Read the fine print
Have a number of accounts with these guys for deposits, after doing a fair amount of due diligence, as they are a mortgage fund. They boasted that they had sustained their interest rates for several years, even following declines in official rates, which on face value, is comforting. Recently, they reduced they're on call rate, by 12.5%, from 3.2% to 2.8%. Being a "respected" financial institution, you would expect they would be transparent and upfront, with such a significant announcement which diminishes returns, wouldn't you? Well, La Trobe has what I would call a very "low key" of making they're announcement. Instead of sending you an email, advising you by way of an account manager or perhaps letting you know on month's end, they simply send you your monthly electronic statement as normal and in the smaller print noting interest rate, they state effective interest rate is 2.8% which I thought was a bit sneaky! When I reached out to them to enquire, they simply ask whether you want to change your investment to a 12 month term.
Be cautious, read the small print and keep an eye on these guys, after all, it is your money.
Worst finance experience
I was obtaining finance for my smsf. I am understand a longer and harder due to the complication of it therefore i get my pre approval first ti clear all possible credit requirements. I can speed the the process. Pre approval letter issued.
Since i seeking for full approvals. One new credit requirement come after another. . After 6 weeks proving as much as poosible i still dont have approval.
Don't invest with La Trobe Financial
I had a great difficulty trying to invest a significant amount of money with La Trobe Financial. I posted an application form, certified ID and a cheque for $10 to get the account opened. A few days later I got a call from an account manager advising that everything was fine and I would get the account details the following day. After almost 2 weeks and receiving nothing I followed up with an email requesting advise about progress. At this stage I was informed that my ID document was not adequately certified but the matter would be rectified after I provided additional information. After further follow up by me I was advised that matter was not rectified and I was asked to send new documents. When I responded by email I got an automated reply that the account manager was on leave for 2 weeks. As my investment was time critical due to a term deposit ending, I was not able to invest with La Trobe Financial.
Very poor advise, very poor follow up, very poor administrative support and very poor client management. I will not be investing with La Trobe Financial nor would I every consider it again. Better to get .5% less and invest with a reputable bank.
Alex Worlds King
Stay completely away
My broker went through La Trobe an application was filed dec 2018. Took them 2 months to look at it. Ive taken the matter to afca as there is more in relation to the matter i can not mention.
Very happy with La Trobe. They have worked hard to provide great service and support. The staff went out of their way to keep us in the loop regarding the entire loan process and exceeded our expectations.
Policies & solutions driven, smooth process. Not rate.
Very open minded and responsible lending policy filled the gaps that big fours left. La Trobe Financial has been helping quite a few of my clients to save their settlement, refinance, or building their dream home. Really appreciate your business partnership.
Very good investment
I have money invested with La trobe . I am a construction worker and have not much knowledge of the financial world and its lingo .... they were very helpful and took the time to explain . So far I have earnt so much more intrest than my bank deposits . I will be investing more with them .
Great home loan experience thanks to staff
We were under some serious time constraints when purchasing 2 investment properties through a unit trust. While initially facing some issues wiwitwiwith financing, some key la trobe team members (Caine White specifically) went out of their way to ensure settlements was pushed through with more than daily check ins with me. This stopped us from being issued with legal proceedings. Friendly and responsive staff can make all the difference in a stressful settlement process.
This company are rude and arrogant, BEWARE!!! they care nothing for customers I was told they cared nothing for me that their investors were paramount and as I had a loan they would take my home/farm I told them I would appeal to the banking ombudsman and was told they don't fall under them.. But I'm no fool the financial ombudsman got them for me they hit you with fees, fees, fees please BEWARE and don't deal with them that way you won't get burned...
Stay away you have been warned!
Loan sharks full stop. From the highest interest rates that they kept putting up all the way to taking money at the lower end. First time I've ever heard of a "bpay fee" and it was through this company. They will ramp up their prices form solicitor fees to made up fees like electronic file fee ect ect just to take your money, more than they are untitled to!! I cannot stress enough for people to stay away form this group, I think loan sharks is a term that does not even begin to describe how terrible this group is. I set up direct debit payments to avoid the made up "bpay fee" and they kept charging me a direct debit dishonor fee, I contacted my bank as La Trobe told me it was an error on their end, my bank sent me the documents and it said they kept trying to take the money out using the banks name instead of my name which I filled out on their form. They then would not refund me the direct debit dishonor fees sticking to the line "its your bank its not us". I got the conformation report in front of me!!!! Guys I would love it everyone steered clear of these guys so that they go under. The less of these institutions out there the better our economy and society will be as these type of companies are completely pillaging the average house hold. Just goes to show you how inaccurate and corrupt Money Magazine awards are as they have allegedly voted this group as the winner. How could they vote this company in when there are companies out thee offering no monthly fees, no annual charges and 2% interest less than La Trobe, and they do not have made up crap like "bpay fee" and electronic file fee ect. I could go on all day how terrible this company is, but you've been warned. And they will create accounts and write reviews on these online forums like [name removed] which is complete crap, don't fall for their marketing tactics guys it is them writing the review, you simply go online and look at other lending institutions to see how bad these guys really are, they charge you a lenders fee which is a % of the total loan, it is criminal and they need to be investigated ASAP!!!!
Bad choice to go with LaTrobe the RIP OFF!!!!
Since joining LaTrobe about a year & a half ago, which is my BIGGEST regret, interest rates increased before I can make the 1sr installment, not to mention the initial admin & loan fees (nearly had a stroke), then after that interest rates went up like 3 times within a year.
Oh & get this.....They even charge you for making regular loan payments, I need to save myself & refinance elsewhere ASAP!!!!
Extremely disappointed, I wouldn't recommend LaTrobe to my worst enemy.
HOME LOAN WITH LA TROBE
This is the first time I have dealt with La Trobe. I was a little concerned so I read up on them prior to applying in fact even whilst my application was in. My broker was confident from the beginning. He assured me everything is good. I got to speak with Ashley who made sure we had everything in order enabling me to get this loan. Another person was also doing my application also that I did not talk with but a thank you to them also. It put me at ease during this process. I also used this site which helped me a lot. Andrew was in the financial side in which I have spoken a few times and he was so helpful. I have had a few questions since and I contacted Ashley and Andrew and I want to say THANK YOU and I hope you will be with me along any journeys I take financially in the future. Thank you La Trobe.
5 STAR RATING WITHOUT A DOUBT
to anyone out there reading this apply to LaTrobe
Avoid at all costs - dreadful company
Avoid LaTrobe at all costs - Fees are astronomical and rates are miles above market. They send nasty texts even when you've paid you installments
I needed to get a home loan settled fast and I didn't give La Trobe much time to do everything.
Other banks wouldn't take on the loan so I was I was running out of time.
It took some time to get through the valuation and approval process.
But once we were unconditional, we settled within 48 hours - thanks to Caine and his team.
2 Rate hikes in 1 year!!! Ridiculous loan shark policies should be investigated by ROYAL COMMISSION
I've had my loan with LaTrobe for just over a year. In that time they have jacked up my rates TWICE! The first time they did there was no notice so my weekly repayment was short and I had to pay fees to cover it. The second time they send me a letter saying that "due to increased lending costs" they have HAD to increase my rates. So now I'm paying over $800 a month extra thanks to LaTrobe's "increased lending costs"
I'm self-employed which is why I ended up with LaTrobe in the first place. Re-financing with a major and saving myself close to $1200 a month.
Latrobe, What can I say, they present themselves as so efficient and professional and a leading company to deal with, as you can see they even have staff or brokers or new thrilled customers write glowing reviews about LaTrobe accepting their loan application when others wont. Glowing reviews the way LaTrobe want to be seen so that they can trap more people into their loan agreements, but let me tell you the truth from experience of what happens over time. (like the others on
this site have ...and glowing reviewing newcomers can't).
When I used LaTrobe, the late fees were defined as follows: "late payment fee: 5% p.a. calculated per calendar month on outstanding loan balance". When I asked the broker what that meant, he didn't know, I asked the solicitor, he rang them, but there was no one there to answer that question and no one ever rang back. What do you think that means on a million dollar loan? Do you think it means there will be a $50,000 dollar late fee? Well it does, broken down into monthly
payments, (5% of loan amount divided by 365 multiply by days of the month, 5% of $1,000,000 = $50,000 / 365 days in the year = 136.9863 x 31days = $4246.57 per 31 day month) and when do the late fees stop? When the 5% fee on
outstanding loan balance is paid of course, meaning when you have paid the $50,000 and guess what else it means? There will be a whole lot of other fees charged to your account, a matter of fact those fees will be more than $50,000 a year, that's on top of your monthly payments. So it will cost you more than $100,000 (a lot more) if you miss a payment. As others have said, "Why are these people still in business?" Well I know why because I complained to ASIC and the response was: "There is no requirement at law for the FSP to provide a working example to the consumer (whether verbally or in the loan agreement itself) to show how the fee is calculated". "The Late fee is not an unjust provision in the loan agreement nor is it unconscionable".
If there was such a law, a law for the FSP to provide a balance sheet showing all fees and charges to repossession if payments are not met, (especially after you sell your home financed by Latrobe to buy another home, exit fees include, call protection fee: $38,185.40, early repayment fee: $23,865.89. and there's more) Then NO ONE would use LaTrobe financial for a home loan.
LaTrobes whole legal structure is designed to trap you the borrower via an instructed broker (with no responsibility) and charge maximum rates and fees and sell your house and use all your equity to pay their charges and leave you with nothing. They should be shutdown. (after being made to compensate all their victims).
August 6th 2018 Update: Thank you Australian Product Review
I hope you don't print this, its a thankyou to you guys at Australian Product Review. Without you guys there has been no way of finding and contacting other victims of LaTrobe Financial, now we can. Since posting my review I have formed an association with another LaTrobe victim and they have found a few more. Soon we will be going to a press conference in Canberra to point out to the Banking Royal Commission that LaTrobe Financial is a company that needs to be examined and hopefully made responsible for the money it has stolen from its victims. If it wasn't for Australian Product Review we could not do that. THANK YOU so much.
Sold my home, la Trobe refused contract & repossessed. Sold at auction to sole bidder & person we had contract with for $120,000 less than contract amount. Off to royal commission with this one.
July 1st 2018 Update: Check your fees & charges
I advise everyone to have your statements, checked. Wrongly applied fees & charges saw my account credited with offer $61,000 over over charged transactions.
September 25th 2018 Update: Calculations of late fee charges
Im sure you will all agree. La Trobe is very quick at applying arrears of any missed payments, fees & charges to accounts....but what La Trobe doesn’t tell you, is how these arrears are CALCULATED. For weeks now, I have requested them to provide me with the formula or an example to assist with having my statements recalculated, due to having been charged a default rate of 36% pa, instead of the contractual rate of 3%. La Trobe also inflated my loan, by taking a second default judgement on the debt, again another tactic of theirs to inflate my loan before taking possession, of my home & selling it....Ohhh La Trobe I forgot to mention to all your customers the fact that use also then just prior to taking possession, refused a Contract of Sale I sought, in an attempt to get myself out of it. $4531 shortfall of payout, when use had been charging me 36%, obtained a default judgement without effectively having it served, oh yea then to top it off, use ignored a court order, & applied an interest rate, with fees & charges you weren’t entitled to charge me for. I owe use nothing. All default judgements obtained by La Trobe need to be investigated by ASIC.
January 12th 2019 Update: Borrowers BEWARE
Late payment fees - ARREARS
Big, big question marks around arrears. How are these figures calculated by La Trobe...Has anyone ever been provided the formula to calculate these. Upon numerous request to this company for such, they fail to provide an answer. Time for the regulators to start asking some questions.
Avoid avoid avoid
Ridiculous interest rate. Fees for everything and not cheap. Changed to one of the.big banks and our mortgage virtually halved. Sold into it by a broker. Be wary brokers obviously get good comms from them but you pay it.
Staggeringly excellent post approval service
As a broker, a difficult post approval issue came up for a client. With other lenders this would have delayed settlement for least a couple of weeks costing the client over $4000 in penalty interest.
A few phone calls to Caine White of LaTrobe sorted this out in a couple of hours, with settlement now going to take place in just a day or so. Client and myself are overjoyed, and Caine White & Mark Hood of LaTrobe deserve a massive thank you. GIve those guys a well deserved bonus!!
Good quality service
I am very happy with their service and they very efficient .they keep posted on how the matter progressing which is very assuring . Highly recommend.Excelent service
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