Pepper cuts specialist loan rates

by AB14 Apr 2014
Australia’s largest non‐bank residential mortgage lender has cut rates by up to 1% across its specialist and near-prime home loan products for LVRs up to 70%.
Brokers will now be able to access Pepper’s non‐conforming home loans – the Pepper Advantage and Pepper Easy product suites – at 6.19 % per annum for full documentation (mortgage risk fee starting from 0.50% of the loan amount) and 6.54% per annum for alternative documentation (mortgage risk fee starting from 0.65% of the loan amount).
The decision to reduce interest rates reflects Pepper’s diverse funding strength and commitment to provide brokers and their clients with flexible and competitive home loan products, said Pepper sales and distribution director Mario Rehayem.
The specialist lender particularly looks to help clients who cannot meet the credit criteria of mainstream lenders and mortgage insurers, he said.
“To ensure this we have looked at our product, pricing and service. We have categorised our products into prime, near‐prime and specialist for ease of use, we have sharpened our rates and fees, and continue to provide same day turnaround for applications submitted to us before 1pm AEST for all states except WA.”
WA submissions will get same day turnaround if submitted prior to 12pm AWST.
Pepper Group has around 675 employees worldwide with offices in Sydney, Parramatta, London, Dublin, Shannon, Madrid, Singapore and Seoul.
It recently announced the UK acquisition of Oakwood Global Finance – to be renamed Pepper UK – and now has around $13.5 billion of loan and lease assets under management.