FreedomLend doing 1.84% with offset.
No cashback and the usual government fees apply.
They may be able to do 1.74% if you then mention you are refinancing away from them (personal experience).
Owner Occupied Variable Home Loan Rate 1.84% (Comparison 1.88%) @ Freedom Lend
42
thydzik on 08/04/2022 - 15:12 freedomlend.com.au (280 clicks)
Last edited 08/04/2022 - 15:19 by 1 other user
Last edited 08/04/2022 - 15:19 by 1 other user
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6.5% September 2023 tho.
Buggy website and they're not an ADI so any money in their "offset" won't be covered by the government guarantee when they eventually go tits up.
This is a turd of a product that's been half polished.
Given the negatives, I thought I would share my experience.
No issues so far, I have been with them a year and a half, even had a rate drop that they passed on no issues.
Was sitting at 2.02% for a while, then thought I would refinance and take advantage of some of the cashbacks on offer.
After approval with another bank, they came back and asked if they could do anything, I asked for 1.84% which was their advertised rate, I didn't think it would happen but they said OK.
The other bank was still pushing me to refinance, mentioning the cashback, I mentioned this to FreedomLend and they offered me 1.74%.
I couldn't say no, ridiculous rate.
I have previous experience with them. These guys did bait and switch on me, i.e. raised the rates after 3 months, to a percentage different to ones advertised on their website. When I asked why, the Freedom Lend director Mark Huynh sent me a link to Smartmoney.gov.au defining what the definition of Variable Rates meant. Smarta$$ move.
So I moved to Athena. They guarantee no bait and switch. Very happy with them so far. I heard good things with Ubank as well, their retention team is very flexible.