La Trobe Financial Home Loan Review
Searching for alternative lending solutions? The La Trobe Home Loans review provides key information to evaluate their offering.
As one of Australia’s oldest specialist lenders, La Trobe Financial provides tailored options for borrowers unable to get traditional bank loans. With expertise helping niche segments like low doc borrowers and those with credit challenges, they can make financing accessible.
- Borrow up to 80% of the property value
- Allows expats to use overseas income when applying for a home loan
- Streamlined verification processes for expats residing overseas
La Trobe Home Loan Options
La Trobe Financial provides alternative home loan solutions tailored to borrowers not well served by major banks. Their products are designed for niche borrowing situations.
Standard Loans
Lite Doc Loans
SMSF Loans
The La Trobe Standard Loan offers a lifeline to borrowers with substantial adverse credit history. For those with past bankruptcies, defaults, judgments, and other significant credit impairment, this loan provides a path to finance when traditional lenders will decline.
By looking beyond credit scores at the full picture, La Trobe can approve borrowers with chequered histories but stable current situations. Their experiential lending approach focuses on common sense rather than credit metrics. This loan is ideal for demonstrating you've moved past historical issues.
La Trobe's Lite Doc product enables flexible qualifying for self-employed borrowers or those with irregular incomes. It reduces documentation needed for income verification when standard pay slips or tax returns don't tell the full story.
By requiring less paperwork, La Trobe allows non-traditional borrowers to qualify based on bank statements and other supplemental documentation. Investors, business owners, contractors and other specialised applicants benefit from the streamlined Lite Doc loan process.
For SMSF trustees with personal credit challenges, La Trobe's SMSF loan overlooks trustee credit history to facilitate borrowing. This expands options for members wanting to purchase residential or commercial property within their fund.
La Trobe understands limiting a Self Managed Super Fund's investment capacity due to a trustee's individual circumstances is often unwarranted. Their SMSF loan focuses on the fund's position rather than the member's personal credit.
La Trobe Financial has specific loan offerings tailored for overseas borrowers and Australian expatriates. This includes options to use foreign income for qualifying and simplified verification processes for non-residents or Aussies living abroad. Their expertise caters to unique expat situations.
La Trobe Home Loans Review
The following are the pros and cons of La Trobe Financial home loans that you need to consider.
| Pros | Cons |
|---|---|
Low doc, bad credit, and niche loans | Borrow a maximum LVR of 80% |
Construction and SMSF borrowing | Higher rates than major banks |
Assessments based on common sense | Expensive risk fees |
No branch access |
Allow us to find you the perfect home loan.
Apply online to get expert recommendations with real interest rates and repayments.
La Trobe Loan Features
Key features of La Trobe home loans include the following.
| Feature | Details |
|---|---|
Foreign Income | Caters to expat and overseas borrowers |
Commercial Securities | Allows some commercial properties |
Self-Build Construction | Provides owner builder construction loans |
Discharged Bankruptcy | Will lend to borrowers with past bankruptcy |
Specialist Underwriting | Manual assessment not credit scoring |
Expat Information | La Trobe offers dedicated lending solutions for Aussie expats living and working abroad. This includes options to use foreign income to qualify and no need for domestic job stability. |
Facts About La Trobe Financial
Founded in 1952, privately owned specialist lender.
Uses LMI from Genworth but also self-insures loans.
Caters to niche borrowing segments overlooked by major banks.
How Do I Apply?
The process of getting a La Trobe home loan:
- Confirm your situation fits their specialty offerings.
- Gather required documents per their checklist.
- Submit an online application form.
- Provide documents for income and identity verification.
- Have desired property selected to finance.
- La Trobe will evaluate property and approve applications.
- Get a formal loan offer outlining rate, fees, and terms.
- Accept loan offer if satisfactory.
- Finalise loan documentation and settlement.
- Make repayments as scheduled once settled.
Get in touch if you need help navigating the La Trobe loan application process. Our expertise can guide you through specialised lending.
Who is Eligible?
La Trobe Financial specialises in borrowers who generally do not meet bank criteria, including:
- Self-employed with limited documentation.
- Chequered credit history or prior defaults.
- SMSF trustees with personal credit challenges.
- Rural/remote properties other lenders avoid.
- Discharged bankruptcies.
- Foreign income reliant expat/migrants.
They focus on finding solutions by assessing individually outside standard credit criteria.
What Documents Do I Require?
The key documents and information La Trobe Financial will need to assess your home loan application include the following.
Proof of Identity
This includes photo ID such as a passport or driver's licence, as well as proof of citizenship if applicable. For foreign nationals or expats, details of your current visa and proof of right to work/live in Australia.
Proof of Income
Documents verifying your income such as recent payslips, tax returns, profit and loss statements if self-employed. Information about your current employment status, contracts, job stability, and income continuity.
Proof of Assets
Bank statements showing your current assets, savings, and cash deposits that demonstrate your financial position.
Property Purchase Details
Signed purchase contract for the property you wish to finance showing price, deposit amount, and settlement date.
Credit History
Information and documents relating to your credit profile, any adverse history like defaults/bankruptcies, and repayment issues. Details of current debts and liabilities such as credit cards, other loans, personal debts that impact serviceability.
Deposit Evidence
Proof of your deposit amounts and source - savings statements, gift letters, etc.
Having an experienced broker assist you in preparing all required documents for La Trobe Financial can streamline the application process and ensure you submit a complete application. Reach out if you need guidance.
Related Products from La Trobe Financial
Construction Loans
La Trobe’s Construction Loan offering provides tailored financing for borrowers wanting to self-manage building their own home. This loan covers costs of materials, contractors, and other expenses during the construction phase. Funds are provided in stages based on project completion to ensure prudent use of financing for owner-builder projects.
Rural Loans
La Trobe Financial offers specialised Rural Loans designed for borrowers looking to purchase rural, agricultural, and remote properties that many standard lenders avoid. Their rural lending expertise of over 50 years allows La Trobe to craft loan solutions for farms, stations, and other rural holdings where access to credit may be limited.
Let Us Help With Your La Trobe Home Loan
Connecting with the right lending solutions can be challenging, but we’re here to help. Our mortgage experts have extensive experience dealing with specialist lenders like La Trobe Financial. We take the stress out of the application process and work to get you approved. Whether you need a low doc, bad credit, or niche loan product, we can guide you in the right direction.
Contact us today to start reviewing your options!
Other Australian Lender Reviews
Allow us to find you the perfect home loan.
Apply online to get expert recommendations with real interest rates and repayments.
FAQs About La Trobe Financial Home Loans
Does La Trobe lend for investment properties?
Yes, La Trobe does provide lending for investment property purchases in addition to owner-occupied homes. Their alternative lending products can apply in either case.
What is the maximum LVR offered by La Trobe?
The maximum LVR offered by La Trobe Financial for their home loans is 80%. So you would need at least a 20% deposit to qualify for financing.
What is La Trobe's application process like?
La Trobe has an online application form and document checklist to gather everything they need to assess borrowers. Having a broker assist with the application is recommended given their specialised products.
What types of credit history does La Trobe accept?
La Trobe is open to impaired credit profiles including prior bankruptcies and defaults. Their focus is finding solutions for those declined by banks.
Does La Trobe offer construction loans?
Yes, La Trobe provides construction loans tailored for owner-builders looking to self-build their home. This includes financing for materials and other construction costs.
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