La Trobe Financial Home Loan

About La Trobe Financial Home Loan

The idea of owning an Adobe to call your own is exciting — no more landlord, property manager, or rent hikes. Yet, given the rising property prices, securing a home loan is probably the most viable option you may have unless you possess a substantial sum.

Hence, we present an exhaustive overview of La Trobe home loans to turn your homeownership dream to life. Namely, we deploy information about La Trobe home loan rates, features, eligibility criteria, required documentation, and step-by-step application procedures. Moreover, according to Urban Money's home loan specialists, we provide invaluable advice and strategies to streamline/expedite the approval process. Let's scroll down to learn more about La Trobe home loans.

Pros:

• Simple application process.
• Low-doc loans are available.
• Borrowers with a bad credit history are considerable. 
• Non-resident home loans, including foreign investors.

Cons: 

• Their risk fee, similar to LMI, can be expensive.
• Conservative policy on apartments/units.
• Only considers licensed owner-builders.
• No branch access.

Features of a La Trobe Financial Home Loan

The following are the key features of La Trobe home loans:

• They offer a range of home loan products for different types of borrowers, such as employed, self-employed, construction, SMSF, bridging(short-term loan), everybody heroes, international, rural residents, parent-2-child, and aged care.
• They have a simple application process and use common sense to assess loans, rather than credit scoring.
• They have a low-doc option for self-employed borrowers who can provide alternative income verification.
• La Trobe home loan rates are exceptionally competitive compared to the rates offered by other financial institutions.
• You can secure a home loan from La Trobe Financial with a deposit of as little as 5%.
• They have a specialist commercial lending option for borrowers who want to invest in commercial property.
• They have a unique parent-2-child loan that allows parents to support their children to buy a home without being a guarantor.
• They have an aged care loan that helps cover the refundable accommodation deposit (RAD) for moving into aged care.

Benefits and Drawbacks 

Benefits:

• La Trobe Financial possesses over 65 years of experience and $22.76 billion in assets under management, making it one of the leading non-bank lenders in Australia.
• The La Trobe Financial home loan application process is exceptionally fast, simple, and digital. 
• La Trobe Financial home loans are particularly suitable for individuals with a bad credit history or those in remote locations/properties.
• They also offer a variety of unique loan options catering to a variety of customers. These may include credit-impaired, construction, bridging, SMSF, Everybody Heroes, international, rural residents, parent-2-child, aged care, and low-doc loans.
• La Trobe Financial home loans offer competitive interest rates and fees, which are among the best in the market. Besides, these loans come with various features, such as a redraw facility, offset account, interest-only repayments, and fixed or variable rates, making them a more appealing option for homeownership aspire. 

Drawbacks:

• La Trobe Financial's bad credit loans and low-doc loans are often accompanied by high rates and unfavourable terms.
• The maximum LVR typically is 80% of the property value. However, securing a loan of up to 95% is negotiable in certain cases.
• La Trobe Financial home loans may have stricter eligibility criteria and lending conditions than some other lenders, such as higher minimum loan amounts, lower maximum loan-to-value ratios, or shorter loan terms.
• La Trobe Financial home loans may not offer the same level of customer service or support as some other lenders, as they are mainly online lenders with limited branch networks.

Eligibility Criteria

The eligibility requirements for La Trobe home loans can vary based on the type of loan you're seeking and your individual profile. Nevertheless, the following represent the standard eligibility criteria you should consider:

• Age: You must be at least 18 years old.
• Residency: You should be a resident of Australia.
• Employment: You should have a stable source of income.
• Credit History: A credit score ranging from 650 to 700 is viewed as favorable. However, a credit score below 650 is also open to negotiation.
• Property Type: The property must meet SMSF loan criteria, which typically includes standard residential properties like houses, units, or townhouses.

How to Apply for a La Trobe Financial Home Loan?

To apply for a La Trobe Financial Home Loan. follow these simple steps:

• Visit La Trobe Financial's official website.
• Choose the "Loan" option and then select "Residential Solutions" from the horizontal menu bar on the homepage.
• You will be redirected to the "Residential Solutions" page, where you can explore diverse financing choices, catering to employed, self-employed, construction, SMSF, parent-2-child, international borrowers, and more. 
• Click the "Learn More" button next to the option that suits your needs. This will take you to a page with comprehensive details about your chosen home loan, which may encompass La Trobe Financial home loan interest rates, application fees, maximum loan duration, LVR (loan-to-value ratio), etc.
• After reviewing the information, click the "Apply Now" button.
• A brief digital application form will appear on your screen, where you must enter your personal, professional, property, and financing details.
• Once you've completed the loan application form, click "Submit."
• Typically, within a day or two, a La Trobe Financial representative will contact you by phone or email. 

Documents Required for La Trobe Financial Home Loan 

When you apply for a La Trobe home loan, make sure you have all your documents ready, as certain information and documentation will be necessary. Typically, the documents you will be expected to provide include:

Existing investments, outstanding debt, and other pertinent documents confirming your financial status.

You can initiate a loan inquiry even before purchasing a property. However, in order to finalize your application, you'll need a signed sales contract and a document that shows the property's address.

Customer Service for La Trobe Financial Home Loan

To avail of the customer service for La Trobe Financial Home Loan, you can contact them in the following ways:

• Toll-free number: 13 80 10
• Email: [email protected]
• Fax: (+61) 3 8610 28991
• Mail: La Trobe Financial Services Pty Limited, PO Box 403, Collins Street West, Melbourne VIC 8007.