A second message for our customers during coronavirus

on Friday, April 24, 2020
A second message for our customers during coronavirus

Real life help is here when you need it the most

Dear Customers,

We recognise that over the past few weeks many of you are looking for certainty, despite these uncertain times.

Getting in control of your finances is an important step to take, especially if you or a member of your household may be earning less than usual, or you might be facing increased expenses.

Outlined below are a few important points to guide you through these ambiguous times and to help you feel more certain and in control.

Be informed with regards to your options
We have a comprehensive financial assistance hub on our website which outlines options available, including questions and answers on several important items for consideration by those who may be facing financial hardship for the first time.

Alternatively, please reach out to your mortgage broker, financial adviser or look out for the links to various government resources and financial counselling associations who may also be able to help you.

Existing home loan customers taking a repayment holiday
For the most part, the media has commented on and many lenders have offered loan repayment holidays to provide customers with short term financial relief during this difficult time. Pepper Money also has several options for affected customers, including the option to temporarily defer or reduce loan repayments.

I would like to highlight that if you take up one of these options with any bank, lender or Pepper Money, it is important to know that the short term consequences of a repayment holiday may increase the total cost of the loan, the total interest paid, and the length of time you take to repay your loan in the long term. Which is why we encourage you to make even small repayments towards your loan when you can, even during any loan repayment holiday period.

Please take a moment to review this Fact Sheet which provides further information on the terms of a repayment holiday. Being aware of how capitalised interest works is an important consideration to assist with getting back on track with your loan.

No impact to your credit history
One of the most popular questions our customers have been asking is, “Will my credit history be impacted?” I am pleased to confirm that customers who do require financial assistance from Pepper Money as a direct result of COVID-19 will not have their credit history negatively impacted during this period. And, you can be rest assured that we are also waiving several fees and charges and suspending collections activity during this time.

Applying for a new loan to get some extra money
Under normal circumstances, Pepper Money is a specialist lender who offers a flexible range of loan options, however if your income has been affected by COVID-19 you should think about whether you will be able to afford to repay a new loan. Any lender at this time will need to be satisfied that you can afford the new loan and meet all your day-to-day expenses.

You will also need to provide documents that prove your financial situation, for example, payslips, bank statements, mortgage documents, existing loan contracts and insurance documents. However, if you can’t afford to make repayments on a loan without foregoing some essentials, and if you are not sure if you will have a job in the future, you may not be able to be approved for a new loan at present.

We ask for your patience
Many of our customers who have been affected by COVID-19 have contacted us requesting financial assistance during this period, and due to this may face longer than normal response times on the phones and to enquiries.

Please be assured that we have made every effort to provide additional people to answer phones and process enquiries however we do recognise that due to the increased number of enquiries, some customers may still experience longer wait times than usual. We appreciate your patience and we will continue to work hard to respond to all your enquiries as soon as we can.

We will help you through this
At Pepper, we have successfully assisted over 10,000 affected customers and will continue to work hard to ensure that we work together to get you back on track. We also want to thank those customers who are continuing to make loan repayments during this difficult time.

Our goal is to provide clear, responsive and straightforward communication - whether you speak to our Customer Service team or visit our website - so that you have the information you need to feel supported, safe and in control.

Yours sincerely,

Mario Rehayem
CEO Australia and New Zealand

Note: To view Mario's latest message to customers, click here.


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