Lender vows to beat rival products

by AB01 Jul 2014
A specialist lender has challenged brokers to submit conditional approvals from its rivals, vowing to offer a better price.

Pepper has announced a new campaign, urging brokers to send specialist deals its way. From 1 July until 8 August, brokers can submit conditional approvals from any other specialist lender to be assessed against a comparable Pepper product.

“The Pepper credit team will assess the total loan offer including loan size, LVR, rates, fees and
applicable charges to ascertain what the better offer is. If it is determined that the other specialist lender has a better overall offer, then, Pepper will discount the interest rate to provide a sharper price," Pepper director of sales and distribution Mario Rehayem said.

Rehayem said the lender sought to continually improve its service, support and products via broker feedback.

"We have reduced our turnaround times and have been delivering a same day response for all new applications lodged before 1pm AEST since December 2013. We have also hired dedicated scenario and relationship manager teams to support our business development managers so that brokers can always
speak to someone from Pepper with no delays," Rehayem said.

COMMENTS

  • by Dave Robinson 1/07/2014 9:38:42 AM

    So we do twice as much work, the client gets another listing on their credit file so Pepper can have something to do on a daily basis. You beat the offer by a $1 a month and what we are meant to swing the client over to you.

    Get into the market by releasing competitive products.

  • by Sumit 1/07/2014 11:13:25 AM

    Highly unethical. why don't you have the best pricing upfront !!!! This is already happening with all the institutions anyways.

  • by Andrew Edwards 3/07/2014 8:41:09 AM

    Agree 100% with the comments above, why do this for one month only? If you're serious about offering exceptional service to brokers then do this full time not casually. I just find the up front costs for these loans are the real killer. Yes you may only have the client for a few years but to charge 2% of a $600,000 loan is a complete rip off.