Applying for a Pepper home loan: a step-by-step guide

an image of home loan application paperwork


Buying a home is an exciting journey and one of life’s biggest milestones. However often it can be daunting and overwhelming to know where to start, especially as a first time home buyer. But it doesn’t have to be.

Since 2001, we have helped over 200,000 Aussies achieve their financial goals. Whether you just need some questions answered or if you are ready to take the next steps to home ownership, our team of lending specialists are experts in their field and are here to help guide you the whole way through the home loan process.

To help you prepare for what’s ahead, we have outlined our step-by-step process to applying for a Pepper Money home loan:

1. Meeting your lending specialist
At Pepper Money we understand that unexpected circumstances arise in life and that’s why we encourage our customers to have a one-on-one chat with our Lending Specialists to get a full understanding of your situation. This enables us to be in a better position to find a suitable solution for your individual needs. 

The initial call can take up to 30 mins, and to get the most out of these calls we would encourage you to have all the necessary documents around your current financial position; such as recent bank statements, payslips or other proof of income, personal identification and a snapshot of your current asset and liability position. Having this prepared can also help get the process moving even more quickly!

Whatever your loan needs, your Pepper Money Lending Specialist will guide you every step of the way.

2. Assessing your application
Once a loan product has been offered and decided upon, we will work closely with our credit team to verify the information you have provided, this will include things like confirming your financial position.

Your Pepper Money home loan journey can take up to six weeks. The process may be quicker if all the necessary documentation is provided sooner.

3. Pre-Approval (Conditional)
If successful, you will receive a conditional approval. You will need to meet the conditions outlined in your ‘Approval in Principle’ or ‘Conditional Approval’ letter which will help you proceed with final approval of your application.

If you’ve already found a property, we will need to undertake a valuation of the property (see details in step 4). If you have not found a property yet, that's ok, you can check with your Lending Specialist whether a time limit may apply on your conditional approval.

4. The valuation 
A valuation is an important step to finalising your loan, as it validates the estimated value or purchase price of the property. The valuation must be conducted by one of our accredited panel of valuers who will call you or your real estate agent to arrange the inspection of your proposed property. From the date of inspection, a valuation report will be completed within 2 working days for Pepper Money to confirm if the property is suitable as security for the mortgage.

5. Final approval (Unconditional)
If all of the conditions have been met and the valuation report meets our lending criteria we then send you a Final Approval Letter within 2 working days. This will be followed by a Loan Agreement detailing the terms and conditions of your new loan. This Loan Agreement will be sent to you by our acting solicitors.

6. Signing your loan documents  
All that’s left is for you to sign and settle! You will need to review and sign your loan documents while we prepare and confirm your settlement date. Your settlement day signifies the official start of your home loan journey with Pepper Money.

The loan agreement outlines the terms and conditions of your new loan and is the formal legal agreement between you and Pepper Money. We highly recommend you obtain independent legal advice before you sign any documents by taking the loan documents to your solicitor to explain the content of the documents. To accept our offer we’ll need you to sign and return the loan agreement to Pepper Money’s solicitors. A direct debit form is also included with your loan documents to setup automatic repayments.

7. Preparing for your settlement 
Once we receive all of your signed loan documents, our solicitors will advise us if all requirements have been met to proceed with settlement. We will confirm a settlement date with your solicitor if you are purchasing a property, or liaise with your current bank if you are refinancing an existing mortgage to Pepper Money.

8. Your loan is settled and funded
Congratulations. You’re all set!

On the agreed settlement date, you will receive the funds along with a welcome letter from us with details of your new loan.

Continuing your journey with Pepper Money
Helping you succeed doesn’t stop after you get a home loan with Pepper Money. We’re committed to continuing to support you throughout your home loan journey, and as your circumstances change over time we are here to help offer flexible loan solutions that grow with your needs.

Ready to get started? To apply for a Pepper Money home loan contact one of our Lending Specialists on 13 73 77, or to find out how much you can possibly borrow in just a few minutes try our Borrowing Power Calculator.

Related Stories