Freedom Lend Home Loans Variable from 2.79%, No Upfront Fees if Borrowing >$350k, Free Offset and No on-Going Fees

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Freedom Lend

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  mooimachicken on 03/10/2019 - 10:55

  how does this compare to homestar?

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    whyisave on 03/10/2019 - 22:42

    see this

    and you can see that you may rank the loans according to investor loans,
    but they don't rank the same for owner occupier loans, or if your LVR is greater than 80%, etc.

    just check the links and see all their fees, etc.

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  ashftc on 03/10/2019 - 11:35

  I wish I hadn't had fixed 70% of my loan. My bank won't pass the full rate cut and now I am stuck :(

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    Ulysses31 on 03/10/2019 - 13:57

    +1

    But-surely you fixed it because you had to, based on your circumstances.

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      ashftc on 03/10/2019 - 14:05

      +1

      Damn right. Your comment had so much energy man

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  Drogo on 03/10/2019 - 11:57

  -4

  Do these smaller lenders allow the use of equity as a deposit?

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  lickjimmy1 on 03/10/2019 - 12:45

  +3

  Don't think I'm keen on having money in an offset with a non govt backed bank…Do any of these really cheap rates have the 250k govt backing?

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    netjock on 03/10/2019 - 14:34

    +1

    Good question

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      footyboy on 03/10/2019 - 14:54

      +1

      Probs not.

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        netjock on 03/10/2019 - 16:13

        You are probably right. Also how long would it take for the government to give your money back. I can't see it happening in days or a few weeks!

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    alteclan on 03/10/2019 - 16:14

    +2

    Nope - according to this. https://www.guaranteescheme.gov.au/rules/pdf/schedule-1.pdf

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      countmein on 04/10/2019 - 08:40

      +1

      Thanks. I didnt know this sort of thing exists. I just believed where I put my money is guaranteed/wont be gone if the bank goes bankrupt. Now I know.
      Just checked all the lenders recently posted here are not in the list

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      OhNoUShiz on 30/10/2019 - 15:43

      I was checking with ubank. They are part of NAB therefore they are covered under Australian government's deposit guarantee scheme as well together with NAB. However, the $250k amount covered is a combined amount, if you have happen to have transactions with both banks.

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  mrvaluepack on 03/10/2019 - 18:12

  -3

  Is the money in the offset guaranteed? That was one of my reasons i moved on from loans.com.au.

  https://www.smh.com.au/money/planning-and-budgeting/bank-off…

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    Slo20 on 03/10/2019 - 18:18

    +3

    Did you read any of the comments directly above yours

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  mskram on 03/10/2019 - 19:46

  Who's the lender and holder of the offset account? Well home loans and tictoc both give mortgages via Adelaide and Bendigo bank which I gather are protected via the guarantee scheme, is this loan similar?

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  whyisave on 03/10/2019 - 22:08

  +2

  Since I am after an Investment loan (P&I, with offset and LVR ≤ 80% ),
  here are the current Investor loan offerings (NOT their comparison rates):

  2.99% Reduce Homeloan
  — https://www.ozbargain.com.au/node/486902

  ^ this loan has a high application fee, whereas their $0 fees investor loan rate is 3.09%

  3.09% Freedom Lend
  — https://www.ozbargain.com.au/node/487227

  3.14% Homestar Finance
  — https://www.ozbargain.com.au/node/486919

  3.24% Athena
  — https://www.ozbargain.com.au/node/486909

  3.49% Ubank 2.84%
  https://www.ozbargain.com.au/node/487030

  PS: No offset account offered for:
  - Athena
  - Ubank

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    MrBigglesworth on 03/10/2019 - 23:11

    +1

    Assuming that you have an owner occupied loan, I'm not entirely sure if the offset for the investment is worth it or even necessary. After all, you are meant to run your losses for the negative gearing benefits.

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      whyisave on 04/10/2019 - 00:28

      No, no owner occupier loan.
      I've got an offset to reduce the interest, because the goal now is to get out of debt,
      and then in a few years' time, I can then have less debt to then play/invest.

      ( Also offset account existed, in case, I needed those funds for medical reasons or sub-division plans, etc. )

      Right now, credit cards even reject my application, if they see I have loan + car lease + one credit card already.

      I could negative gear, just for tax benefits, but I just think that getting out of debt should be my goal now.

      After that, I can negative gear the 'next asset'.

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        MrBillions on 04/10/2019 - 07:08

        +3

        I learnt that using other people's money over the last 15 years was the best strategy and not worrying about paying a loan off.

        Eg. Take a loan out to buy a property , sit on it and with the equity build buy another two properties and with the gain sell one just to use the proceeds to buy another three etc just to buy more properties. Meanwhile all this while you collect rent and negative gear any expenses and interest.

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          whyisave on 04/10/2019 - 08:34

          @MrBillions: i figured i would have the 'most equity', if i paid off the loan quicker.
          in last 2 years, lending standards got tightened and so i had trouble getting the second loan,
          even with excellent credit rating, property appreciation, etc.

          i also need to change the investment property into an owner occupier or sub-divide (after council amalgamations changed zoning/building codes),
          so the investment strategy changed somewhat unpredictably and so now, it's just making a house debt-free and then, i can borrow against the house and play with borrowed money again.

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          Pandaboss on 12/10/2019 - 10:38

          @MrBillions: We are trying to do this, but our only house we have has lost its value. Worth less than what we paid for, roughly 100k less, No equity here. :( not valuated but going from data of surround sales.

          So looking to hold onto it and save up for a deposit and try again.

          Do you live in any of the properties or do you rent while renting out those?

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  axlfan on 06/10/2019 - 16:51

  Noob question. Is there any risk in keeping a large sum of money in a offset account of a small vendor like Freedom Lend.

  I ask this as some loan agents and bigger banks ask whether I want to keep money in an offset account of a small player? Are there any safeguards and guarantees of these accounts similar to a regular bank account?

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    RHSteven on 14/10/2019 - 10:31

    was thinking about the same question. Any expert around ?

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      axlfan on 14/10/2019 - 15:48

      Still looking for an answer. I found the following though.

      https://www.smh.com.au/money/planning-and-budgeting/bank-off…

      Based on this, it appears that the offset amount could be consumed into the loan amount. Not a bad thing but really defeats the purpose of the flexibility of the offset.

      So I am now wondering about the lowest offset loan rate available offered by a bank.

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  Trying2SaveABuck on 09/10/2019 - 14:14

  It is a good rate

  thanks for the post

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  macr0hard on 31/10/2019 - 11:39

  Good rate but they wont let me have IO on my PPOR and require me to have a Financial Planner SOA to make sure my decision to use the extra cash flow to invest in index fund is a sound one. Like I'm gonna waste money to pay for someone to 2nd guess my decision? Wondering what reasons they would accept for IO. Any one cares to share?

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    GuyfromMelbourne on 02/11/2019 - 11:43

    They are doing this because royal comissions happen and people blame banks for their own decisions.

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