Pepper

Pepper Easy Plus Home Loan (LVR 55%-65%) (Principal & Interest)

Real Time Rating™

1.76

/ 5
Advertised Rate

4.29%

Variable

Comparison Rate*

4.59%

Maximum LVR
65%
Real Time Rating™

1.76

/ 5
Monthly Repayment

$1,483

based on $300,000 loan amount for 25 years

Calculate repayment for Pepper product

Advertised Rate

4.29%

Variable

Comparison Rate*

4.59%

Maximum LVR
65%
Real Time Rating™

1.76

/ 5

I'd like to borrow

$

Loan term

years

Your estimated repayment

$1,483

based on $300,000 loan amount for 25 years

Pros and Cons

Pros and Cons

  • 100% full offset account
  • Extra repayments and redraw facility
  • Free redraw facility
  • Split account option
  • Ongoing fee
  • Discharge fee at end of loan
  • Maximum loan amount is limited to 65% of the property's value
  • No repayment holidays

Pepper Features and Fees

Pepper Features and Fees

Details

Maximum LVR

65%

Total Repayments

Interest rate type

Variable

Borrowing range

Suitable for

Owner Occupiers

Loan term range

10 - 40 years

Principal & interest

Interest only

Applicable states

ACT, NSW, NT, QLD, SA, TAS, VIC, WA

Make repayments

Fortnightly, Monthly, Weekly

Features

Extra repayments

Unlimited extra repayments

Redraw facility

Redraw fee: $0

Split interest facility

Loan portable

Repayment holiday available

Allow guarantors

Available for first home buyers

Fees

Total estimated upfront fees

$1835

Application fee

$995

Valuation fee

$0

Settlement fee

$0

Other upfront fee

$400

Ongoing fee

$15 monthly

Discharge fee

$250

Application method

Online

Phone

In branch

Other Restrictions

Interest Only not available for loan terms greater than 30 years. Other Upfront Fee: $400 Title Protection Fee

Pros and Cons

  • 100% full offset account
  • Extra repayments and redraw facility
  • Free redraw facility
  • Split account option
  • Ongoing fee
  • Discharge fee at end of loan
  • Maximum loan amount is limited to 65% of the property's value
  • No repayment holidays

Pepper Features and Fees

Details

Maximum LVR

65%

Total Repayments

Interest rate type

Variable

Borrowing range

Suitable for

Owner Occupiers

Loan term range

10 - 40 years

Principal & interest

Interest only

Applicable states

ACT, NSW, NT, QLD, SA, TAS, VIC, WA

Make repayments

Fortnightly, Monthly, Weekly

Features

Extra repayments

Unlimited extra repayments

Redraw facility

Redraw fee: $0

Split interest facility

Loan portable

Repayment holiday available

Allow guarantors

Available for first home buyers

Fees

Total estimated upfront fees

$1835

Application fee

$995

Valuation fee

$0

Settlement fee

$0

Other upfront fee

$400

Ongoing fee

$15 monthly

Discharge fee

$250

Application method

Online

Phone

In branch

Other Restrictions

Interest Only not available for loan terms greater than 30 years. Other Upfront Fee: $400 Title Protection Fee

Pepper is available through brokers

Tony Imbruglia
5.0
12 Reviews
Meet Tony Imbruglia. He is your Mortgage Professional. Tony has been in the Banking and Finance Industry since 1975 and worked for much of his career for a major Australian bank. During his career, Tony began licking stamps at a bank branch and worked his way up to become a Senior Executive, relationship managing some of the country's largest mortgage broking groups. He is a Justice of the Peace (which comes in handy when you need documents witnessed) and he holds a Diploma in Finance and Mortgage Broking Management. After leaving the bank, he became involved in developing software to help Australians manage their household budgets and mortgage brokers monitor their client's loan portfolios. Using his many years of experience in the corporate world, he also started a mortgage broking business in 2007 and after leaving this partnership, he started My Mortgage Professionals in 2016. He uses his sound communication skills to educate his clients to ensure they understand how finance works. He is extremely methodical and has streamlined his business to make the loan application process as easy as possible for his clients using technology and sound lending practices. You will find that applying for a loan has never been so easy and most things can be done remotely without the need for numerous meetings. Tony will lead you through the loan application process step by step and explain the process as he goes. In his spare time, Tony loves to entertain, listen to music, spending time with family, cooking and reading. He enjoys a glass of red wine with a good Italian meal and relaxing is his favourite pastime.
NSW2745
CRN: 494854
Madhu Chaudhuri
5.0
20 Reviews
Madhu Chaudhuri’s journey from a practicing Architect to a Broker has shaped her 27-year career in Australia culminating in the formation of her company Finance & Mortgage Solutions in 2001. Her vision to assist people to grow themselves financially, to be able to contribute and flourish in the community is the foundation of her practice, resulting in Industry recognition at the State and National level as a top mortgage broker. At FMS, Madhu leads a multi-lingual team to design and engineer finance solutions whether to build a home and material stability or supporting emerging entrepreneurs to open and run small businesses in their local communities. Coming to Australia as an immigrant herself more than 20 years ago, Madhu has lived experience and understanding of some of the struggles of relocating financially and emotionally- especially for migrants. Recognising the need for multi-lingual and multi-cultural access points, FMS has filled this need for migrant journey’s to be heard and supported. She donates her time for various women’s groups such as Saheli Club and Indian Mums Sydney and receives genuine fulfillment when counselling and advising on financial matters to help women achieve financial independence. She has now also been invited to Lean In Org to be the financial mentor in a workshop series for migrant women. Madhu’s drive lies in genuine connection with the community, recognising that it is built by diverse perspectives and experiences and there is a lot to learn from the young and old collectively. Madhu has sponsored an annual ‘Good Word Award’ at the local public school to support public speaking and communication programs for children for the past 7 years, as well as regular events and outing for the aged South Asian community. Finance & Mortgage Solutions strength lies in guiding, mentoring and coaching clients as well as brokers, which has resulted in growth in cities including Sydney, Melbourne, Brisbane, Adelaide & Canberra. Their services break down a pathway for migrants to financial autonomy into achievable milestones to build a strong, foreseeable financial future in their new country.
ACT2604
ACL: 384375

FAQs

Does Australia have no cost refinancing?

No Cost Refinancing is an option available in the US where the lender or broker covers your switching costs, such as appraisal fees and settlement costs. Unfortunately, no cost refinancing isn’t available in Australia.

Can I change jobs while I am applying for a home loan?

Whether you’re a new borrower or you’re refinancing your home loan, many lenders require you to be in a permanent job with the same employer for at least 6 months before applying for a home loan. Different lenders have different requirements. 

If your work situation changes for any reason while you’re applying for a mortgage, this could reduce your chances of successfully completing the process. Contacting the lender as soon as you know your employment situation is changing may allow you to work something out. 

Can I get a home loan if I am on an employment contract?

Some lenders will allow you to apply for a mortgage if you are a contractor or freelancer. However, many lenders prefer you to be in a permanent, ongoing role, because a more stable income means you’re more likely to keep up with your repayments.

If you’re a contractor, freelancer, or are otherwise self-employed, it may still be possible to apply for a low-doc home loan, as these mortgages require less specific proof of income.

Will I have to pay lenders' mortgage insurance twice if I refinance?

If your deposit was less than 20 per cent of your property’s value when you took out your original loan, you may have paid lenders’ mortgage insurance (LMI) to cover the lender against the risk that you may default on your repayments. 

If you refinance to a new home loan, but still don’t have enough deposit and/or equity to provide 20 per cent security, you’ll need to pay for the lender’s LMI a second time. This could potentially add thousands or tens of thousands of dollars in upfront costs to your mortgage, so it’s important to consider whether the financial benefits of refinancing may be worth these costs.

Is there a limit to how many times I can refinance?

There is no set limit to how many times you are allowed to refinance. Some surveyed RateCity users have refinanced up to three times.

However, if you refinance several times in short succession, it could affect your credit score. Lenders assess your credit score when you apply for new loans, so if you end up with bad credit, you may not be able to refinance if and when you really need to.

Before refinancing multiple times, consider getting a copy of your credit report and ensure your credit history is in good shape for future refinances.

I have a poor credit rating. Am I still able to get a mortgage?

Some lenders still allow you to apply for a home loan if you have impaired credit. However, you may pay a slightly higher interest rate and/or higher fees. This is to help offset the higher risk that you may default on your repayments.

I can't pick a loan. Should I apply to multiple lenders?

Applying for home loans with multiple lenders at once can affect your credit history, as multiple loan applications in short succession can make you look like a risky borrower. Comparing home loans from different lenders, assessing their features and benefits, and making one application to a preferred lender may help to improve your chances of success

Will I be paying two mortgages at once when I refinance?

No, given the way the loan and title transfer works, you will not have to pay two mortgages at the one time. You will make your last monthly repayment on loan number one and then the following month you will start paying off loan number two.

If I don't like my new lender after I refinance, can I go back to my previous lender?

If you wish to return to your previous lender after refinancing, you will have to go through the refinancing process again and pay a second set of discharge and upfront fees. 

Therefore, before you refinance, it’s important to weigh up the new prospective lender against your current lender in a number of areas, including fees, flexibility, customer service and interest rate.

Can I refinance if I have other products bundled with my home loan?

If your home loan was part of a package deal that included access to credit cards, transaction accounts or term deposits from the same lender, switching all of these over to a new lender can seem daunting. However, some lenders offer to manage part of this process for you as an incentive to refinance with them – contact your lender to learn more about what they offer.

How do I know if I have to pay LMI?

Each lender has its own policies, but as a general rule you will have to pay lender’s mortgage insurance (LMI) if your loan-to-value ratio (LVR) exceeds 80 per cent. This applies whether you’re taking out a new home loan or you’re refinancing.

If you’re looking to buy a property, you can use this LMI calculator to work out how much you’re likely to be charged in LMI.

How common are low-deposit home loans?

Low-deposit home loans aren’t as common as they once were, because they’re regarded as relatively risky and the banking regulator (APRA) is trying to reduce risk from the mortgage market.

However, if you do your research, you’ll find there is still a fairly wide selection of banks, credit unions and non-bank lenders that offers low-deposit home loans.

How do I take out a low-deposit home loan?

If you want to take out a low-deposit home loan, it might be a good idea to consult a mortgage broker who can give you professional financial advice and organise the mortgage for you.

Another way to take out a low-deposit home loan is to do your own research with a comparison website like RateCity. Once you’ve identified your preferred mortgage, you can apply through RateCity or go direct to the lender.

How much of the RBA rate cut do lenders pass on to borrowers?

When the Reserve Bank of Australia cuts its official cash rate, there is no guarantee lenders will then pass that cut on to lenders by way of lower interest rates. 

Sometimes lenders pass on the cut in full, sometimes they partially pass on the cut, sometimes they don’t at all. When they don’t, they often defend the decision by saying they need to balance the needs of their shareholders with the needs of their borrowers. 

As the attached graph shows, more recent cuts have seen less lenders passing on the full RBA interest rate cut; the average lender was more likely to pass on about two-thirds of the 25 basis points cut to its borrowers.  image002

What is breach of contract?

A failure to follow all or part of a contract or breaking the conditions of a contract without any legal excuse. A breach of contract can be material, minor, actual or anticipatory, depending on the severity of the breaches and their material impact.

What happens when you default on your mortgage?

A mortgage default occurs when you are 90 days or more behind on your mortgage repayments. Late repayments will often incur a late fee on top of the amount owed which will continue to gather interest along with the remaining principal amount.

If you do default on a mortgage repayment you should try and catch up in next month’s payment. If this isn’t possible, and missing payments is going to become a regular issue, you need to contact your lender as soon as possible to organise an alternative payment schedule and discuss further options.

You may also want to talk to a financial counsellor. 

How often is your data updated?

We work closely with lenders to get updates as quick as possible, with updates made the same day wherever possible.

How can I get a home loan with no deposit?

Following the Global Financial Crisis, no-deposit loans, as they once used to be known, have largely been removed from the market. Now, if you wish to enter the market with no deposit, you will require a property of your own to secure a loan against or the assistance of a guarantor.

Remaining loan term

The length of time it will take to pay off your current home loan, based on the currently-entered mortgage balance, monthly repayment and interest rate.

Why was Real Time Ratings developed?

Real Time RatingsTM was developed to save people time and money. A home loan is one of the biggest financial decisions you will ever make – and one of the most complicated. Real Time RatingsTM is designed to help you find the right loan. Until now, there has been no place borrowers can benchmark the latest rates and offers when they hit the market. Rates change all the time now and new offers hit the market almost daily, we saw the need for a way to compare these new deals against the rest of the market and make a more informed decision.