Pepper Money has been in the Australian marketplace since 2001, initially providing residential home loans. Since being taken over in 2010 by a group of high-wealth investors, Pepper Money has expanded into other lending areas including auto and equipment finance, personal loans and point of sale finance.
Since 2012 Pepper has expanded into international markets, with lending and servicing operations or partnerships in Ireland, the UK, Spain, South Korea, Hong Kong and China.
Pepper Money Australia
Pepper is an independent finance provider who operate a little differently to banks and other big finance companies. In the beginning the founders identified a gap in the market, Australian home loan applicants who were finding it impossible to get a home loan because they had a poor credit history, were self-employed or had been bankrupt. Because these people didn’t meet the eligibility criteria of major banks and other home loan lenders, Pepper Money stepped in to fill the void.
Pepper Money moved away from the standard eligibility tests and created their own ‘alternative income verification’ tests instead. Co-Group CEO Mike Culhane summed it up best when he said:
“We’re not a bank, we offer a different service level to the banks, and we don’t really compete against them. We pick market niches where either the banks don’t want to play, or they used to play and don’t play anymore. And we fill those niches with products that people actually want and need, augmented by a much higher level of service.”
Compare Pepper Money home loans
Compare Pepper Money home loan products below and hit “load more” to see a fuller selection of loans. “Enquire now” will open up a form where you can leave your details and get in touch with a mortgage broker, who can help you get more information about this loan and compare other, similar products.
How do I apply for a Pepper Money mortgage?
Clicking “Enquire now” on Pepper Money comparison table lets you get in touch with a qualified mortgage broker whose lending panel includes Pepper Money and many other lenders. They can offer you free advice and guidance on the product you’re interested in.
Each Pepper Money product has specific eligibility criteria but some will apply to all products. For example:
- Age. You must be over 18 years of age.
- Residency. You should be a resident of Australia.
- Employment. You should have a regular source of income.
When you apply for a mortgage with Pepper Money you are required to provide certain information so make sure you have all your documents ready before you apply. The documents you will be expected to provide are:
- Identification documents. You will need identification such as a driver’s license, passport or birth certificate.
- Proof of income documents. Recent payslips can establish your income.
- Asset and liability documents. You need to provide documents showing your current assets (savings accounts, investments) and liabilities (your outstanding debt).
- Note that if you’re bad credit or low doc borrower you will probably need to supply alternative documents.
Some of the situations that pepper money can help with
- Failed to meet Lenders’ Mortgage Insurance requirements
- Alternative forms of income documentation
- Borrowers with impaired credit history considered
- Loan amounts up to $2.5 million (available on some loans)
- Borrow up to 95% of the property value (available on some loans)
- Gifted deposits allowed
Rates refers to the interest rate, being the amount of interest you pay on your loan amount. Fees are the fees and charges that you pay for establishment and ongoing administration of your loan account.
The interest rate you will qualify for is based on a range of different factors, including: The amount you need to borrow against the property value, known as the loan-to-value ratio (LVR) and the size of your deposit, whether the loan is to purchase an owner-occupied property or investment property, or if you have had any past credit issues.
Click here to learn more about our home loan product options. At Pepper Money we offer a range of interest rates, depending on your individual circumstances. To get an indicative interest rate, please call 13 73 77 and speak with one of our lending specialists.
Pepper money review:
Only option for us
Pepper were the only ones to take us on when the banks wouldn’t but you do pay for it in high interest rates which they can do when families are desperate customer service had been good so far
After being with one of the big 4 and receiving little or no customer service, my welcome call has started my new journey off on the right foot! Easy explanation and offers of helpful products.
Best Decision Ever with pepper money
My husband and I are extremely happy with the terms and conditions of our loan. Everything was straight forward and in language we can understand. Very happy with the customer service we received throughout the loan process.
Pepper helped us to buy our first home, a ten year dream. Thank you to the lending specialists and customer service reps that answered all my questions and helped me through the process.
Will definitely recommend Pepper to friends and family.
I have my life back !with pepper money
Has been a very positive experience so far, everything that was discussed and agreed to happened. Welcome call was much appreciated. Agent was happy , positive, and eager to confirm/provide any clarity on my questions. This consolidation has given me back my life, something the “big banks” were not prepared to do. Will never go back ! Thank you so very much !!
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