A non-bank lender has launched a new home loan designed to give a hand to first homebuyers.
Liberty has announced its Liberty Swift Home Loan, a product aimed at first homebuyers, available up to 95% LVR with a capped risk fee and no LMI. The lender said the product would start at rates of 5.70% (comparison rate 6.19%) with an accompanying risk fee. Liberty will also continue to offer first homebuyers the option of using LMI "where appropriate", the lender said.
Liberty national sales manager John Mohnacheff said the lender launched the product in response to tightening credit criteria.
“We’ve seen a real tightening in credit criteria for First Home Buyers over the last six months which is shutting many aspiring home owners out of the market," he said.