7 June 2019, Sydney – Pepper Money, Australia’s largest non-bank lender, has confirmed that it will reduce interest rates on its residential home loans by 0.25% per annum.
The decision follows this week’s announcement from the Reserve Bank of Australia (RBA) of a 0.25% decrease to the official cash rate. Pepper Money is passing on the full benefit of the RBA’s rate cut to existing Pepper customers.
“Pepper’s core purpose is to help people succeed, and the Reserve Bank’s rate cut has provided us with an opportunity to pass on a real benefit for our customers,” said Mario Rehayem, Pepper’s CEO.
“Reducing our interest rate by 25 basis points is the right thing to do in the current market; while our interest rate decisions are shaped by a number of factors, including wholesale funding costs and the broader economic environment, we were pleased to be able to make this decision for our customers today.”
“We help customers from diverse financial backgrounds find the best tailored solution for their individual situations, and this decision enables Pepper to offer them even better value to our customers, empowering them to continue saving, strengthening their financial standing, and moving towards their individual financial goals.”
The reduction in Pepper’s standard variable rate will take effect from 24 June 2019.
To learn more about Pepper’s home loans, head to https://www.pepper.com.au/lending/home-loans.