Pepper Product Update - July 2017
- Posted 31-07-2017
Effective 31 July 2017
The following changes have been made to our Pepper Essential (Prime) product:
- We've increased the Max Borrower Exposure
The Maximum Borrower Exposure for a borrower or guarantor is now $2,500,000 in Syd/Melb Metro. The maximum exposure per security will remain $1,500,000.
- Up to $1.5m now available up to 80% LVR in Syd/Melb Metro
The maximum loan amount has been increased to $1,500,000 for Full Doc loans between 75% < 80% LVR. Syd/Melb Metro only
- Get your client an additional advance sooner
We've reduced the required time to apply for an Additional Advance from 6 months to 3 months from the settlement date. Note: The loan must be current with no dishonoured payments within the 3 months.
- We've relaxed our genuine savings policy
The required LVR threshold for obtaining genuine savings has been increased from 80% to 90% (inclusive of fees) for Pepper Essential Full Doc Loans.
For a list of postcodes and suburbs which sit inside the Sydney Metro and Melbourne Metro regions, please click here
The following changes have been made to our Pepper Easy (Near Prime) product:
- New Pepper Easy PLUS product
All near prime Investment loans and near prime loans with Interest Only repayments will now fall under our new product, Pepper Easy PLUS.
Applications are subject to Pepper's normal credit criteria. Pepper Group Ltd ACN 094 317 665 Australian Credit Licence Number 286655 is the servicer of loans by Pepper Finance Corporation Limited ACN 094 317 647.