What is specialist lending?
A specialist home loan might be an option for your clients for a number of reasons: they may be recently self-employed, have a past bankruptcy, have non-traditional income, or be behind in bill repayments. However, these situations are just a part of their story - real life happening to everyday Australians who are capable of moving forward.
These are just a few of the reasons why your clients may not tick all the boxes of the traditional lenders and LMI providers. We work closely with you to understand your client’s situation – be it their current employment or their past credit history.
How is specialist lending different?
Fundamentally, there is no difference to how you would approach offering a specialist home loan to your clients.
You still need to understand the borrower's requirements, objectives and offer them a product that’s suited to their financial situation.
The difference is in our understanding of a borrower’s financial history, income, and employment situation.
We manually assess every application and look into an individual’s unique circumstances – going beyond their credit score and income statements. This allows us to offer a tailored product that’s matched to their needs and situation.
How long does specialist lending take?
The application process from a broker’s perspective is the same as lodging an application with a traditional lender. What’s more, you can get an indication of what a specialist solution could look like by using Pepper Product Selector. In less than five minutes, you’ll get an example of what your clients repayments may be – and it won’t impact their credit score.
When it comes to applying for a specialist loan, our assessment team respond to most applications within two business days.
How can I introduce a specialist solution to my client?
Understanding your client’s unique circumstances is generally the first step to introducing specialist lending. This starts with understanding why they are looking for a unique solution beyond the traditional lenders.
Where a challenge can lie is in offering a specialist solution to your client, especially if they were expecting a prime solution from a traditional lender. To help you successfully present a specialist solution to your clients, we’ve developed a unique 5 step process. Give it a go – you won’t be disappointed!
Find out how to practically apply this model to your business
Pepper Money accredited brokers can complete our Specialist Lending eLearning module