For seven decades, La Trobe Financial has been catering to the needs of underserved borrowers through periods of recession, high inflation, global financial crisis, changes to credit and lending regulations, and most recently, a pandemic.
Cory Bannister, La Trobe Financial’s chief lending officer, explained that it is by sticking to its philosophy of “others before self” that the non-bank lender has been able to pioneer lending solutions for “round peg” borrowers.
“One of the biggest changes we’ve seen in the market, as a direct response to the complexity and uncertainty of the past few years, is an increased demand for flexible lending and for support of those in the ‘complex credit’ space,” Bannister said. “This demand has presented a unique opportunity for non-bank lenders, along with brokers, to service those borrowers and market segments that have been left with little credit availability or support at a critical time for the Australian economy.
“Due to the custom and personalised nature of our credit assessments, and our willingness to take the time to fully understand a borrower’s unique circumstances, and then to provide an appropriately tailored solution, we’ve been ideally placed to service these segments.
“Automated lending processes have been great for lenders who want to make a square peg fit into a square hole. But there are a lot of ‘round peg’ borrowers out there who still need access to capital.”
With a long history of pioneering lending solutions, La Trobe Financial lays claim to offering one of the broadest product ranges of any non-bank lender in the market.
“We continue to write loans based on our ability to look at a scenario and provide a solution for a borrower, and our credit fund gives us the ability to do so,” Bannister said. “Our goal is to work with our broker partners to provide solutions that meet a borrower’s needs. We do not walk away when the scenario is complex or does not quite fit the box; in fact, this is a space where we excel.”
La Trobe Financial’s product range covers SMSF, construction and development finance, bridging, rural locations and larger acreage, international borrowers (both ex-pat and NR), aged care loans, and a unique parent-to-child loan. The lender also offers specialised commercial products, including the self-employed Lite Doc, catering for borrowers unable to verify their income through usual means, and a Lease Doc product that uses rental income as commercial security.
What’s the philosophy guiding your organisation? Share it in the comments section below.
