Frequently Asked Questions
If you started an application for a Liberty loan contract before July 19 please click here for FAQs.
About Liberty powered by MoneyPlace
Why choose a MoneyPlace loan?
Liberty has partnered with MoneyPlace to help get you a better deal.
Our focus is to get you the money you need quickly and easily without the hassle of messy paperwork.
The whole application process is done online and you’ll be supported by an experienced lending specialist who’ll get you an outcome usually within one to two days.
MoneyPlace offers personal loans for a variety of purposes including to pay for a car, a holiday, medical or dental work, debt consolidation, home improvement or to help pay for a wedding.
The best borrowers get rewarded with the lowest rates, starting from a comparison rate* of just 7.65% p.a.
By partnering with MoneyPlace, Liberty is helping more Australians get financial.
About Our Loans
How much can I borrow?
You can apply for a loan between $5,000 and $45,000 although the actual amount MoneyPlace approves will depend on your individual circumstances.
What can I use my MoneyPlace loan for?
Once your loan is approved, you can use your loan proceeds for just about anything. You can borrow to invest in shares, consolidate your debts, purchase a car or scooter, solar battery or panels, help with house renovations, travel expenses, wedding costs, medical expenses. Your loan can be for just about anything you can think of.
One thing to keep in mind is that the loan has to be for a legal purpose.
How long will it take to get my money?
If you accept your loan before 11am MoneyPlace will transfer funds to your nominated bank account that same day. If you miss the cut off, we’ll send your funds the next business day.
Why do I need to provide my banking statements?
MoneyPlace needs to understand your financial position to make sure you can afford your loan. Providing your banking records helps us understand your income and outgoings. This helps us make the right decision about your loan application.
To save you time in getting this information to them, MoneyPlace partners with Credit Sense to create an automated process where they can receive your bank account statements instantly.
During the application process, Credit Sense establishes a temporary connection to your online banking platform, to download your statements instantly. Your login details are never stored or cached anywhere, and MoneyPlace cannot perform any transactions. It's fast, secure and safe.
Using this service means you don’t have to go through the rigmarole of finding your bank statements, scanning them, and finally emailing them. It can also speed up a decision on your application.
Getting a rate estimate
How do I get a rate estimate?
You can click here to get a rate estimate.
It will take you just 2 minutes to fill in a short questionnaire. You should have your drivers licence handy as we’ll need it to identify you.
Once you’ve filled in your form you’ll get a rate estimate instantly detailing everything you need to know about how much your loan will cost.
Don’t worry, this won’t affect your credit file.
What is a rate estimate?
MoneyPlace will show you a summary of your estimate, including an indicative interest rate, repayment amount, and fee.
Does getting a rate estimate affect my credit file?
No, getting a rate estimate does not affect your credit file.
When you get a rate estimate from MoneyPlace we access your credit file in a way that is not visible to other credit providers and does not affect your credit score.
Why haven’t you been able to give me a rate estimate?
MoneyPlace takes into consideration the information you’ve provided which may include your credit file, your credit score and its own lending criteria when determining if you can receive rate estimate.
Unfortunately, if you do not meet the lending criteria it won’t be able to offer you a loan, or calculate a rate estimate for you.
Credit Sense Data
What is Credit Sense?
Credit Sense is an Australian owned and operated company based in Brisbane. Credit Sense offers a safe and easy way for you to provide your bank statements to MoneyPlace electronically as part of your application. If you would like to know more please visit https://creditsense.com.au/consumers
MoneyPlace chooses to use Credit Sense because it:
- Speeds up the application process
- Makes it easier for their customers to apply
- Is safe, secure and easy
- Is 100% Australian owned and operated
- Is used by leading Australian lenders
Applying for the loan
How do I apply?
You can apply online, at any time, using a computer or any device that has an internet browser and internet connection. It should only take you about 10 minutes to complete your application. However if anything unexpected should pop up, just save your application and you can come back at any time.
Am I eligible to apply for a loan?
To get a loan from MoneyPlace, there are some basic eligibility requirements. You must:
- Be applying as an individual (no joint applications, or applications in your company or business name)
- Be a citizen or permanent resident of Australia and currently residing in Australia
- Be earning an income of at least $20,000 per year (you cannot be earning the majority of your income from Government benefits)
- Be considered by MoneyPlace as having an acceptable credit record
- Be at least 18 years of age
- Not have any outstanding defaults
- Not have any court judgements, writs, or bankruptcies
- Not currently be late in paying any existing debts or bills
If you are self-employed, you must also:
- Have been trading for at least 2 years
- Provide the previous financial year's tax return, that shows income has been paid to you from your business, and the notice of assessment
- Be borrowing for predominantly personal or personal investment purposes
What interest rate will I be offered?
You can get a rate estimate in 2 minutes from this website using the Apply Now button or click here.
MoneyPlace interest rates range between 7.65% and 26.99%. The rate you’ll be offered depends on our assessment of you as a borrower and the risk band category that you fall into.
This means that if MoneyPlace categorises you as an "excellent" borrower, you will be offered one of the lowest rates because it’s unlikely you will struggle to repay your loan. You might get an "excellent" rate if you have a strong credit history, excellent repayment history with existing debts, or a high credit score for example.
On the other hand, if your application is not as strong, the interest rate offered will be higher.
How MoneyPlace determines your interest rate estimate
MoneyPlace partially relies on information from your credit file such as your credit score, the number of inquiries you've had, and general history. It also uses the information on the rate estimate form including how you're repaying your current debts.
This information is analysed to determine an indicative rate just for you.
If you apply for a loan, your final interest rate will be confirmed when your credit assessment is finalised and your financial information has been verified.
Find out your rate now.
Does applying for a loan affect my credit file?
If you apply for a MoneyPlace loan by submitting the full application form you authorise MoneyPlace to obtain a copy of your full credit file. In doing that your credit file will show that you have made loan request with MoneyPlace.
If you subsequently apply for another loan, a credit provider will be able to see that you applied for a loan with MoneyPlace.
This is different to when you only receive a rate estimate, because that information is not disclosed to other lenders.
What happens if my loan is not approved?
If we can’t help with your application, we’ll let you know as soon as we can so you can make alternative arrangements.
After you are approved
How will I know my loan is approved?
MoneyPlace will contact you, usually by email, to let you know the good news.
How much is the Establishment Fee?
MoneyPlace fees, like its interest rates are personalised. As a rule of thumb, the lower your risk category, the lower the fee percentage.
This fee ranges from 0% to 5.5% of the loan amount, depending on your risk band. The fee starts at $0 and is capped at a maximum $950.
When you get a rate estimate MoneyPlace will tell you what your fee will be. So you don’t need to worry about working it out.
The fee will also be added to the loan amount you requested so that you’re not out of pocket.
MoneyPlace Establishment Fees are detailed below, including an example for a $15,000 loan.
|Category||Fee||Example on a |
|A||0 - 2.75%||$0 - 400|
|B||3.00 - 4.00%||$450 - 600|
|C||4.50 - 5.00%||$675 - 750|
After my loan is in place
How are loan repayments made?
All scheduled loan repayments are made via direct debit, on a monthly basis. Your first repayment will be deducted one month after your loan is established.
Can I make extra repayments to my loan to pay it off faster?
Yes you can! You can make extra repayments at any time, at no cost, as often as you like. Traditional lenders tend to charge an early payout fee which can be very expensive. MoneyPlace encourages their customers to payout their loan earlier, to save as much interest as they can.
Remember, you won’t be able to redraw any extra payments you make.
Importantly, you’ll still be required to make your usual scheduled repayments even if you make an early repayment.
To make an early repayment, all you need to do is make an electronic transfer to your MoneyPlace loan account. We’ll send you details on how to do this once your loan is established.
What to do if you are experiencing financial difficulty and cannot repay your loan
Sometimes times are tight or unexpected life events can arise and throw you off guard.
If you find yourself in one of the following situations, you may qualify for help under our hardship program to get you back on track:
- a loss of employment or reduced hours
- illness or injury
- a relationship breakdown
- become overcommitted in debt
- natural disaster
- lost a loved one
If are in financial difficulty or are behind on your loan, you should get in touch with MoneyPlace on 1300 008 003 or firstname.lastname@example.org.
The team will help you make an application for financial assistance and, if you qualify, help tailor a solution relevant to your situation.
You should also get in touch with your utility companies, and any other lenders you have a relationship with, to see how they can also help you.