Thinking outside the tick box
We understand that in real life everyone’s situation is different. That’s why we look at a wide range of things when we assess any application for a loan. Instead of simply ticking boxes we like to get a good detailed understanding of your situation before we start making decisions. Because we understand the need to move quickly, once we’ve got all your documentation, provided it checks out, we can give you a conditional approval within 24-48 hours.
Offering you flexibility
We’re not about how you can fit into a traditional box, we're about doing our best to provide you flexible home loan products - to fit you.
Buying a home involves a lot of thinking and planning, which, can be a little bit overwhelming. That’s why we’ve made sure the process here is as simple and streamlined as possible. To make it easy for you.
Your situation might not be typical but it doesn't mean you shouldn't still be able to move forward with your home journey.
By being flexible, we’ve been able to help thousands of people in Australia to own their own home.
Give us a call today and let’s see how we can help you.
Ready to take the next step?
This repayment calculator gives you an estimate of what your home loan repayments could be, based on information you have provided in the calculator. The calculator does not take into account loan establishment or application fees, nor government statutory or lender fees. It is to be used as a guide only and does not constitute a quote, pre-qualification, approval for credit or an offer for credit and you should not enter commitments based on it.
A range of home loan solutions for borrowers with a clear credit history.
Balanced home loans for borrowers who haven't had a credit problem in the last 2 years from our Easy range.
Real home loan options for borrowers whose circumstances have made getting a loan challenging, from our Advantage range.
You will need to have documents supporting 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.
For PAYG applicants we require two current payslips plus one of the following:
- Most recent group certificate
- Most recent tax return / taxation notice
- Current letter of employment
- Bank statements – to confirm last 3 months salary credits
For Self-Employed applications we need your last two years Tax Returns, two years Tax Assessment Notice and & last 1 month’s business bank statements. If you are self-employed and unable to provide this documents, you may still qualify for an alternative documentation (alt doc) loan. For more details click here.
At Pepper Money we can finance home purchases of up to 95% LVR (subject to the loan meeting our eligibility criteria), which means you can start to look at buying once you have saved around 5% of the purchase price.
It is important to factor in the additional costs you will need to cover when you are taking out a loan.
Our home loan borrowing capacity calculator asks a few personal and financial questions to calculate an estimate of how much you may be able to borrow with Pepper Money. After finding out how much you could potentially borrow, you can then either speak to a lending specialist about your situation, or continue on to get an indicative interest rate online.
At Pepper Money, we offer a range of variable interest rates depending on your individual circumstances and the product you apply for. A decision on your rate will be based on a range of different factors including;
- The amount you need to borrow against the property value; known as the Loan-to-Value Ratio (LVR)
- The size of your deposit
- Your source of income
- Credit history
- Assets and liabilities
- And whether the loan is to purchase an owner-occupied property or an investment property.
The total amount of interest that is paid on your mortgage is determined by your loan size, duration of the loan and the interest rate charged. Interest is usually calculated daily on your outstanding loan balance, then collected when you make a repayment.
As the interest rate is key to the total amount of interest payable over your loan, we’ve made it easy to get an indicative interest rate from Pepper Money online. We’ll firstly ask you to answer a few questions to determine how much you could borrow. Then we’ll ask a few more personal questions to access your credit file and provide you with an indicative interest rate.
There are fees and charges associated with every home loan which should be factored in when saving your deposit. For example, establishment/application fee, monthly administration fee, legal fees, stamp duty and mortgage risk fee (if applicable).
Get in touch with one of our Lending Specialists on 13 73 77 to understand the full list of fees on a Pepper Money home loan and when these might apply. Alternatively you can view a high level summary of our home loan fees here.
Your Pepper Money Home Loan Journey can take up to six weeks – this is the typical timeframe for a home purchase, however the process may be quicker if all the necessary documentation is provided sooner.
Delays in decisions are often caused by incorrect or missing documentation.
Loan to Value Ratio, commonly referred to just as LVR, is the ratio of the loan size to the property purchase price. The size of the deposit plays a key role in determining the LVR, as usually the larger your deposit, the lower your LVR will be. It is a key part of the loan assessment process and it can affect how much you can borrow from a lender, as well as the interest rate charged and the need purchase mortgage insurance.
To calculate your LVR, divide the amount you need to borrow (e.g. $400,000) by the value of the property (e.g. $500,000) and multiply this by 100 to give you a percentage.
$400,000/$500,000 x 100 = 80% LVR. This would mean you have a 20% deposit of $100,000 towards your $500,000 property.
While a high credit score might help you get a rock-bottom interest rate, it may still be possible to apply for a home loan with a less-than-perfect credit score. While the Big 4 banks often prefer to lend to those with a perfect credit history, at Pepper Money, we take a real-life approach to lending and look beyond your credit score to see how we can help you secure the best loan for your individual situation.
Talk to a lending specialist about your situation. We’re here to help
We are Australia’s number 1 non-bank lender - we’ve been awarded Best Non-Bank Lender three times – in 2017 and 2019 at the Australian Mortgage Awards and in 2018 at the Australian Lending Awards.
We live our mission every day: to help you succeed.
We specialise in working on each individual application so we can fully understand your real life situation and help find a suitable solution.
We were set up in 2000 to provide a fresh alternative for those people who needed a home loan that banks weren’t prepared to offer. We now also provide car loans, personal loans, loans for professional equipment, and commercial loans. Learn more about us here.
To see the full home loan FAQs, click here.
For more of your questions answered visit our Help Centre.