16 September 2010
Welcome to our new look lending news.
Welcome to our new look Lending News which now mirrors our redesigned website, so why not have a quick look at www.latrobefinancial.com.au and see what you think.
At our website you can access all the information you need about our products, forms and features. Have you logged into our broker portal and registered to have automatic updates on your applications sent directly to your email address as they progress through the approval process? If not, why not try that too.
Whilst this is a new look Lending News we want to continue to ensure it is relevant and informative. In order to do this, we have moved it to monthly, and over the next few months we will highlight a specific product or tip on our lending business, to assist you and your clients.
This month we take a look at the treatment of rental income in the serviceability calculation.
At La Trobe we use 80% of the rental received in the serviceability calculation. Importantly, where the investment property is currently vacant, we will continue to assume 80% of the expected rental figure, as confirmed by the Valuer.
This rental allowance is available across all of our products, be it for an investment purchase, or in respect of refinances (which includes Cash Out and Debt Consolidation), or further investment purposes. Better still that's on all security types: Commercial, Industrial or Residential.
Looking a little deeper into acceptable income, you will know we continue to offer our Express product to a maximum 75% LVR on residential property; and for your self-employed clients that means we simply need an accountants certificate and an income declaration from the applicants, no BAS required.
If you have PAYG clients, then it's two most recent pay-slips and a letter from their employer.
So do what hundreds of brokers do and call our on the spot Broker Hotline and speak to a decision maker today, or if you prefer follow our link to our product guide for the detailed information.
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Head of Lending
Iain Pepper is a Vice-President and the Head of Lending for the La Trobe Group.Read full profile here.
La Trobe is one of Australia's leading independent specialist mortgage Financiers. Its business includes residential mortgages, commercial mortgages, and investment services operating one of Australia's largest Mortgage Funds under AFSL 222213. It employs over 145 staff and has raised over AUD$10Billion to assist over 100,000 customers since inception in 1952.
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