La Trobe Financial is a leading credit specialist fund manager that offers home loans as well as wealth management and insurance solutions.
This lender has been operational since 1952, and has physical locations in Melbourne, Traralgon, Sydney, and Shanghai. While its physical locations limit to a few cities in Australia, it provides its services for residents of all states and territories.
Compare La Trobe Financial Home Loans
Who is La Trobe Financial?
La Trobe Financial offers its expertise in three areas: asset origination, wealth management and insurance and portfolio management. As part of its asset origination section it offers its customers an array of home loans. These include residential and rural lending loans which are comprised of Full Doc, Lite Doc, Cash Out, SMSFs, and Construction loans. In addition, La Trobe Financial also offers various commercial loans, such as lease doc loans, cash out loans, SMSF loans, and construction loans.
Since La Trobe Financial is not a bank, but a registered credit provider, it does not have extensive branch networks, helping to keep their operating costs down. Like banks, La Trobe Financial lends money from its mortgage fund or company balance sheets, and its mortgage fund is the largest fund of its kind in Australia.
Home loans provided by La Trobe Financial
You can borrow a minimum of $100,000 through this full doc variable rate loan, and a maximum of $1,500,000. You can use it for buying a home, refinancing and for debt consolidation. This loan offers a free redraw facility. Maximum LVR is 95% but you'll need Lender’s Mortgage Insurance if your LVR exceeds 80%. You have the option of making interest-only repayments for the first five years and the maximum loan term is 30 years.
If you cannot provide fully audited accounts, BAS statements, and tax returns, you can apply for this Lite Doc loan by providing an accountant's letter and a borrower declaration at the time of application. As with the Full Doc loan, you can use this variable rate loan for debt consolidation, refinancing and purchasing, with the minimum and maximum loan amounts standing at $100,000 and $1,500,000 respectively. Maximum LVR is 80% and the maximum loan term is 30 years. You can make interest-only payments for the first five years and it comes with redraw facility
The Cash Out loan by La Trobe Financial enables you to use the equity you build in your home for an assortment of personal and investment purposes. You can follow either the Full Doc or the Lite Doc process to apply for this variable rate loan, and the minimum you can borrow through this loan is $100,000, with the maximum being $1,500,000. Maximum LVR stands at 80% and the maximum loan term cannot exceed 30 years. You’re able to make interest-only payment for up to five years and it also comes with redraw facility.
To apply for the SMSF home loan from La Trobe Financial you have to provide your SMSF contribution statement and the verification process requires 100 percent rental income. You can apply for this loan for purchase as well as for refinancing previous investments. Minimum and maximum loan amounts stand at $100,000 and $1,000,000 respectively, and maximum LVR is 80%. The loan term cannot exceed 30 years, and you can make interest-only payments for up to five years. This loan does not offer a redraw facility.
The La Trobe Financial variable rate Construction Loan is best suited for self-employed and PAYG borrowers who wish to construct homes to live in, or as a means for investment. You can apply for this loan using the Full Doc or Lite Doc method, for a minimum loan amount of $100,000 up to a maximum loan amount of $750,000. Maximum LVR is 75% and the maximum loan term is 30 years. This loan offers a redraw facility, and you can make interest-only repayments for up to five years.
This variable rate loan allows you to borrow money to buy up to 200 acres of rural land, and you can apply for purchasing, refinancing, or debt consolidation. Apply using the Full Doc or Lite Doc method and borrow a maximum of $100,000. Keep in mind the maximum LVR cannot exceed 70%. Maximum loan term for land less than 100 acres is 30 years, and if you wish to buy more than 100 acres the maximum loan term goes down to five years. You can make interest-only repayments for up to five years, but only if you buy more than 100 acres. This loan does not offer redraw facility.
Pros and cons of La Trobe Financial home loans
- Competitive interest rates. Irrespective of the home loan you choose, you'll notice that La Trobe Financial offers competitive interest rates on all its products.
- Repayment arrears assistance. In the event that your financial situation changes owing to personal or business reasons, you can get in touch with a La Trobe Financial rep to work out some kind of a workable solution.
- Loans for rural land. Not many lenders give borrowers the option to buy large tracts of rural land, but La Trobe Financial enables you to buy up to 200 acres.
- Application fees. All La Trobe Financial home loans attract application fees, which can range in between 0.60% to 1.75% of the amount you borrow.
How to apply for La Trobe Financial home loans
You can initiate an online application for a La Trobe Financial home loan by getting in touch with a mortgage broker who can help you organise and submit your application. In either case, you have to submit a copy of suitable identification which can include the following:
- Your driver's license
- Your passport
- Your Medicare card
- Your birth certificate
As part of the application process, La Trobe Financial, like any other home loan provider, goes through your financials to establish if you pass their lending criteria. As a result, expect to submit the following:
- Personal and contact information
- Details surrounding your income
- Details of your assets
- Details of your liabilities