The majority owner of Pepper Money is owned by global investment firm KKR. Pepper Money also receives funding from Commonwealth Bank, NAB and Westpac.
As a lender, Pepper Money has received awards such as Best Specialist Lender and Best Non-Bank Lender at the 2018 Australian Lending Awards. Pepper Money’s loans have the benefit of offering flexibility in relation to how you pay your loan as well as no service, application or exit fees.
Pepper Money is not a bank. Pepper Money is a lender and a global credit provider.
Following the RBA’s emergency rate cut in mid March 2020, Pepper Money decided to not pass on the rate cut. You can find out more about their decision here.
Pepper Money allows customer to apply for certain home loans with a loan deposit. The LVR allowed for most loans is up to 85%. Pepper money will also assess your circumstances to determine your eligibility for this loan. Factors, which could come into consideration, include having a stable income, employment and your credit history.
Pepper Home Loans is an Australian specialist and wholesale lender that operate globally. They provide home loans and even car loans to customers who want an alternative to the banks.
First, you’ll need to have a meeting with your lending specialist at Pepper Money. This can be conducted over the phone and you will be asked about your financial position. You’ll be asked for documentation and the specialist will help you decide on a product. Secondly, the lender will process your application and determine your eligibility. If you are successful, the conditional Pre-approval, valuation, final approval and settlement stages will follow. You can access a more detailed version of the loan application process here.
You could get a pre-approval for a loan after contacting Pepper Money and making an application. Getting a pre-approval from Pepper Money take just 48 hours. You will have a greater chance of getting this pre-approval if you are able to provide all the requisite documentation (such as bank statements and payslips).
All of Pepper Money’s Pre-Approvals are conditional. If you have a property in mind, you can apply for conditional approval. An assessment of your personal finances and a property valuation will need to be conducted by the lender.
Pepper money is a specialist lender and uses ‘risk-based’ pricing. This is because they aim to cater to a wide range of people. Your interest rate will be determined based on your credit history and financial history, or in other words, the risk you pose to the lender. If you’re a high risk customer, you will potentially have a higher interest rate. This is to ensure that you are able to manage your loan adequately.