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The non-bank lender has launched three new products, including a bridging loan, a loan for non-residents and one providing discounted loans to those in emergency services.
Following on from suggestions that the lender would launch new products this year, the non-bank lender has now launched three new products in response to the trends “emerging out of the past six months”.
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Available as of this month (1 September), the non-bank lender has released: an ‘Everyday Heroes’ loan, a bridging loan and a suite of international borrower loans.
The new products aim to cater for both present and future borrower needs while helping brokers diversify their product offering and build their businesses.
Everyday Heroes
The Everyday Heroes loan provides discounted loan pricing to emergency services personnel such as police, fire and emergency services, Australian Defence Force and emergency medical service workers.
The lender, which has previously donated $1 million to hospital workers fighting COVID-19 and $1 million to those helping with bushfire relief efforts, outlined that the loans offer discounted pricing to “people who provide vital emergency services to our community”.
Cory Bannister, chief lending officer at La Trobe Financial, commented: “At La Trobe Financial, we believe it is important to recognise the contributions made by our first responders and frontline workers.”
Bridging Loan
La Trobe Financial has also released a bridging loan after identifying three trends that could require this type of loan: a growing population of downsizers, more upgraders looking to capitalise on buying opportunities (but being met with limited supply) and borrowers looking to build.
The bridging loan provides customers with a short-term loan to purchase or build a new property prior to having completed the sale of their existing property. Rather than having two repayments, the bridging loan combines both loans and includes an ‘interest budget’ within the total loan amount. This means that the borrower is not required to make any repayments during the bridging period while the debt is at its peak.
International and overseas borrowers
The third new initiative is a suite of loans for non-resident and expatriate borrowers.
According to La Trobe Financial, there has continued to be high demand for Australian real estate from offshore buyers, even during the coronavirus pandemic.
Mr Bannister said: “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.”
Speaking of the new launches, Mr Bannister concluded: “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.”
The lender added that it hopes the 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 $11 billion in 2019”.
[Related: La Trobe Financial offers virus-hit SMEs assistance]
