Thinking that's outside the tick box
We understand that everyone’s situation is different. That’s why instead of simply ticking boxes, like most, we get a bigger picture of you. And we won’t make any notes on your credit file without your okay.
To paint that bigger picture, we begin with 4 things and fill in details around them the more we talk with you.
- What you do – how you make a living, full-time, part-time, casual, or run your own business
- What you own – your assets, do you own a home or investment property or have you saved a deposit?
- What are your outgoings? – your liabilities, do you have a mortgage, car payments or credit card debt? Do you have a business debt or ATO debt? What are your living expenses?
- What you missed – your credit history, do you have any defaults, missed loan repayments or missed bills?
Even if any of these things are complicated in any way, we’ll do our best to help. We get the level of thinking and planning in a venture like property investment so we keep things at our end as simple, streamlined and flexible as possible, to make sure the process doesn’t become a process.
A simple home loan for borrowers with a clear credit history.
A balanced home loan for borrowers who haven't had a credit problem in the last 2 years.
A real home loan for borrowers whose circumstances have made getting a loan challenging.
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 Financial Statements and Certified Tax Returns + Tax Assessment Notice. If you are self-employed and unable to provide the above documentation, you may still qualify for an alternative documentation (alt doc) loan such as, a completed 'Self-Employed Declaration of Financial Position'; plus one of the following options:
- 6 months Business Bank Statements
- 6 months Business Activity Statements (BAS) or
- Pepper Accountant’s Letter (only available for use on select products).
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. However, we recommend working towards 10% as an ideal target.
The reason for the suggested 10% target is that when saving for your deposit it is really important to factor the additional costs you will need to cover when you are taking out a loan, including:
- Establishment and risk fees such as mortgage insurance (generally these are up to 2% of the amount being borrowed)
- Conveyancing and legal costs
- Government fees including stamp duty (amounts vary based on State and other factors)
- Title search and registration fees
- Pest and building inspections
- Home building insurance prior to settlement
If you’re interested in seeing how much you may be able to borrow for a home loan you can check out our calculator here
Rates refers to the interest rate, being the amount of interest you pay on your loan amount. Fees are the fees and charges that you pay for establishment and ongoing administration of your loan account.
The interest rate you will qualify for is 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) and the size of your deposit, whether the loan is to purchase an owner-occupied property or investment property, or if you have had any past credit issues.
Click here to learn more about our home loan product options. At Pepper Money we offer a range of interest rates, depending on your individual circumstances. To get an indicative interest rate, please call 13 73 77 and speak with one of our lending specialists.
Your Pepper Money Home Loan Journey can take up to six weeks – this is the typical timeframe for a home purchase, however, we can help turn this around in closer to three weeks if you are ready to go with all the necessary supporting documentation.
To learn more about Pepper Money Home Loan application process, click here.
For more of your questions answered visit our Help Centre.
*Interest Rates start from this amount, are correct as at 1 September 2017 and subject to change at any time. The actual interest rate applicable will depend on the individual borrower's circumstances. All Comparison Rates are calculated based on a secured loan of $150,000 over a 25 year term. WARNING: this comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
Note - All applications are subject to Pepper's normal credit assessment and loan suitability criteria. Terms, conditions, fees and charges apply.