A lender has publicly committed to continue paying trail to brokers with customers impacted by the COVID-19 pandemic for the immediate future.
Pepper Money will honour all trail payments for customers affected by the spread of the virus and its impact on the economy until 31 December 2020, regardless of whether a customer goes into hardship or not.
The group’s position on this matter will be reviewed upon the start of the new year.
The non-bank’s announcement follows lenders large and small launching COVID-19 support packages which offer small business and home loan borrowers the option to defer repayments for up to six months without any penalties.
Pepper attributed its stance to honour all trail payments as an attempt to shield brokers from also being negatively impacted during such difficult times.
“Pepper Money has always supported the broker channel and, by making this decision, we are providing brokers with the support and certainty they need in these difficult times,” said Mario Rehayem, CEO of Pepper Money Australia.