Avoid at all costs
I highly recommend finding anyone else besides La Trobe to finance your home loan with. Their customer serviceability is abysmal and they have no intention of helping you whatsoever.
Avoid at all costs.
Very Expensive Fees! More the Brokers fault for signing us at La Trobe.
With all the recent RBA rate drops , I contacted LaTrobe for a rate review on my SMSF Home Loan. I signed on %6.69 18mths ago, and currently on %6.37 , but they are advertising the same Variable Home Loan on Ratecity for %5.89. It'll cost me about $8500 to leave La Trobe and around $3500-4000 to Refinance elsewhere on %5.89. Im seriously considering it atm. I actually blame the Broker/Advisor for poor financial advice, i presume he gets some sort of Trail Commission. He also put us into a Negatively geared Unit, his Rental Property figures way off the mark, but thats another story. Moral of my story, Dont trust anyone in Finance and do your homework. An expensive lesson for myself.
Thanks to our lender Tony and supervisor sarah We are so thrilled you got us our loan. You worked so hard for us.
We are so thrilled by everything. Couldn't be happier. We can finally buy our family home. Customer service was top notch and easily contactable. Thanks to the whole team for all your hard work.
Avoid, Avoid, Avoid
Terrible lender. Very poor rates and even worse fees. If you want to discharge a variable loan for example, it is 3 x months interest plus about $2k in fees. I'm sure ASIC will have a field day with them at some point.
Worst Financial Institution ever
Be careful of all late payment fees, they are almost the same amount as the Interest charged each month, therefore leaving no way of catching up on any arrears. We had to sell our investment property (brought through our SMSF) due to the accumulation of late fees. Then when we sold we were charged an early discharge fee on top of all the other fees - only sold because of all their fees. They also charge a higher interest rate and then a monthly account service fee.
Worst lender ever! Stay away!
Most disgusting dodge lender. Their rate is always the most expensive. They charge you three month interest if you discharge your loan within the first 5 years, even on variable rate. This is on top of their ridiculously high application fee - almost 1% of loan amount, when you first join them. That's worse than a loan shark!!!
Shop around, there are plenty honest trustworthy lenders out there.
Successfully ruined our chance of getting a home loan
Despite the fact that they were never going to offer us a home loan because it was less than their minimum home loan amount ($100,000) they did a credit check and now other lenders won't give us a loan because of the credit check they did. I would stay well clear of them as they obviously don't care about anyone.
Be aware of the low hanging fruit and things that may sparkle with this crowd.
Been with them for approx 5 years. Started off very well and competitive with our SMSF loan but, it has deteriorated since. Despite a request for a rate review they are refusing to pass on any rate cuts to our existing variable rates currently over 6%. Ongoing account keeping fees and charges are also rife. Claim to have Mum and Dad investors interests at heart and need to maintain their returns. Would do well to remember they also have Mum and Dad clients who feed these Mum and Dad investors. Also claim to have some sort of quarantine from the...pressures that Banks have with regard to rates. The number of operators offering SMSF loans appears to have reduced drastically in this market over time allowing this type of behaviour to occur. Explore every other option....
Great service. They provided support tru phone & prompt reply/calls while opening an a/c. Thanks Senio
I recently opened investment a/c. It took 1 week - much longer than banks - however accounts dept provided great support while opening an a/c. Senio guided me every step of the way, some days he called me twice. Thanks senio, you were very helpful.
Still paying ridiculously high variable interest rate
Made a phone call to see why we are still paying a ridiculously high variable rate of 6.84%.It has not been reduced at all with the previous rate cuts.Only answer i got was they are reviewing the rates and to keep an eye out in the next 3 or 4 weeks.
Would not recommend going with Latrobe at all.very disheartening to deal with.
Never go with Latrobe
Initially put onto Latrobe from a Financial Services company i wish I had never met. I assumed the commissions were greater for them and i have asked Latrobe that no commissions are paid from this loan being taken out, still nothing on this one.
The interest rate has just increased to a hugh 6.77%, currently the RBA have just reduced this to 1%. Loan repayments of a certain value have charges of nearly $1000 which is nearly 10%,. Other packet review fees are for what service, or a fee for doing nothing.
To say am disgusted with Latrobe is an understatement, please keep away from this unethical company.
Not passing on interest rate cut
Called La Trobe regarding last months rate cut, I was told that they had a meeting and some weren't eligible, having another meeting soon and you maybe eligible!
If rates are cut then bank should pass it on, pure greed La Trobe! Very unreasonable to deal with, would not recommend them!
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 af...ter 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.
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.
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Questions & Answers
How safe is to invest in the la trobe financial
caterina n.La Trobe Financial Services
Thank you for reaching out. We have been in business since 1952. We have focused on our asset class of mortgages for over 7 decades. We have an experienced team, with over 380 staff with offices in Melbourne, Sydney, Shanghai and Hong Kong. We have a track record of performance and one of our flagship products - our 12 Month Investment Term has been judged by reputable finance journal, Money magazine as the Best Credit Fund - Mortgages for 11 Years in a row. We have also recently been rated "Superior" by Australia Ratings for our operational capability assessment, and we are very proud of this report as it reflects all the hard work dedicated by our staff. To learn more, we invite you to visit our website www.latrobefinancial.com and you will find further details on our background, investment products and our rating reports. You may also wish to consider speaking to a financial planner.
All the very best,
La Trobe Financial Team
I wish to invest a substantial amount without going through an advisor. Have downloaded forms, filled in, photocopied license but need to know who can certify this. Do I email all this paperwork back to you or must it be posted?
caterina n.La Trobe Financial Services
Dear Patti - thank you for reaching out. Our Product Disclosure Statement outlines the process for the documentation. You may find it on our website. We would also be happy to assist you first thing on Monday morning. You can call us on 1800 818 818 to speak with one of our Account Managers or alternatively, you can send your number via a private mode and we can arrange for one our team to call you directly. Thank you La Trobe Financial Team.
The 5.05% for 12mths guaranteed rate?
caterina n.La Trobe Financial Services
Thank you for reaching out. As we mentioned below to James, we are not a bank, and so we cannot guarantee. However, we do have 67 years' experience. Our Credit Fund with over 40,000 members is over $4.2 billion assets under management. One of our flagship products - our 12 Month Term Investment has been judged the Best in Australia for ten consecutive years, so I would welcome you to learn more about our products and you may wish to speak to your financial adviser as well. Visit www.latrobefinancial.com to view our Product Disclosure Statement or why not call our friendly investment team on 13 80 10. All the very best, La Trobe Financial
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