Liberty Financial offers secured and unsecured personal loans designed to cater to different financing needs such as debt consolidation, home renovations, or covering other eligible expenses.

The personal loans come with flexible terms and relatively competitive rates, especially for loans backed by a security.

As is common with this type of lending product, where interest rates are assessed based on the borrower, rates tend to be higher for those with weaker credit. Conversely, those with a strong credit history are more likely to get better rates.

Personal Loans Available at Liberty Financial

Borrowers can take out personal loans starting at $5,000 up to $80,000 with fixed repayment terms of 3, 5, or 7 years. Application can be done online.

Unsecured Personal Loan

Liberty Financial's unsecured personal loans can be used for various personal or personal investment purposes, such as debt consolidation, purchase of a car or boat, or covering costs associated with renovations, travel, and medical expenses, among others.

As with any unsecured financing, the interest rates for this loan are typically higher compared to loans backed by a security.

Secured Personal Loan

Borrowers who can offer an eligible car as security for their personal loans may be able to get more favourable terms - such as lower interest rates or higher lending amounts - through a secured personal loan. Note however that the vehicle used as security must be no more than 8 years old at the end of the loan term.

Liberty's secured personal loan can be used for legal personal or personal investment purposes such as debt consolidation, home renovations, travels, weddings, or the purchase of a car or boat.

Fees Charged to Customers

Liberty Financial doesn't charge ongoing, early repayment, early termination, and discharge fees. However, establishment fees* can be quite costly depending on the borrower's risk band.

For unsecured loans, the establishment fee could be between 0% and 5.50% of the loan amount, capped at $950.

For secured loans, this fee ranges from $310 to $1,010 and includes a fee of up to $60 for vehicle search and registration (PPSR).

Dishonour and late fees may also apply.

*These are correct at the time of writing and are subject to change.

How to Apply for a Personal Loan with Liberty Financial

Interested borrowers over 18 years of age and citizens or permanent residents of Australia can apply for a personal loan with Liberty Financial.

Applicants must be employed and earn a minimum of $20,000 per year, of which the majority cannot be from Government benefits.

Borrowers can get their personalised rates through Liberty's online portal prior to the application without affecting their credit scores.

Once they proceed, applicants must provide the following information and supporting documentation:

• Loan details (amount, terms, loan purpose)

• Proof of identity (driver's licence or passport)

• Proof of income (payslips and bank statements)

• Liabilities (existing debts)

Turnaround time varies depending on the completeness of the documents provided and the type of application. For instance, self-employed borrowers may take a bit longer to get approved.

According to Liberty, if the customer accepts the personal loan offer by 3:00 p.m., the funds will be sent to their nominated bank accounts on the same day.