+ One of Australia’s broadest product ranges offering financing across the life cycle.
+ Ability to choose the length of the loan from one to 30 years.
+ Fee free redraw services.
x Maximum LVR is 80% of the property value.
x Generally more expensive than a bank.
x No branch access.
La Trobe was founded in 1952 by Ray O’Neill, who believed home ownership was the foundation of financial independence. Since that time, they have funded over A$36 billion of investment quality credit.
La Trobe’s investors include large global institutions, Australia’s major banks, family offices, fund managers and 55,000 everyday investors. These relationships provide real time insight into global and domestic markets. This insight is further augmented by their 150 dedicated credit analysts, resulting in significant levels of ‘prime’ credit.
Available for employed and self-employed borrowers who can fully verify their income, this variable rate loan can be used for any worthwhile purpose. Borrowers can apply for $100,000 to $1,500,000 with an 80% LVR, $2,500,000 with 75% LVR and $25,000,000 with 70% LVR.
Other features include fee free redraw facilities, the option to make interest only repayments for up to five years and to make extra repayments.
Having the same features and benefits as the Employed and Self Employed Full Doc loans, the Lite Doc loan is for borrowers who wish to provide alternative methods of income verification. These methods include an Accountant’s letter, Trading Statements or BAS.
Providing finance for single residential dwelling constructions, this variable loan offers between $100,000 and $2,500,000, with a maximum LVR of 75% (not to exceed 80% of total development cost.) Additional features including the ability to make extra repayments and a redraw facility.
Suited for Australian residents with an existing SMSF or in the process of establishing an SMSF, this variable home loan can be used by borrowers wishing to purchase or refinance an existing residential investment property as a single asset. This loan requires proof of 80% rental income, a SMSF Contribution Statement and show income deemed at 3.9%. Additional features include the ability to make extra repayments.
Offering discounted loan pricing for front line responders with the same conditions, features and verification requirements as the employed and self-employed variable loans, with Full or Lite Doc verification method options.
A short-term loan designed to allow applicants to purchase or build a new property prior to having completed the sale of their existing property. This loan combines both loans and includes an interest budget within the total loan amount, meaning no repayments are required during the bridging period while the debt is at its peak. This loan is available under Full Doc and Lite Doc terms and conditions, with a minimum loan amount of $100,000 and a maximum of $25,000,000 (70% LVR) or $2,500,000 (75% LVR.) Redraw is available following the interest budget period and extra repayments are allowed.
A loan for Australian citizens working or living abroad looking to buy property or refinance an existing loan to consolidate debt or access equity. This loan requires fully verified income and can be used for residential (including single build construction) and commercial security. The maximum LVR is 80%. Additional features include redraw and repayment facilities.
A loan for International borrowers looking to invest in Australian real estate with Foreign Investment Review Board approval (FIRB). This loan has a maximum LVR of 75% and does not offer a redraw facility.
Assisting borrowers to purchase or refinance non-metro rural properties of up to 100 acres for personal or investment purposes, this variable loan is offered under both Full or Lite Doc verification methods. The maximum LVR is 75%, and loans can be between $100,000 and $1,500,000.
La Trobe Financial offers a loan that can be used specifically to cover the Refundable Accommodation Deposit (RAD) leveraging residential and/or investment security collateral. It is available to borrowers aged 80 years or older to pay for ongoing care fees (DAP) renovations or to repay existing debt and has a minimum loan amount of $100,000 to a maximum of $750,000 (50% LVR of home.) No capital payments are required during loan term and no interest payments required until the loan outstanding reaches 140% of initial amount borrowed.
La Trobe specialises in loans for any reasonable purpose and helping people with debt consolidation with mortgage loans from $100,000 up to $25 million. They offer loans to a broad range of ages and stages, including borrowers who are:
There is a range of benefits to refinancing your home loan. It can allow you to take advantage of a better home loan deal, unlock equity in your home, reduce the fees you pay, simplify your repayments (especially if you’re consolidating multiple debts) and even shorten the term of your mortgage therefore reducing your interest payments.
Some common costs of refinancing include application fees, valuation fees, registration fees and discharge of mortgage fees.
There are a few risks involved in refinancing your home. One of these is that if you apply for a fixed rate loan, sometimes this rate can actually fluctuate in the period between approval and settlement. This would mean you may not have actually locked in a better rate which is why it’s important to check you’re getting a home loan with a rate lock feature. Other risks involve getting locked into a longer mortgage term (therefore increasing your interest repayments) and being tricked by tempting introductory variable or honeymoon’ rates.
There’s no hard and fast rule as to how much refinancing can save you: this depends on your unique financial situation, as well as the difference between your old and new interest rate. However, data shows that when your interest rate drops by 2% or more, this could save you up to $20,000 over the course of your mortgage.