Liberty IO rate increase

Like l stated earlier, would like the numbers/rates that you 'claim'. To me it's pretty much hearsay information.

 

I spent time getting some I had from 15 together, I meant to PM them - excuse me for getting sidetracked, and the later info I do not have on hand

 

Although I do not like some aspects of policy, it is clear from some posts that they still do in fact suit some people quite well & if you have no other choice, well you have no other choice, may as well carry the cross that was self constructed in a dignified manner.

 

FYI

Recent purchase through Liberty @ 5.34% variable P&I repayments.

I was originally approved for I&O repayments and they changed the policy 2 days after making an offer on a property. My fault given the pre-app expired.

They also wouldn't roll extra costs into the loan which impacted borrowing capacity.

This all took place around same time as the last post. Hopefully someone can make use of this info.

 

Having used Liberty before (and VERY luckily refi-ed away a couple of months ago), don't think I'll ever stray into niche lenders ever again. Their notorious reputation is well deserved.

Just as well my accumulation journey is over now.

 

@Lacrim what did they do? (Unless you don't want to give details) I often wonder about how stable these niche lenders are, especially after that big one went broke in Canada.

 

Trigger happy with rate increases - they're free(er) compared to the big banks to do whatever they pls. I knew that going in of course but was hoping that I was wrong. I wasn't. They knew the market they were playing in and once you're their customer, you're a frog slowly being boiled.

 

They definitely do seem to have one of those 'way too good to be true' vibes.

 

So true and funny how some people in this forum are strong advocaters of these 'payday lenders' and allegedly claim that they have multiple loans with them and none with the big 4s.

 

Who is a strong advocate for Liberty Jins ? Your broker ?

 

Done.Good Bye Liberty.

 

On the process of getting a reval completed and fingers cross that the valuation comes back favourably for me to move to another lender with a better rate. Probably save around $600 per month.

 

Well, they are now gone.Another sneaky little tactic to be wary off, they ask to see the current certificate of insurance,as we were refinancing, i called them and they agreed it wouldn't need to be viewed.On viewing the settlement statement, they charged me $50 late fee for not providing this.

 

The only non big 4 lenders I'm with (and who have pleasantly surprised me, hence not pressured to refi) are AMP and ME Bank. So far so good with them.

But I seriously dodged a few bullets refinancing away from Liberty - extremely lucky on that front and just in the nick of time as stricter lending conditions were being rolled out across the big 4.

Probably couldn't do it today.

 

That fee is not new, smaller lenders ask for this annually & will hit you if not supplied.

It is a pain when they ask for this prior to the renewal time, which is what they all seem to do.