Today Pepper announced 1,000 brokers have used the ‘Pepper Product Selector’ since it launched in June 2017.
The Pepper Product Selector is an online conversion tool that allows brokers to give customers an indicative offer in under two minutes. It is a market first for an Australian non-conforming lender. The tool consists of a handful of questions, brokers input client information and the Pepper Product Selector returns a product match, indicative interest rate and associated fees. The tool also completes a broker enquiry with a credit bureau at zero cost.
Matt Porfida, Director, Vault Lending Solutions says, “After using the Product Selector for the first time, all I can say is ‘WOW’. It made quoting the client so much easier, faster and so much more efficient. To be able to approach clients with an indicative offer from the lender is amazing and it’s great to know I have such a powerful tool available at my fingertips.”
Pepper’s Director of Sales & Distribution, Aaron Milburn says, “We’re ecstatic to reach 1,000 broker users – to see this tool go from a sketch on paper to a live online customer conversion tool and then to achieve this kind of market penetration – it’s been a terrific success.
“What’s more exciting is that the Pepper Product Selector is attracting a significant influx of brokers who are new to writing non-conforming business. It’s made non-conforming lending so much more accessible – blowing the lid off those misconceptions that writing a non-conforming loan is too hard.”
Pepper’s latest tool has fast become a broker favourite because it is easy to use and simplifies the non-conforming lending process. An Access Seeker score combined with proprietary information collated over Pepper’s 16 years in home lending allows the Pepper Product Selector to indicate whether that customer might be prime, near prime or specialist. After receiving an Indicative offer from the Pepper Product Selector, the next step for a broker is to complete a serviceability check and then submit an application which is assessed by Pepper’s underwriting experts.
“The broker is then in a fabulous position to talk to the customer with the confidence of a genuine solution at their fingertips,” Milburn says.
Robyn Koski from Evolve Money says “I recently had a self-employed client with great income but circumstances a little outside the box. To be honest, I didn’t think I’d be able to help him until my BDM suggested running the scenario through the ‘Pepper Product Selector’. It pinpointed a suitable product in a matter of minutes and my client was delighted that he had an option to move forward with. I would recommend Pepper Product Selector to all brokers – it’s a must have tool!”
“In most cases a client will expect to be offered a home loan with a well-known lender who offers a low rate. The challenge is getting the client to accept the reality of their situation, which is that they do not meet the criteria to qualify for a mainstream home loan and being able to reassure them that there are alternative lenders who specialise in providing solutions for their specific circumstances”.
To cater to this need Pepper released a tried and tested ‘Five Step Process,’ a guide for brokers on how to successfully present a non-conforming home loan solution to a client not expecting this outcome.
- Pepper Product Selector: To try Pepper Product Selector today, login to pepper.com.au/broker and select 'Pepper Product Selector' in the 'My Account' drop down.
- Pepper’s 5 Step Process: To watch Pepper’s video module on how to position a non-conforming loan, login to pepper.com.au/broker and Select 'Better Business Hub' in the 'Education' tab drop down and click 'Start your program'. Select 'Specialist Lending' module and enjoy!
If you are not an accredited Pepper Broker visit https://www.pepper.com.au/broker/tools/accreditation