Freedom Loans are an easy way for homeowners, who don’t meet the major bank’s lending criteria, to have access to additional finance. Freedom Loans must be secured by a Caveat against a home.
Freedom Loans can be ideal if you already have a high level of borrowing against your home. Maybe some bad credit or dishonour fees, even if your Bank has said "NO" to your top up request, we often find that an application for a Freedom Loan can be approved. These loans can be used for either personal or businesspurposes!
If you do not own a home, you may be able to use a family or friends property, but they must talk to their solicitor first, as they will be a Guarantor for you and put their home at risk.
Depending on where your home is, the loans range from $1,000 to $30,000, sometimes a little more if you have a late model car or boat as additional security.
The Freedom Loan is usually secured by a simple caveat, which means your current first mortgage can stay in place, as this is usually on a long term at a low interest rate.
Freedom Loan interest rates are higher than a Bank and can range upwards from 17.95%, with terms of up to 5 years. Both the interest rate and loan term are based on your income, credit history, security and personal requirements.
For Freedom Loans of $10,000 or more, there may be an option for repayments to be on interest only for 6 months then you start paying off both principal and interest. This may be ideal if you only have a short term situation to resolve and want to keep payments as low as possible.
Some Examples of what a Freedom Loan can be used for:
A Freedom Loan gives you a helping hand allowing your business to function smoothly without the need to fit the strict credit criteria of the banks; ideal for creating cash flow headroom, pay tax bills or for more business capital. Financial accounts are not required to be provided for a Freedom Loan.
A Freedom loan lets you take control of your finances and simplifies your life by consolidating multiple unpaid bills, hire purchases agreements, credit cards etc. into one easy manageable loan.
Need It Right Now:
Need a helping hand to get your important things done straight away, then a Freedom Loan can help with:
Home improvements / renovations
Wedding / Education costs
Business equipment / Stock
Mortgage arrears, Debt Consolidation
Stop your Mortgagee sale
So if you need Freedom from some immediate cash flow problems phone us now, or contact us using our online enquiry form.
Remember either you or a guarantor must own a home!