General borrowing questions
A mortgage is simply a debt secured by a registered charge over real estate. It is a legal obligation by the borrower (mortgagor) to pay the the lender (mortgagee) a certain amount of money on stipulated terms and conditions. A mortgage is registered in the Land Titles Office and cannot be removed other than with the consent of the lender or by a court order.
If you have any questions call 13 80 10, 8.30 am to 5.30 pm weekdays. We will be happy to answer all of your questions.
La Trobe Financial is accepted as a leading specialist lender in Australia. We are not a 'tick the box' type lender, but will consider all of your personal circumstances fairly and compassionately. You can also choose the length of your loan that best suits your needs, with our flexible repayment schedules from 1 to 30 years. We also provide a free redraw service for your repayments received ahead of schedule.
Approachable & Reasonable
We specialise in mortgage loans for any reasonable purpose and helping people with debt consolidation. So if you need a mortgage loan from as little as $100,000 up to $10 million, or simply need to get your debts under control, we can help.
Simple Application Process
Call 13 80 10 now or fill out an Application form today. It only takes 15 minutes to apply for a Loan at La Trobe Financial; it's that simple. And if you need a hand completing the application, just ask one of our friendly Senior Managers Client Partnershps - they'll be happy to help.
Fast Approval (On-The-Spot)
We can often tell you on the spot whether your application for a Loan has received indicative approval subject to our usual lending assessment criteria.
You won't be talking to an answering machine at La Trobe Financial. With La Trobe Financial Representatives across Australia, and our 13 80 10 National Mortgage Hotline open 8:30am to 5:30pm Mon-Fri, you will receive personal attention with your Loan application from start to finish. Simply call - you don't need an appointment to speak to any of our Sales Team.
La Trobe Financial is a licensed Credit Provider, and operates in each state and territory in Australia. We lend money on
specific yet flexible terms and have done so for over 65 years covering some $13 billion of funding and over 130,000 individual mortgage loans.
We source money from retail investment in our retail Credit Fund, which is the single largest Fund of its type in Australia, and also from wholesale institutional mandates from Institutional Investors, and the capital markets by issuing mortgage backed bonds.
La Trobe Financial is a flexible, independent credit specialist regulated by ASIC, so you are talking directly to the credit provider when you speak with us.
Principal & Interest means you make repayments against both the original amount borrowed ('Principal') and the interest charged.
Interest-only means that you only make repayments to meet the interest charged (often for an initial period at the start of your loan). You should consult with a
financial advisor to determine which option best suits your individual requirements and objectives.
Why would I take out an interest only loan?
Usually investors and borrowers choose interest only repayments to maximise the benefits of negative gearing; that is tax benefits. With interest only repayments you do not pay off the principal amount borrowed during the term of the loan. The whole of the principal amount is repaid at the end of the loan.
Apply by telephone - free on 13 80 10. Our system allows us to fully assess your application in the fastest time
possible, which means we can give you a quick answer.
We can help:
This is where you have borrowed money to invest (such as buying property) and the income from an investment property (like rental payments) doesn't cover its costs (such as mortgage payments). Get in touch with your accountant or financial advisor to find out more.
Before the loan questions
Simply download an application form from this site, complete in full and forward it to our office for consideration.
The most important considerations are that you can afford the monthly repayments and that you are a property owner. The maximum amount you
can borrow under a La Trobe Financial Loan is $10 million and the minimum is $100,000. We'll lend you up to 95% of the value of
the property in certain circumstances. If you're self-employed, you can take up the Lite-Doc® option, which means we can lend you up
to 80% of the value of the property you want to purchase with alternate documentation. If you're not an Australian resident, you can
borrow a low percentage of the value of the property you'd like to purchase. The specific amount you can borrow is based on your income, your
credit history mycreditfile.com.au, your current
financial commitments and the value of the property you're interested in or currently own.
To do your own estimate, calculate what you could borrow.
You will need to provide suitable identification at the time of your application such as a copy of your driver’s licence, Medicare card, passport, or birth certificate. BAS, Bank Statements if available. If you are a non-resident borrower you will need an Australian Company Number (ACN) or an agent appointed in Australia to receive documentation on your behalf.
For a Full Doc loan, you will need to supply a copy of your most recent payslips or a letter from your employer detailing your income and length of employment. For LiteDoc loans (for self-employed applicants) we will require an accountant's certificate and a repayment declaration. If your accountant is unable to provide an accountant's certificate, we may be able to accept BAS statements or trading statements in lieu of the accountant's certificate.
If you are a PAYG employee we require copies of your payslips, or a letter from your employer in order to prove your income. If you are Self Employed, we require other proof of income such as Tax Returns or Audited Accounts, or you may choose to apply for a loan on a Lite-Doc® basis. In these circumstances La Trobe Financial will undertake reasonableness testing of what you state as your income. Please contact us if your circumstances are unusual. If you do not have supporting financial information we may still be able to assist with a mortgage. We will consider income from a variety of sources including salary full time, part time, casual, self employed earnings, dividends, rental income and any other source of regular and recurring income including Government Benefits.
La Trobe Financial welcomes prepurchase applications to provide you with the confidence of knowing the maximum amount you can borrow before committing to a particular property. Talk to us about applicable conditions.
The 11 things you must know before applying for your home loan through a broker:
Here are the steps, plain and simple:
Purchase, refinance, debt consolidation, construction or cash-out. Maybe you need to reduce your monthly outgoings by paying off all your debts, leaving you with one lower and more manageable monthly payment. Or perhaps you'd like to buy a new car, boat or caravan. How about a luxury cruise or exotic holiday? What about new windows, or a conservatory, maybe an extension? It's really is up to you, We have the products to cater for many needs.
Yes there are some properties that are considered unacceptable security some of which are -
Usually 5% but higher depending on each Loan Product. The deposit does not always have to be from savings.
Yes, when you purchase property. The amount varies in each state. Check with your solicitor/conveyancer.
If you have sufficient equity built up in your first home, you'll probably be able to borrow more. During the whole process, your aim should be to keep your home loan percentage to no more than 80% of the value of both properties put together. That way, you'll avoid mortgage insurance and any other restrictions on home loans of 80% or more.
Saving on your loan questions
Making additional repayments beyond what's required in your minimum monthly repayment is one of the best ways to reduce the total interest
paid and term of your loan.
As a rule of thumb, every $1 in extra repayments you make early in the life of your loan saves around $2 in interest over the term of the loan, depending on the level of interest rates.
Consider either one-off lump sum payments when you have spare cash or commit to increasing your regular repayment amount. However, make sure that your loan allows you to make additional repayments without penalty. Fixed-rate and basic (or 'no-frills' loans) often have restrictions on extra repayments or charge a break fee for the privilege.
When taking out a loan make sure it offers the flexibility to meet the changing circumstances you will undoubtedly experience over the 10
to 30 years of your loan. The ability to make extra repayments, redraw extra repayments, fix the rate on a portion of the loan, or
refinance to another loan if need be are all features to be considered.
Some fixed term and rate loans and some basic loans don't allow you to make additional repayments, or charge a penalty for doing so. Make sure you understand the terms and conditions before taking out your loan.
If monthly repayments drop because interest rates have fallen, try to maintain the old repayment levels. This means you will pay off more of the principal with each repayment, reduce the term of your loan and the total amount of interest paid.
Use cash savings to help pay off your loan quicker. Remember the old saying 'a dollar saved is a dollar earned'? If you have a home loan at 7 per cent, every extra dollar you pay off the principal is another dollar you are not paying 7 per cent on each year. If you instead put that extra dollar into a savings account you may only be earning 2 or 3 % interest. Therefore putting savings into your loan could earn you twice as much as a savings account. These days, redraw facilities available on most standard variable loans allow you to take back those extra payments if needed anyway. La Trobe Financial also offers competitive returns on monies invested for 12 months. Please enquire.
Dividing your minimum monthly repayment into two fortnightly or four weekly payments can reduce the term of your loan in two ways:
If you smoke a pack of cigarettes a day, it is costing you almost $7000 a year. Quit, and put the daily saving of $20 or so aside and pay an extra $600 each month off your mortgage. Use our Calculator to see how much you can save and how quickly you'll repay the mortgage (but it won't tell you how much longer you will live as a result).
During the loan questions
Repayments can be made by a number of methods, with the frequency of repayments being flexible. You can make payments by La Trobe Financial's Direct Debit system (at no cost), BPay or direct salary crediting. These repayments can be made weekly, fortnightly, or monthly. Repayment methods other than Direct Debit incur costs. Please contact La Trobe Financial on 13 80 10 to confirm current costs.
With a La Trobe Financial variable or fixed rate loan, simply making your repayments fortnightly instead of monthly not only saves you money, but may reduce the term of your loan. For some of our loan products you may be able to increase your repayments or make lump sum repayments (of up to $10,000 in any calendar month without cost) when you have extra cash which will reduce the interest you pay and ultimately reduce the term of your loan.
If you're worried you might have trouble making payments, call our Asset Management Team on 1800 620 639 between 8:30am and 5:30pm Mondays to Fridays EST, so we can try to work together to meet your repayment obligations under your credit contract.
Because our loans are so flexible, you can move from a variable rate loan to a fixed rate by paying a renegotiation fee.
Yes. Our residential loans give the ability to make extra repayments, whether the interest rate is fixed or variable. This redraw facility is discretionary and can be withdrawn at any time by us as credit provider.
You can redraw a minimum of $1,000 up to your total additional repayments with redraw available at no cost to you.
Yes! Do it the easy way! Simply call us free on 13 80 10, and we will immediately process your request. We already have your details, so this is a straightforward process assuming your application is successful.
If you come into some extra cash you can pay a lump sum off your La Trobe Financial home loan. This lets you reduce the Principal amount so you pay less interest over the long haul. You can pay up to $10,000 monthly off a fixed rate loan without additional cost on some of our loan products.
You should contact La Trobe Financial immediately.
You may be able to redraw payments made in advance of your required monthly payments, please refer to question 5 above.
Verification of Identity questions
VOI stands for Verification of Identity. It is an umbrella term used to cover the Land Titles Office requirements in all States to identify all parties to a property transaction, including Mortgagors. The term is also now used to cover lender obligations under The Anti-Money Laundering and Counter-Terrorism Financing Act 2006 to identify all parties to a loan transaction.
IdMe is a mobile phone application used to verify your identity electronically.
The advantage of using IdMe is that it has a lower error rate because it guides you through the ID process. It protects the privacy of clients and avoids the paper shuffle involved with paper VOI.
It also accommodates remote verification of identity.
With paper VOI you must meet with all individuals face-to-face. With the IdMe app you may use the remote VOI option, provided there is a good reason why you cannot meet face-to-face and there are no suspicious circumstances.
The Land Titles Office in each state now requires a higher standard of identification to prevent identity fraud. Without this we cannot register our mortgage on the property.
All mortgagors must provide sufficient identification to meet the Land Titles Office requirements. We may be able to offer flexibility for non-mortgagors. Mortgagors may be able to provide a Category 5 Identifier Declaration under the ARNECC rules.
No, IdMe cannot be used to identify overseas citizens /non-residents. They must be identified at an Australian Consulate in their country.
Please see the Categories of ID listed on the Australia Post VOI form.
Go to the Australia Post VOI Information page.