Frequently Asked Questions
About Liberty Financial
Why choose Liberty?
Liberty makes applying for a personal loan easier than ever. Our focus is to get you the money you need quickly and easily without the hassle of messy paperwork. The application is all online and with a streamlined assessment process, getting the money into your account quickly is our promise to you. You’ll also get our great ongoing service to make sure your experience with us is positive. Liberty is transforming the way personal loans are meant to be.
Take a look at our Personal Best loan here.
About Our Loans
What can I use a Liberty personal loan for?
The simple answer is – any worthwhile personal purpose! Our personal loans give you the freedom to do what you want. You can go on holidays, renovate your house, or consolidate debts to get financial faster. The choice is all yours.
How much can I borrow?
Liberty offers personal loans from $5000 up to $50,000. How much you can borrow will depend on your individual circumstances and affordability.
Apply now to see how much you can borrow.
How long does the application take?
You wouldn’t believe it, but the application can be as fast as just ten minutes. Even when we need to take your application offline quickly and apply an element of human touch, this should happen by the next business day. Applications are available 24/7 via our website.
How quickly will I get the cash?
Once you’ve been approved and have accepted the loan terms and conditions, you should have your money in around 60 minutes. The exact time frame will depend on which financial institution you bank with. For example, funds should appear in your account within 5 minutes of being approved if you bank with CBA. In other cases, funds may take up to 24 hours before they appear in your account.
Is there any fine print or hidden costs?
Put simply, no! Because the entire process is electronic, we’ll give you a digital copy of the contract to read and sign online, so you’ll know the loan terms inside out. You can also access any of the paperwork and contracts through your online account at any time.
So there is Redraw available?
Yes. Liberty’s personal loans provide the flexibility for you to redraw any extra money up to your available balance on your Personal Best or Personal Choice loan. The best bit is you only pay interest on the money you use, so if you only need half the amount, that’s all you pay interest on. The redraw is free, simple, requires no credit assessment or approval and it won’t change your minimum repayment amount.
Are there any credit checks?
We consider many aspects of your application, including your credit history, but that’s not all we look at to make a decision. We like to look at the whole picture because we know not everyone is the same. Make sure you complete all questions within our application so we can get to understand you and your situation in as much detail as possible.
To learn more about our Personal Choice product click here.
Why do I need to provide my bank details?
Providing your bank account details allows us to verify your income and expenses online so you don’t have to provide us with printed pay slips and banks statements. By having an online platform, we can streamline the process and remove any messy and time consuming paperwork. To achieve this, we’ve partnered with Yodlee and Proviso Data, which simultaneously work to provide fast and safe retrieval of your financial data.
Yodlee and Proviso Data
What is Yodlee?
Yodlee is recognised as a market leading technology and applications platform that integrates into banks and other financial institutions in both Australia and the United States. Yodlee’s exceptionally high standards of data security, privacy and regulatory compliance over the last 15 years makes it a secure and trusted partner of Liberty. Yodlee is audited by U.S. regulatory agencies and complies with the highest standards of Australian security and privacy protocols. Using Yodlee means you’re entire loan application is done through a platform that’s safe, secure and incredibly fast.
What is Proviso Data?
MoneyBuddy Data Pty Ltd (trading as Proviso Data) is an Australian technology company that works with the finance industry to improve and speed up the process of applying for a loan. As an Australian based company they use only Australian based servers, so your data remains within Australia. Proviso Data is a read only service for the retrieving of data and does not make any transactions. Your credentials are encrypted and secured with bank level 256 bit encryption. Proviso Data just provides you with a fast, secure service for retrieving your financial data.
Applying For The Loan
I didn't get a decision straightaway. Is something wrong?
Every now and then our team needs to apply a bit of a human element to help assess an application. In these circumstances we keep you fully informed of the progress of your application via email and generally respond by the next business day.
How do I know if I’ve been approved?
If your application is successful you’ll receive a notification on screen as well as an email confirming your approved loan amount and other terms. Your email notification will also provide a handy link so you can review your contract or finalise your loan set-up at a later time that is more convenient for you.
What if my application isn’t successful?
If your application isn’t successful you’ll receive a notification on screen as well as an email outlining some of the possible reasons. These may relate to the adequacy of your income and other resources, the number of loans you have and other existing commitments. Your credit history, including any previous bankruptcy, loan defaults, loan applications and missed or late repayments are also relevant and may impact your application outcome.
After You Are Approved
What happens if I am approved?
After you are approved and have accepted the loan terms and conditions, we will ask if you would like the money transferred to your bank account straight away. Depending on who you bank with, the funds could be available in your account within minutes of approval. If you bank with the Commbank, funds should appear in your account within 5 minutes of being transferred. In other cases funds may take up to 24 hours before they are available for you to access.
If you elect to retain any of the funds in your Liberty loan account, these will remain available during the loan term for you to redraw at a time that suits you. Unlike most other personal loan providers, Liberty only charges interest on your money as you use it.
You will also be offered the opportunity to take up a Liberty Visa Debit Card so you have additional ways to access your money conveniently.
Why might I be offered a different product or interest rate to my application?
The information you provide in the loan application will determine if you qualify for the Liberty Personal Best Loan or the Liberty Personal Choice Loan. In assessing your application for credit and determining your eligibility for each product we consider the nature of your income and other resources, the amount of loans and other commitments you already have and how long you have been employed by the same employer. Your credit history, including any previous bankruptcy, loan defaults, loan applications and missed or late repayments are also relevant. We also rely on information from a number of sources including information provided by credit reporting agencies as well information provided by you in your application.
We endeavour to offer you the lowest interest rate possible with flexible loan terms to suit your lending requirements.
I have been offered a different loan amount or term to my application, what does this mean?
Liberty takes responsible lending obligations seriously, so we may offer a loan amount or a repayment term that we believe is more suited to your ability to repay without hardship. If you then want to pay off the loan faster, that’s ok as well. Remember, any additional repayments up to your available balance would be available for you to redraw at a later date.
How do I set up my loan?
Before we transfer your funds, you will have the opportunity to set up your loan the way you want it. You can choose suitable loan repayments including the frequency and the day you would like the loan repayments to commence.
You also have the opportunity to choose whether to include LFI Group’s Loan Protection Insurance which may cover some of your repayments in the event of unemployment or disability. Read the Product Disclosure Statement carefully for more information about limitations and conditions which apply.
What happens after I set up my loan?
You will be asked to sign your contract before proceeding. It is important to review your contract carefully and understand all the fees, terms and conditions as well as your responsibilities before commencing with your new loan. If you have any questions at all, you can call our friendly team members on 13 11 33 or select Live Chat on our website.
After My Loan Is In Place
What am I responsible for?
It’s important to be upfront and honest about your situation and income and make sure there’s enough money in your account when repayments are due. All of the terms and conditions of your contract are set out for you to read before you agree to the loan. You should be sure you understand your responsibilities before you accept. In the event you become concerned about meeting your repayments, it is important to contact our friendly service team on 13 11 33 well before your payment is due.
How do I make loan repayments?
We will set up automatic repayments by direct debit. The money will be debited from your bank account either weekly, fortnightly or monthly, as you selected when setting up your loan.
How do I redraw my available funds?
If you have chosen to include a Liberty Visa Debit Card with your loan, redrawing your money is as simple as withdrawing available funds from an ATM or via EFTPOS. You can also access your available funds using the Liberty Visa Debit Card by making a purchase at participating stores.
Alternatively you can access your available funds by simply logging into your online account and transferring the funds into your nominated bank account, as and when you require them.
How can I change my repayments?
Generally, the repayments are set when you enter the contract. However, from time to time we may consider changing some of the repayment terms. Contact us to find out more.
I'm experiencing Financial Hardship. What can I do?
We understand that life can be full of unexpected events and we are still here to help. If you believe you cannot make your next repayment, remember to contact us as soon as possible, well before your next payment is due.
The earlier you contact us the more we can do to help. To find out more about your options if you believe you’re experiencing Financial Hardship, click here.
I forgot my password to login to my loan account, what do I do?
Not to worry, just call our friendly team on 13 11 33 or select Live Chat on our website and we’ll help you reset your password.