Have a Classic Notice account and switched some of the funds to 12 month fixed account. At NO time did La Trobe make contact(each account has an account manager) or disclose the actual maturity date, so you can make an informed decision to reinvest or not. La Trobe state that it is on the original PDS, but leave it up to the individual to advise them in at least 30 days prior to maturity. Seriously, what a shonky way to operate.
Considering it is a financial services company and given all the bad press they have received, you would think they would be more open, honest and transparent????
An example of slowness to the nth degree
I am glad I don't have a loan with or applying for one with this company. Our home is on the market and our buyers are unfortunately appying for a loan with them. All inspections have passed. Now we have a second request for an extension. I don't know how many buyers we have missed out on through the slowness of the application process. Applicants beware, do your homework. To cap it all off one of the strengths they spruick on the website is: You guessed it! Fast applications! HA. More like snail processing.
Update: the day after I posted this review our buyers qualified for finance. I think it was coincidental.
La Trobe struggles in Loan Processes
Taking two weeks to process a home loan and still no answer on an indicative offer. Looking at a 46% LVR and still they cannot provide answer on the application for a loan. They seem to struggle with their loan processes, im glad i got approved with Nab and they took one day to process and got an indication offer. Looks like LA Trobe Financial are incompentent.
Don’t go with Latrobe it’s Honey trap
Honey trap don’t get any kind of loan from them, you will be trap after and before loans, very bad service, very disappointed from Latrobe, please please don’t go with them
The reviewer stated that an incentive was offered for this review
Refinance Loan Application
This company is a disgrace after 4 months of paperwork and 2 valuations costing over $1000.00 on a property that i was trying to refinance no one would answer my questions and the staff had no commercial reality. How they could manage millions of investors money is beyond me. I would never recommend these lenders to anyone just time wasters.
Interest rate on smsf loans just horrendous
Terrible service. Shocking fees interest rate was put up one extra percent a couple weeks prior to settlement so we were held hostage in having to agree or loose 1000’s which they knew. Worst possible company you could ever deal with. Do not ever borrow money from this lot
Investment withdraw REJECTED!!!!
12 month investment deposit anniversary coming up, withdraw rejected. forced to continue for another 12 month.
La Trobe has this rule of "30 days notice"- if you wish to withdraw from 12 month investment account, even if you give them the notice 20 days before anniversary, it is still treated as "early withdraw", and stated there is a fee(1.5%) involved, is that reasonable? wait, it gets worse.
what can not be accepted, is that the withdraw has been rejected and I've been told "you can make the complain if you want, but we have the right to ...
Question Late Fee Calculations
Like myself, I suggest all past & present customers question what methodology is used by La Trobe to calculate late payment fees... continuous requests for an answer, see la Trobe been silent & refusing to answer... ain’t we entitled to as borrowers to question any transactions on our statements
Never use this bank
I have been trying to discharge from Latrobe for over a month now, it has been nothing but hard work. No help given, no answers just la trobe blaming everyone else and holding onto the money for as long as possible to help there interest!
In the mean time I’ve lost out on possible family homes for myself and my wife due to the poor customer service and dis-interest in simply doing there job!
Highly recommend to stay away from this company unless it’s a last resort!
Will be glad never to deal with these people again.
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.
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....
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!
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.
Questions & Answers
Arrogant Lot !!
I have been a investor 20 plus years .When you borrow they are lending my money so of course they have to be careful to whom and what they do, is it a good investment .There has always been very good and courteous communication. The rules are quite explicit for me as well as the borrower .
Sam G.La Trobe Financial Services
Thank you Kezza, so pleased to have you onboard as an investor.
What intereste do you pay on $5000?
I dont they stuffed me around for 6 months then gave me nothing even if there rate was 1% i would not deal with them
What a silly answer . You have not looked at the relevant lending levels that you choose. The current rate is 4.5 % for 12 months.
Can anyone please advise if they have invested with La Trobe and what service and returns they did receive? Did you feel your money was safe, did you get your internet payments on time? What is your gut feeling in this financial company.
I have been investing with La Trobe for over 2 years I have never come across any problems yes the pay interests each month on time
We have had money invested with Latrobe for more than 10 years now. Always helpful, always on time, easy to withdraw funds as long as we give than the required notice. Gut feeling??? More than good!!!
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