>.</p>" ] min read
Take a closer look at the ins and outs of balloon repayments.
The ups and downs of balloon repayments

Take a closer look at the ins and outs of this car loan feature.

Shelby Waugh
Shelby Waugh 2023-09-20T19:00:00.000Z ・ [ "<p>If you’ve been floating the idea of <a href=\"/blog/loan-school/everything-you-should-consider-before-purchasing-a-car\" uuid=\"e51d5ab3-d67f-4d21-a0dc-c767631601c5\" target=\"_self\" linktype=\"story\" story=\"[object Object]\">buying a car</a>, taking out a <a href=\"/car-loans/\" uuid=\"e44db8e5-5bde-448f-91db-bc8e32038df1\" target=\"_self\" linktype=\"story\" story=\"[object Object]\">car loan</a> with a balloon repayment could help you drive away sooner.</p><p>Here are some important details to know before signing on the bottom line.</p><h3><b>What is a balloon repayment?</b></h3><p>A balloon repayment is a lump sum amount paid at the end of your car loan term. This amount is subtracted from the principal, reducing the regular repayments over the life of the loan.</p><h3><b>What are the upsides?</b></h3><p>The major benefit of a balloon repayment is that it can reduce the amount of your weekly, fortnightly or monthly loan repayments. This can free up cash flow and help you better manage your budget.</p>", "<h3><b>What are the drawbacks?</b></h3><p>One obvious downside is in the name – the ‘balloon’ or lump sum payment due at the end of your loan term. While it reduces your regular repayment costs, you still pay interest on the lump sum. So, you could end up paying more in total over the life of your loan.</p><h3><b>What happens at the end of my loan term?</b></h3><p>If you agree to a balloon repayment, you’ll have a big decision to make when it’s time to pay at the end of your loan term. You can choose to:</p><ul><li><p>Pay your balloon repayment in full and keep the car.</p></li><li><p>Sell your car, which could help cover the costs of the balloon repayment and give you the opportunity to buy a new car.</p></li><li><p>Trade in your current car for a new one, applying the trade-in value towards the balloon repayment, with any shortfall added to the new loan.</p></li><li><p>Refinance the balloon repayment, so you can keep the car and give yourself more time to pay off the remaining cost.</p></li></ul><p>Need help with deciding your next step, or if a balloon repayment is right for your situation? Speak with your local <a href=\"/about-us/find-an-adviser\" uuid=\"b5701f78-b8e3-452b-8071-ce020698bab0\" target=\"_self\" linktype=\"story\" story=\"[object Object]\">Liberty Adviser</a> today.</p>" ] min read
Pros and cons of interest only home loan repayments
Pros and cons of interest-only home loan repayments

Is this payment option right for you and your lifestyle?

April Kenneally
April Kenneally 2023-09-19T18:54:00.000Z ・ [ "<p>Whether you’re applying for a new <a href=\"/home-loans/\" uuid=\"bf9448ee-9b38-4589-a285-0d0d0fdc71ef\" target=\"_self\" linktype=\"story\" story=\"[object Object]\">home loan</a> or want your existing loan to work better for you, you’ll want to consider your repayment options.</p><p><a href=\"/blog/loan-school/what-will-an-interest-only-loan-really-cost-you\" uuid=\"dac3a3c4-1455-4f5e-85f8-e02776605e03\" target=\"_self\" linktype=\"story\" story=\"[object Object]\">Interest-only home loan repayments</a> are an option where you only pay the interest on your loan for a set period, without reducing your principal amount.</p><p>Here are some things to consider when deciding if interest-only works for you.</p><h3><b>Short-term boost</b></h3><p>When only paying interest, your repayments are lower compared to a loan with principal and interest repayments. This can free up cash flow for other expenses or investments.</p><p>If you’re experiencing a change in circumstances, paying interest only could make your loan more affordable in the short term.</p><h3><b>Total interest</b></h3><p>A downside of an interest-only period is that you aren’t reducing the principal balance of your loan or building equity.</p><p>As the principal amount remains the same, you may pay more in total interest over the life of the loan than you would with principal and interest repayments.</p>", "<h3><b>Changing rates</b></h3><p>When the interest-only period ends, you begin paying back both principal and interest. This means your monthly repayments could increase significantly.</p><p>Interest rates could also change at any time throughout your interest-only period, so it’s important to <a href=\"/blog/loan-school/tips-for-handling-rate-changes\" uuid=\"fdf163b4-f12b-43ee-9af4-d4850e376b0d\" target=\"_self\" linktype=\"story\" story=\"[object Object]\">prepare for repayment increases</a>.</p><h3><b>Handy features</b></h3><p>You may find it helpful to explore other loan features, such an offset account, to help reduce your loan repayments while also growing equity.</p><p>Alternatively, a redraw facility could help you increase your cash flow by allowing you to withdraw funds from extra repayments you have made on your loan.</p><h3><b>Expert support when you need it</b></h3><p>A lending specialist can help you explore your loan repayment options and how to structure your home loan to fit your needs.</p><p>Your Liberty Adviser will take your individual circumstances into account and help you find a solution that works for you.</p><p>Tailored support is just a click away – <a href=\"/about-us/find-an-adviser\" uuid=\"b5701f78-b8e3-452b-8071-ce020698bab0\" target=\"_self\" linktype=\"story\" story=\"[object Object]\">find your local Liberty Adviser</a>.</p>" ] min read
Five ways to improve your chances of getting the loan amount you want
Boost your chances of getting the home loan amount you want

Small changes to your finances can make a big difference to your borrowing power.

Shelby Waugh
Shelby Waugh 2023-07-31T04:52:11.362Z ・ [ "<p>Your borrowing power could have a big impact on how soon you reach your home ownership goals.</p><p>Here are five helpful tips that could improve your chances of getting the loan amount you want.</p><h3><b>Reduce your credit card limit</b></h3><p>Consider lowering your limit, or even cancelling your credit card if it works for you.</p><p>When assessing borrowing power, lenders tend to look at your maximum credit limit, rather than how much credit you’ve used. So, even if your card is just for emergencies, consider <a href=\"/blog/free-thinking/how-to-manage-credit-card-debt-with-rate-rises\" uuid=\"417fd651-1323-41d7-a692-d4dd657e04b9\" target=\"_self\" linktype=\"story\" story=\"[object Object]\">whether your current limit is right for you.</a></p><h3><b>Spring clean your spending</b></h3><p>It’s easy to set and forget your finances, but a regular <a href=\"/blog/loan-school/your-mid-year-finance-check-up\" uuid=\"fb78c20b-7955-47af-a7a6-afd90b94dcef\" target=\"_self\" linktype=\"story\" story=\"[object Object]\">finance check-up</a> could help speed up your journey to reaching your goals.</p><p>You may find it helpful to check your expenditures, review your existing loans and create a budget. Even a few small changes could help set you up for success.</p>", "<h3><b>Build your deposit</b></h3><p>Lenders typically like to see a history of regular savings. And the bigger your deposit, the less it becomes a limiting factor to how much you can borrow.</p><p>While saving up for a home loan deposit is no easy feat, even an extra $20 a week could have a positive impact.</p><h3><b>Deal with your debt</b></h3><p>Just like credit cards, any existing debt can affect how much you can borrow. If you’re juggling multiple loans, you may want to consider <a href=\"/blog/free-thinking/don-t-let-debt-get-you-down\" uuid=\"fc646dcf-c8f8-471e-853e-e4c33e010f1d\" target=\"_self\" linktype=\"story\" story=\"[object Object]\">consolidating your debt</a>.</p><p>One loan means one easy-to-manage payment, which could be easier to get on top of. Consider discussing your debt consolidation options with <a href=\"/about-us/find-an-adviser\" uuid=\"b5701f78-b8e3-452b-8071-ce020698bab0\" target=\"_self\" linktype=\"story\" story=\"[object Object]\">your local lending expert.</a></p><h3><b>Expand your options</b></h3><p>Different lenders use different criteria to determine borrowing power. A free-thinking approach to lending could be just what you need to get the loan amount you want. </p><p>A <a href=\"/about-us/find-an-adviser\" uuid=\"b5701f78-b8e3-452b-8071-ce020698bab0\" target=\"_self\" linktype=\"story\" story=\"[object Object]\">Liberty Adviser</a> can help you navigate the lending landscape to maximise your borrowing power and help you achieve your home ownership dreams faster. Get in touch today.</p>" ] min read
A checklist emerging out of a phone, with coins and dollar signs around it and a blue background.
Your mid-year finance check-up

The start of a new financial year is an opportunity to refocus your finances.

April Kenneally
April Kenneally 2023-06-08T10:30:00.000Z ・ [ "<p>If you’re looking to boost your financial wellbeing, here are a few ways a mid-year check-up can help make the rest of the year count.</p><h3><b>Look at your spending patterns</b></h3><p>Reviewing your finances can help you reflect on the progress you’ve made and see where you may need to adjust your spending, saving and income streams for the year ahead.</p><p>Consider cancelling unwanted or lightly used subscriptions and comparing your current utility fees. This could help you make a switch that lowers your bills.</p><h3><b>Understand your investments and insurance</b></h3><p>Determine whether your investments are working well for you. Review your balance and ensure you’ve set-up your accounts so your money is working harder for you.</p><p>It’s also a good time to explore whether your insurance policies still meet your needs. If not, it might be time to contact your provider to discuss your cover.</p>", "<h3><b>Protect your privacy</b></h3><p>Use the start of the new financial year to enhance your online security and safeguard your personal information.</p><p>If it’s been a while since you last thought about changing your passwords, consider updating them and enabling two-step verification for your online accounts.</p><h3><b>Plan where to put your tax refund</b></h3><p>If you’re expecting a refund this tax season, brainstorm where might be best to spend it to help you reach your financial goals.</p><p>The funds could go toward repaying debt or topping up your savings, emergency fund or offset account. You could also consider adding value to your home with <a href=\"/blog/investor-central/simple-renovations-to-build-home-equity\" uuid=\"dc4b6272-a58c-44e0-a9ec-4ed5c7ad9c81\" target=\"_self\" linktype=\"story\" story=\"[object Object]\">repairs or refreshes</a>.</p><h3><b>Set goals with expert support</b></h3><p>Setting realistic and achievable goals can help you stay focused for the rest of the year. And with a financial adviser or <a href=\"/about-us/find-an-adviser\" uuid=\"b5701f78-b8e3-452b-8071-ce020698bab0\" target=\"_self\" linktype=\"story\" story=\"[object Object]\">free-thinking broker</a> on your team, you’ll be supported to reach them.</p><p>If you’re looking to <a href=\"/blog/free-thinking/don-t-let-debt-get-you-down\" uuid=\"fc646dcf-c8f8-471e-853e-e4c33e010f1d\" target=\"_self\" linktype=\"story\" story=\"[object Object]\">consolidate debt </a>or discuss your borrowing options for property or investment plans, reach out to <a href=\"/about-us/find-an-adviser\" uuid=\"b5701f78-b8e3-452b-8071-ce020698bab0\" target=\"_self\" linktype=\"story\" story=\"[object Object]\">your local Liberty Adviser</a> today to get started.</p>" ] min read
What documents do I need for a low doc home loan
What documents do I need for a low doc home loan?

Get the low down on the paperwork required before you apply.

Liberty Staff 2023-06-01T18:30:00.000Z ・ [ "<p>If your business is new or your financial records aren’t up to date, a <a href=\"/home-loans/low-doc-home-loans\" uuid=\"7a0122b1-3f9c-4872-87c9-50e886aeff3b\" target=\"_self\" linktype=\"story\" story=\"[object Object]\">low doc home loan</a> could help you get closer to your homeownership goal.</p><p>The documents needed differ from a traditional home loan, which could bring you greater flexibility.</p><p>Here’s the low down on the paperwork involved.</p><h3><b>What’s the difference?</b></h3><p>As part of your home loan application, many traditional lenders require extensive documentation going back at least two years. With a low doc home loan, you need fewer proof-of-income documents. </p><p>Rather than relying on PAYG or PAYE payslips, specialty lenders use alternative forms of income verification. For this reason, low doc loans typically suit <a href=\"/blog/loan-school/the-self-employed-guide-to-home-loans\" uuid=\"6594b237-ca58-48e6-adba-6ccc43a15e90\" target=\"_self\" linktype=\"story\" story=\"[object Object]\">self-employed</a> business owners, investors, and contractors.</p>", "<h3><b>What documents should I prepare?</b></h3><p>The exact documents you need to provide will depend on your chosen lender and what insight they need to understand your income position. These may include:</p><p>•\tBusiness and personal bank statements</p><p>•\tSigned letter from your accountant</p><p>•\tYour ABN and GST registration</p><p>•\tBusiness Activity Statements (BAS)</p><p>•\tTax returns (if available)</p><p>Some specialty lenders may allow you to apply for a low doc home loan with a signed declaration stating you can afford the repayments. Keep in mind this type of loan typically comes with higher fees and interest rates.</p><h3><b>Anything else I need to know?</b></h3><p>While low doc home loans are great for getting a foot on the property ladder, they generally require a larger deposit amount. Depending on the lender, you may also be charged a higher interest rate. So, it’s wise to compare your options.</p><h3><b>Finding the right lender</b></h3><p>When it comes to finding the right loan, a <a href=\"/blog/loan-school/what-is-a-mortgage-broker\" uuid=\"404e5196-ae84-4e5a-a372-4a7d3c6dfadd\" target=\"_self\" linktype=\"story\" story=\"[object Object]\">broker or loan adviser</a> is best equipped to help you navigate the lending process.</p><p>If you’re ready to explore the flexible solutions available, speak with a <a href=\"/mortgage-broker/\" uuid=\"bae31466-5467-44b1-af8e-87c5c35eb079\" target=\"_self\" linktype=\"story\" story=\"[object Object]\">Liberty Adviser</a> today – they can help you get to yes sooner.</p>" ] min read
Should you rent or buy in the current market?
Should you rent or buy in today’s market?

Deciding whether to rent or buy isn’t easy. Here are some things to consider before making a choice.

Shelby Waugh
Shelby Waugh 2023-04-04T10:00:00.000Z ・ [ "<p>Homeownership is the quintessential Australian dream. Although many young Aussies enjoy the flexibility of renting, getting a foot in the housing market can have some big advantages.</p><h3><b>Buying gives you freedom</b></h3><p>Homeownership means you can truly make a house your home. You usually have the freedom to change your property however you’d like, from painting the walls to knocking out a wall. But keep in mind that if you’re in <a href=\"/blog/loan-school/the-pros-and-cons-of-buying-an-apartment\" uuid=\"ebffaa29-0d5a-4ad8-8879-e2bbc0f09577\" custom=\"[object Object]\" target=\"_self\" linktype=\"story\" story=\"[object Object]\">a townhouse or an apartment</a>, there may be body corporate restrictions to adhere to.</p><h3><b>Buying offers stability</b></h3><p>If you’re ready to settle in for a few years, homeownership could be the perfect option. You’ll never need to worry about lease renewal or if the owner might unexpectedly sell, because you’re calling the shots.</p><h3><b>Buying is a stable investment</b></h3><p>History has shown that property prices tend to increase over time, making it <a href=\"/blog/investor-central/are-you-ready-for-property-investment\" uuid=\"317908be-b85a-40c8-a3f7-372be6eafcd7\" custom=\"[object Object]\" target=\"_self\" linktype=\"story\" story=\"[object Object]\">a great long-term investment</a>. Many people think of their mortgage repayments as forced savings.</p><p>You could even use the<a href=\"/blog/investor-central/simple-renovations-to-build-home-equity\" uuid=\"dc4b6272-a58c-44e0-a9ec-4ed5c7ad9c81\" custom=\"[object Object]\" target=\"_self\" linktype=\"story\" story=\"[object Object]\"> equity in your home to fund renovations</a>, a second property or a new car.</p>", "<h3><b>The best of both worlds</b></h3><p>While it may not be in your budget to buy in your favourite locale, <a href=\"/blog/investor-central/rentvesting-live-where-you-want-and-buy-where-you-can-afford\" uuid=\"dd200302-2beb-4261-9b41-40563dd06e79\" custom=\"[object Object]\" target=\"_self\" linktype=\"story\" story=\"[object Object]\">rentvesting</a> is one way to buy in a suburb you can afford and rent in an area you love. </p><h3><b>Renting involves less upkeep</b></h3><p>As a renter, your landlord is responsible for most upkeep including body corporate fees, repairs and home insurance (but don’t forget this doesn’t cover contents).</p><p>This also restricts you from adjusting a property to suit your changing needs however, which is a freedom homeownership offers. </p><h3><b>Renting offers flexibility</b></h3><p>Many people who choose to rent, do so for the flexibility. Whether a six- or 12-month lease, once your agreement ends, you’re free to go. No selling fees, settlement periods or solicitors needed.</p><p>And, that regular rental payment could help you if you do decide to buy. Some free-thinking lenders like Liberty will look favourably at regular rental payments when assessing your ability to service a loan. </p><h3><b>Seek expert help</b></h3><p>A mortgage broker or Liberty Adviser will also be able to assess your situation to see if you are eligible for any government incentives or schemes to get you into your own property sooner. </p><p>If you want to make the move from renting to owning, discuss your situation with <a href=\"/about-us/find-an-adviser\" uuid=\"b5701f78-b8e3-452b-8071-ce020698bab0\" custom=\"[object Object]\" target=\"_self\" linktype=\"story\" story=\"[object Object]\">a Liberty Adviser</a> today.</p>" ] min read
Fixed rate vs variable rate home loans: which is best for you?
Fixed rate vs variable rate home loans: which is best for you?

Discover what your choice of mortgage options means for you.

Shelby Waugh
Shelby Waugh 2023-02-08T13:55:00.000Z ・ [ "<p>Australians have seen many changes in recent times – including to their home loans. With many mortgage holders expected to switch from a fixed rate to a variable rate this year, you might be wondering what it means for you.</p><p>Here are the biggest differences between variable rate and fixed rate <a href=\"\" custom=\"[object Object]\" linktype=\"url\">home loans</a>.</p><h3><b>Fixed rate home loan</b></h3><p>A fixed rate home loan is a mortgage where the interest rate is locked in for a set time – usually between one to five years.</p><p>Your expected monthly payment won’t change during this period, making it a convenient option. Predictable repayments can make it easier to <a href=\"\" custom=\"[object Object]\" linktype=\"url\">plan your finances</a> into the future.</p><p>Keep in mind that because your interest rate is locked in, you won’t reap the benefits if your lender drops their rates during your fixed period.</p>", "<h3><b>Variable rate home loan</b></h3><p>A variable rate home loan is a mortgage where the interest rate changes based on market conditions.</p><p>Variable rate loans can offer greater flexibility, as they often come with options for an offset account and redraw facilities. You can also enjoy a lower minimum repayment when interest rates drop.</p><p>However, interest rates can shift at any time so it’s important to be prepared to handle <a href=\"/home-loans/calculators/loan-repayments\" uuid=\"27309f48-3080-4d2d-bf5d-57d7e4f80845\" custom=\"[object Object]\" target=\"_self\" linktype=\"story\" story=\"[object Object]\">changing monthly repayments</a>.</p><h3><b>Split rate home loan</b></h3><p>If you want a bit of each option, some lenders can split your home loan interest rate. This means part of your mortgage is on a fixed rate and part is on a variable rate.</p><p>You can choose which way you’d like to divide it – whether it’s a straight 50:50 split or even 70:30.</p><h3><b>Which home loan is best for you?</b></h3><p>If you’re trying to decide which mortgage type is the right choice for you, it’s best to talk to an expert as soon as you start considering a home loan.</p><p>A mortgage broker, such as a <a href=\"\" custom=\"[object Object]\" linktype=\"url\">Liberty Adviser</a>, can look at your circumstances and help you find the best lending solution to suit you.</p>" ] min read
Keep your goals on track with a personal loan
Keep your goals on track with a personal loan

There’s more than one way a personal loan can help make things happen.

Laura Orchard
Laura Orchard 2023-02-01T13:55:00.000Z ・ [ "<p>Personal loans are often used to fund big projects and necessities that might otherwise be out of reach. But there are other ways they can support your financial journey, too.</p><p>Whether your goals include buying or selling property, streamlining repayments, or even getting married, a <a href=\"/personal-loans/\" uuid=\"437f4c2c-150f-4efe-8146-8ff1c14d686f\" custom=\"[object Object]\" target=\"_blank\" linktype=\"story\" story=\"[object Object]\">personal loan</a> could help you stay on track to reach them.</p><p>Here are just some of the ways a personal loan can help you get closer to your target.</p><h3><b>Simplify your debts</b></h3><p>If you’re looking to simplify your budget and have greater control over your finances, <a href=\"/blog/free-thinking/don-t-let-debt-get-you-down\" uuid=\"fc646dcf-c8f8-471e-853e-e4c33e010f1d\" custom=\"[object Object]\" target=\"_blank\" linktype=\"story\" story=\"[object Object]\">debt consolidation</a> could be a very useful way to use a personal loan.</p><p>By consolidating multiple debts into one repayment with a personal loan, you could budget more easily, boost your credit score, and potentially save money.</p>", "<h3><b>Increase property value</b></h3><p>If you’re a homeowner, you&#39;re hoping your property will be worth more than you paid for it. The good news is even minor changes can have a big impact on property value.</p><p>Even if you don’t have the cash for home improvements right now, a personal loan could help you upgrade appliances, work on the garden, or even renovate the kitchen – without using a <a href=\"/blog/free-thinking/four-reasons-why-a-personal-loan-could-replace-your-credit-card\" uuid=\"74f1f36e-7ebc-4ce4-a5bd-a3601a58050c\" custom=\"[object Object]\" target=\"_self\" linktype=\"story\" story=\"[object Object]\">credit card</a>.</p><h3><b>Reduce LMI costs</b></h3><p>The costs of homeownership can quickly add up. If you’re buying a house without a 20% deposit, you may also need to buy <a href=\"/blog/loan-school/what-is-lenders-mortgage-insurance\" uuid=\"2181fb9c-1a80-417a-ac11-3fad0e7f3e35\" custom=\"[object Object]\" target=\"_blank\" linktype=\"story\" story=\"[object Object]\">lenders mortgage insurance (LMI)</a>.</p><p>A personal loan could cover the difference in your deposit, as well as see you avoid this fee and pay less interest in the long term.</p><h3><b>Is a personal loan the right for you?</b></h3><p>When considering securing a personal loan to help you achieve your goals, getting the right advice is a smart first step.</p><p>Reach out to a <a href=\"\" custom=\"[object Object]\" linktype=\"url\">Liberty Adviser</a> today to see how a personal loan could help you put your plans in motion sooner.</p>" ] min read
he First Home Super Saver (FHSS) scheme explained
The First Home Super Saver (FHSS) scheme explained

Could your superannuation be the key to your first home?

Laura Orchard
Laura Orchard 2022-09-26T14:55:00.000Z ・ [ "<p>Saving for a first home deposit has its hurdles, and strategies to help boost savings are in high demand.</p><p>The Australian Government’s updated <a href=\" \" target=\"_blank\" linktype=\"url\">First Home Super Saver (FHSS) scheme</a> is a savvy solution that could help first homebuyers enter the property market sooner.</p><p>Here’s how the FHSS scheme works.</p><h3><b>What is the FHSS?</b></h3><p>The FHSS allows first homebuyers to make contributions to their superannuation fund, then withdraw those contributions for a deposit on a home.</p><p>Each financial year, participants can add up to $15,000 in eligible super contributions towards a total FHSS releasable amount of $50,000.</p><h3><b>What type of property can I buy?</b></h3><p>Under the scheme, your funds can be used to buy a new or existing home in Australia – including vacant land if you’re planning to build.</p><p>Keep in mind that you must occupy the premises you buy for at least six months in the year after the purchase or construction is complete.</p>", "<h3><b>Who is eligible for the scheme?</b></h3><p>Participants must not have used the scheme before or owned property in Australia. This includes any investment property, commercial property, vacant land or lease of land.</p><p>While you must be 18 years of age or older to request a release of funds, you can begin making eligible contributions before you turn 18.</p><p>If you meet all eligibility criteria, you can participate in the scheme – even if you plan to buy a home with a partner who does not meet the criteria.</p><h3><b>How do I apply?</b></h3><p>Applications can be made to the Australian Taxation Office (ATO) using <a href=\" \" target=\"_blank\" linktype=\"url\">myGov</a>. But before you apply, make sure the FHSS is the right option for your homebuying journey.</p><p>A <a href=\" \" target=\"_blank\" linktype=\"url\">Liberty Adviser</a> can help you better understand your deposit requirements as well as work out how much you may be able to borrow.</p><p>So for help getting into your first home sooner, speak with your local <a href=\" \" target=\"_blank\" linktype=\"url\">Liberty Adviser</a> today.</p>" ] min read