For nearly seven decades, La Trobe Financial has been leading the market in new product development With a focus on identifying macro trends and their impact on borrower demand, the team is continually innovating to offer brokers and their clients solutions that are timely and relevant, particularly when so many people’s circumstances have been impacted by COVID-19.
Cory Bannister, Chief Lending Officer at La Trobe Financial said, “We are absolutely committed to expanding our range of products. We will continue to innovate to meet borrower demand created by these macro trends, giving brokers access to products that meet their clients’ needs.”
Responding to the trends emerging out of the past six months, La Trobe Financial is pleased to launch these new product initiatives that cater for both present and future borrower needs, helping brokers to diversify their product offering and build their businesses.
The first initiative called the Everyday Heroes Loan comes on the back of monetary support provided by La Trobe Financial in the form of a $1 million donation to the Epworth Hospital to help frontline hospital workers fight COVID-19, and an earlier 2020 $1 million donation towards the bushfire relief efforts.
“At La Trobe Financial, we believe it is important to recognise the contributions made by our first responders and frontline workers,” said Mr Bannister. “We are now offering discounted loan pricing to people who provide vital emergency services to our community, including Police, Fire and Emergency Services, Australian Defence Force and Emergency Medical Service workers.”
The second new initiative is a Bridging Loan, which provides customers with a short-term ‘bridge’ to purchase or build a new property prior to having completed the sale of their existing property. Instead of having to cover two repayments, La Trobe Financial combines both loans and includes an interest budget within the total loan amount, meaning no repayments are required during the bridging period while the debt is at its peak.
There are three trends at a macro level to support borrower demand for this product: ageing population driving downsizers; upgraders looking to capitalise on buying opportunities but being met with limited supply; and borrowers looking to build.
The third new initiative is a suite of International Borrower Loans. Australian real estate is seen as a stable and reliable asset, making it a top choice for foreign investors and migrants. Even during the current global coronavirus pandemic, demand for Australian real estate from offshore buyers remains strong.
“With around a million Australians living and working overseas at any one time, many of these people are looking to buy a property in Australia as an investment, or to live in when they return. There is also a large contingent of expatriates who already hold Australian property and are looking to access equity, or refinance to consolidate debt, however these requests often go unanswered by their existing financier,” continued Mr Bannister.
La Trobe Financial’s International Borrower Loans cater for both Non-Resident and Expatriate borrowers.
These new products will further bolster the firm’s commitment to brokers by continuing to deliver Australia’s broadest product suite in the specialist market- a market that provided La Trobe Financial with loan originations in excess of $12 billion in 2019.
Judged by Money magazine as 2020 Non-bank Lender of the Year, La Trobe Financial has been providing financial solutions to meet under-served markets for many decades, pioneering some of Australia’s leading products such as Lite Doc®®, P2C® and Aged Care Loans. At La T robe Financial brokers have direct access to 150 Credit Analysts and 43 dedicated Business Development Managers, which is the largest and most experienced team of any non-bank in the country.
About La Trobe Financial
Established m 1952 and with $12 billion of Assets Under Management, La Trobe Financial is one of Australia’s lead mg diversified wealth managers, specialising in funding and investment solutions. La Trobe Financial has been a proven and trusted investment partner for institutional and retail investors, operating Australia’s largest retail Credit Fund with $5 billion in assets under management and 50,000 retail investors. It is 80% owned by Blackstone, one of the world’s leading investment firms with more than US$649 billion of assets under management worldwide.
La Trobe Financial is regulated by the Australian Securities & Investments Commission and holds all requisite regulatory AFSL and ACL licences.
For further details please visit our website www.latrobefinancial.com.
