A terrible and anti-consumer lender. They should be avoided if possible. Hidden fees. Excessive fees. Terrible rates. Horrible customer service.
Keep away from La Trobe Financial as their interest rates for loan is up to 3% higher than market rate. As they are not willing to negotiate we have been force to refinance through another bank. We have been imposed a hefty break lease fee and are finding ourselves after two years of paying interest at a variable rate, are back to the initial loan amount. Warning keep away from La Trobe Financial, for a heavily regulated industry they unscrupulously and financially unethical to deal with.
I want to share my experience with La Trobe Financial, a financial company that I used for my SMSF loan. Initially, my broker recommended them to me as there weren't many options available at the time. However, after being with them for two years, I found their customer service to be lacking and their interest rates to be almost 3% higher than the market rate. So, I decided to refinance with another institution, only to be hit with a hefty break fee on my pay-out statement from La Trobe Financial that wiped out all the principle I had paid off during the two years. I lodged a complaint with their internal complaints division, and while they agreed to give me a fraction of the amount owed as a goodwill gesture, it was nowhere near enough. I feel that I paid for two years for nothing and had to start again with a new loan at the same balance. It's surprising how a company like this can get away with such behavior in the heavily regulated financial market. I strongly advise people to stay away from La Trobe Financial.
Having dealt with many financial institutions in my life time I rate La Trobe the worst by far. Never have I had a loan so inflexible, so expensive and so un-user friendly. I am on a variable rate of 8.89% (27.03.2023)and they won't budge. If I want to exit the loan early I am going to be charged 3 months worth interest as a penalty, so at this stage $4500. I am being ripped off and there is nothing I can do about it! Very unhappy La Trobe!
Stay away! I am writing this review as a warning! Our broker recommended this company and it has been the worst decision we have ever made. - online system is usless, it only shows your details and has links to request statements and payout figures which you receive via email. - a rate review request needs to be made via email and they will reply after 10 days. Rate reviews are only done every 6 months for a fee of $750, you might get a discount if your lucky. They only review your loan if you have been with them for a year as well. - customer service is good at the start but once they trap you, expect to leave messages and communicate via email emails only. There is nothing personal against any of their worker, they are all professional and polite however work for a greedy company, so it's never going to be great. - a statement request is not instant, takes at least 2 days. - RBA issue a .25% increase and Latrobe issue a .35% - interest rates are much higher than the average loan. - I have had a mortgages and personal loans with other providers and la trobe wins hand down for the worst financial company ever! Stay away! This company's aim is to bleed you dry and repossess your house.
Now rates have increased they are higher by almost 50% (soon to be 10% for a SMSF investment loan). Not willing to negotiate to an acceptable interest rate reduction. Charges excessive if you wish to leave in the first 4 years. Restricted by amount of advance payments you can make - only $10k per year. Customer service some of the worst I have encountered in any industry. Their APP is useless.
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high interest
They don't have physical branches, they do not necessarily reduce rates when there are rate cuts. All correspondence is via phone or conventional mail they don't seem to manage the account well with a few charges going on that they couldn't explain and subsequently credited. If the money wasn't coming out once a month I probably wouldn't even realise I have a mortgage which may good for some but not for all.
When the Reserve Bank increases the Interest rate your Interest rate increase with the next Installment, when RBA reduces the Interest rate tit takes two or three months to reduce.
there is constantly a mistake being made on our loan, the rate in high too
WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.
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