La Trobe Financial Home Loans
Everything you need to know about a La Trobe Financial Home Loan
La Trobe Financial was founded by Ray O’Neill upon the belief that, “The opportunity to acquire your own home is a central tenant of our economic freedom and a measure of our success as a country”. Australia’s oldest specialist lender, La Trobe offers a range of niche home loan products including low doc loans and loans for first-time homebuyers, those with bad credit, and for SMSF loans. They do have higher than normal interest rates to tailor to the higher risk involved with untraditional borrowing but their solution-oriented approach can be a refreshing alternative for many borrowers.
Key Benefits
- Simple, straightforward home loans with competitive rates
- Simple application process
- Diverse options for investors
Drawbacks
- High fees on some loan products
- No branch access
- Some loans come with high-interest rates
La Trobe Financial Home Loan Products Breakdown
Salary Full Doc
- LVR of 95%
- Loan term of 30 years
- Redraw
Suitable for buyers looking to purchase an owner occupied property
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.
Self Employed Lite Doc
- Maximum LVR of 80%
- Loan term of 30 years
- Free to redraw
A hassle-free home loan for self-employed borrowers
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.
SMSF Residential
- No ongoing fees
- Flexible rates
- Maximum LVR of 80%
A flexible loan for a range of different properties
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.
Performance Plus Loan
- Extra repayments
- Flexible rates
- Maximum LVR of 80%
A home loan that rewards borrowers for performance
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.
Construction
- No ongoing fees
- Extra repayments
- Free redraw
Build or renovate your dream home with a great rate loan
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.
Parent-2-Child – First Home Assistance Loan
- No guarantor or remortgage
- No financial risk
- Save as you go
Help shape your child’s future with a first home assistance loan
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.
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Frequently Asked Questions
Who owns La Trobe Financial?
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.
How secure is La Trobe Financial?
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.
How to apply for La Trobe Financial home loans?
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!