Pepper is a non-bank lender that has served over 100,000 Australians since 2001. Pepper is a specialist lender that provides home loans to customers that fall outside traditional borrower profiles.
Pepper has won several awards, including Best Specialist Lender and Best Self Employed Lender in 2016.
Pepper has created a range of home loan products that serve non-traditional borrowers, including options for the self-employed; for those who have had credit issues; and for those who are over-committed financially.
Pepper home loans rates
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- Award winning loan products.
- Flexible loan options.
- Cater to borrowers with specific needs like lo doc loans and self-employed.
- These loans have broad eligibility criteria.
- No branch access.
- Less competitive interest rates.
Pepper is an online-only lender, meaning that there are no branches or mobile lenders. Potential Pepper customers can contact the lender through the Home Loan Enquiry hotline, by filling out an online enquiry form or by emailing Pepper directly.
- Customer service centre (phone, email)
- Online banking
How to Apply
Customers wanting to apply for a Pepper home loan can do so by filling out an online enquiry form, calling the hotline or emailing a lending specialist. Before applying for a home loan it is advisable to think about how much money you could conceivably borrow given your financial situation and income. You will also need to provide documentation when applying for a home loan. This may include:
- Personal identification material.
- Proof of income – whether you are self-employed or work for an employer.
- Information regarding your current debts, liabilities and assets including any personal or car loans.
- Details of your ABN and GST registration.
- An accountants letter if necessary.
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Most comparison sites give you information about rates, fees and features, but expect you’ll pay more with a low advertised rate and $400 ongoing fee or a slightly higher rate and no ongoing fee. The answer is different for each borrower and depends on a number of variables, in particular how big your loan is. Comparisons are either done based on just today or projected over a full 25 or 30 year loan. That’s not how people borrow these days. While you may take a 30 year loan, most borrowers will either upgrade their house or switch their home loan within the first five years.
You’re also expected to know exactly which features you want. This is fine for the experienced borrower, but most people know some flexibility is a good thing, but don’t know exactly which features offer more flexibility than others.
What is the flexibility score?
Today’s home loans often try to lure borrowers with a range of flexible features, including offset accounts, redraw facilities, repayment frequency options, repayment holidays, split loan options and portability. Real Time Ratings™ weights each of these features based on popularity and gives loans a ‘flexibility score’ based on how much they cater to borrowers’ needs over time. The aim is to give a higher score to loans which give borrowers more features and options.
They’re not always timely
In today’s competitive home loan market, lenders are releasing new offers almost daily. These offers are often some of the most attractive deals in the market, but won’t get rated by traditional ratings systems for up to a year.
The assumptions are out of date
The comparison rate is based on a loan size of $150,000 and a loan term of 25 years. However, the typical loan size is much higher than that. Million dollar loans are becoming increasingly common, especially if you live in metropolitan parts of Australia, like Sydney and Melbourne. It’s also uncommon for borrowers to hold a loan for 25 years. The typical shelf life for a home loan is a few years.
The other problem is because it’s a percentage, the difference between 3.9 or 3.7 per cent on a $500,000 doesn’t sound like much, but equals around $683 a year. Real Time Ratings™ not only looks at the difference in the monthly repayments, but it will work out the actual cost difference once fees are taken into consideration.