A non-bank lender has just launched a trio of new products, expanding its range with an Everyday Heroes Loan, a bridging loan and a suite of loans for international borrowers.
La Trobe Financial created the new offerings to cater to trends which have developed over the last six months.
“We are absolutely committed to expanding our range of products,” said Cory Bannister, La Trobe Financial chief lending officer.
“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 Everyday Heroes Loan offers discounted pricing to those who provide “vital emergency services to the community”, including police, fire and emergency services, Australian Defence Force and emergency medical service workers.
“At La Trobe Financial, we believe it is important to recognise the contributions made by our first responders and frontline workers,” the chief lending officer added.
The Bridging Loan helps enable customers to purchase or build a new property before having completed the sale of their existing property. Rather than requiring borrowers to cover two repayments, La Trobe 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.
According to the lender, the offering is timely as the aging population is driving downsizers, upgraders are looking to capitalise on buying opportunities but are being met with limited supply and many borrowers have expressed interest in building.
The new international borrower loans have been crafted for both non-resident and expatriate borrowers as La Trobe reports that even during COVID-19, demand for Australian real estate 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 them when they return,” said Bannister.
“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.”