La Trobe Financial was founded in 1952 by Ray O’Neill and his son Greg took over as CEO in 1997. However, in December 2017, La Trobe Financial announced the sale of 80% of its operations to Blackstone Group NYC. It’s currently 100% privately owned 80% by Blackstone and 20% by interests associated with Greg O’Neill.
Competitive low doc loans
Simple application process
Diverse options for investors
High fees on some loan products
No branch access
Some loans come with high-interest rates
This variable rate home loan is a great option for self-employed borrowers who can prove their income with two years of financial documents. You’ll enjoy a competitive rate with this full doc loan, as well as plenty of flexibility. You can use your loan to purchase a new home or to refinance to have money for investment purposes and for debt consolidation. You can borrow up to 95% of the purchase price; with La Trobe, you can get a competitive loan product with a low deposit. However, you will need lender’s mortgage insurance if you borrow more than 80% of your home’s value.
La Trobe makes a point to reach out to self-employed borrowers, who may not always have the necessary two years’ worth of financial statements in order to qualify for a full doc loan. This low doc loan option comes with a moderately competitive rate and plenty of great features like free redraw and the ability to make additional repayments. Borrow up to 80% of the property value.
For those who have a self-managed super fund, SMSF Residential is a useful product for investing in a second property. This variable rate loan lets you borrow up to 70% of the property’s value. You won’t need to pay LMI but keep in mind the fees on this loan are quite high.
Something you won’t see with many traditional banks – La Trobe’s Performance Plus offers rebates at if your account is up to date and you’ve maintained your loan without any problems. You can redraw your rebate funds or they can be used towards your loan. This loan product comes with both full doc and low doc options.
With either a full doc or low doc verification, you can qualify for a Construction home loan product to be used for either your own home or for investment purposes. To benefit investors, you can take advantage of an interest only repayment period, even for the low doc version of this loan. Redraw and additional repayments are available.
Always creating solutions for customers, La Trobe offers a short-term Aged Care Loan for families looking for a cost-effective way to cover the costs of aged care accommodation. You can borrow up to 50% of the value of your current home. The money can be used for ongoing care fees, renovations or to repay existing debt. This product does have some caveats to be aware of including high fees, an interest rate hike in the last two years of the loan, and it is only available for individuals who are over 80.
This loan product is specifically for parents who want to help their child buy their first home but are not interested in putting their own home up as equity. With this product, the parents can contribute as much of the home value as they want without taking on any risk. The child is still eligible for the First Home Owners Grant. As La Trobe sets up all the paperwork and takes care of the legal requirements, P2C becomes a safe financial arrangement for both parents and their children looking to purchase their first home.
There is always some degree of security risk when it comes to any financial activity whether it’s the minor risks of a data breach when online banking or the more pronounced risks involved in investing. However, La Trobe Financial is clearly a bank that priorities security. Their website states we have implemented technology and policies with the objective of protecting your privacy from unauthorised access and improper use and will update these measures as new technology becomes available, as appropriate. They also have a section on their website, The Security Hub, that provides useful tips for protecting your assets.
Applying for a home loan through La Trobe Financial usually starts with talking to a mortgage broker, who will be able to find the most suitable product for your needs. They will also be able to help you organise and submit your loan application forms.
La Trobe does not have physical branches, so you will need to access the form via La Trobe’s website and forward it to their office via email. You can also contact them on 13 80 10 to speak to staff who will be able to help you fill out your form. At this stage, you will also need to submit any necessary identification, including your driver’s license, passport, birth certificate or Medicare form.
Once received, La Trobe Financial will call you back with a status update, which may be conditional approval. They will ask you to submit information related to your income and the property you’re looking to purchase. They will also do a valuation on the property. If formally approved, you’ll be sent a settlement pack including forms you’ll need to sign. Once sent back, this will be reviewed by La Trobe Financial’s solicitor to ensure everything has been signed properly. From here, your settlement date will be set and you’ll receive your funds!