Rise Of The Non-Banks

Cory Bannister, La Trobe Financial’s Vice President And Chief Lending Officer, Shares Why There Is An Increasing Adoption Of Nonbanks In Australia.

- Sharon Masige

La Trobe Financial’s Cory Bannister believes that a healthy loan market needs both banks and non-bank lenders. “A wide range of lenders improves competitiveness, drives innovation and ultimately gives people choice,” the company’s Vice President and Chief Lending Officer explains. “Without non-banks stepping in to fill the void in the current environment, many consumers will be left with their finance needs unmet, which has the potential to produce a further drag on the economy.”

Non-bank lenders offer a variety of loan solutions to customers. Unlike traditional banks, they are not governed by the Australian Prudential Regulation Authority (APRA). They do, however, comply with laws under the Australian Securities and Investment Commission (ASIC).

La Trobe Financial is the oldest non-bank in Australia, having started operations in 1952. It provides a range of finance options for borrowers. “Our point of difference is that we offer alternative solutions across both residential and commercial property; we have multiple borrower types such as individuals, corporates and trusts; and we can cater to a variety of purposes, including debt consolidation, equity release and construction – all at competitive interest rates,” says Cory.