Specialist lender launches higher LVR loan

by Julia Corderoy19 Aug 2014
Non-bank lender Pepper has announced upgrades to its Pepper Essential product range. The upgrade sees the lender introduce an 85% LVR home loan with interest rates starting from 4.85%.

This new product applies to the Pepper Essential full-doc and full-doc Plus home loans, on loans up to $850,000. The Pepper Essential product range will now also offer Pepper Essential PLUS alternative-doc home loans. These upgrades include all the traditional features of a specialist Pepper home loan, such as the ability to consolidate debts, obtain cash out or use non-genuine savings.

The lender has also scrapped LMI and lender protection fee payable on loans up to $500,000 for a limited time. 

Pepper’s director of sales and distribution, Mario Rehayem says this will give brokers an even broader range of options to offer their customers.

“Since its launch in January, Pepper Essential has proved a winning option for brokers and borrowers alike. Adding a new 85% LVR offering has come about as a response to demand from brokers. At Pepper, we are committed to helping brokers improve their conversion rates and assisting them in satisfying borrowers excluded from traditional lenders.” 

Rehayem said the Pepper Essential Plus range has been launched to help borrowers who require a more flexible assessment than that offered by traditional prime lenders. 

Pepper Essential products will still feature no credit scoring with every application manually assessed, no reliance on third-party assessment, and commitment of same day turnaround for new applications lodged before 1PM East Coast time, among other features,” Rehayem said.