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Pepper Money Home Loans

Pepper Money Home Loans

4.3 from 662 reviews

Multiple rate increases, lost all benefit of switching my loan over within 3 years

I've never missed a payment and have excellent credit scores (790 experian, 890 equifax) yet my rates are regularly increased and I have to call them each time to complain.They still raise them though, just by a little less than the first amount. As soon as the market goes back up and LVR back below 80% I'm switching. Their web portal is also down for maintenance a lot more than other banks.

Customer Service
Transparency
Online Tools
Loan TypeVariable Rate
Loan Start DateMarch 2016
Loan used for:Investment Property

Supportive and understanding from the start

My wife and I went to Pepper after going through a broker who submitted our application to mainstream banks which were turned down. I have a credit impairment. We had a dream to own our first home and needed help getting there. After speaking to John at Pepper during our initial meeting I was assured Pepper would do their best to help us. I am pleased to say they have come through in flying colours. We had our pre-approval granted by the end of the week, which meant we could make our offer on our dream home that weekend. Then we started the unconditional approval process. We had some hiccups with the valuation initially coming well under expected but a quick call and email with the Loan Support team and we had a review of the valuation underway. The valuation came back in our favour and we were also pleasantly surprised that we were offered a waived application fee and rate reduction as a way of saying thanks and for going through the under-valuation. We just signed our documents and eagerly awaiting settlement so we can move into our forever home. Hopefully the rest of the process goes smoothly and the support continues. Thank you John and the team at Pepper you have certainly made our dream a reality and helped us where normal banks wouldn’t. Awesome customer service!

Customer Service
Application Process
Timeliness
Transparency
Loan TypeVariable Rate
Loan Start DateApril 2019
Loan used for:First Home
1 comment
This is such fantastic feedback and we are so happy to hear that we were able to assist you with achieving your goal of owning your own home! Thanks for recognising the efforts of our staff, in particular John, who I’m sure she will be delighted to hear your feedback. Welcome to Pepper Money and we look forward to continuing this journey with you. Kind regards, Natalie

Positive experience

Very satisfied with Pepper. Treated like a person not a number. Follow up service has also been fantastic. Easy to deal with, polite courteous and very respectful. Will definitely recommend.

Customer Service
Application Process
Timeliness
Transparency
Loan TypeSplit
Loan Start DateApril 2019
Loan used for:Refinancing
1 comment
Hi Elisa, Our Pepper team strive to deliver every one of our borrowers a tailored experience to make the process as simple and easy as possible. We are thrilled to receive your review and look forward to continuing this journey with you. With thanks, Natalie

Terrible customer service. Rip customers off

Poor customer service. Rude staff and very hard to understand. They over charge with fees and give incorrect payout figures. They will take more money then they should and then refuse to give a correct refund. Very dodgy , avoid them.

Customer Service
Transparency
Loan TypeFixed Rate
3 comments
Hi Jacqui, We’re sorry to hear that you’re unhappy with our customer service and it sounds like you have not had a very pleasant experience with us. If you can send us your loan details and contact number via private message, we would we appreciate the opportunity to speak with you about the concerns you have raised. Thank you for taking the time to provide us with your feedback and we hope to speak with you soon. Kind regards, NatalieHi. I’ve never used this product review before. Can I verify that if put the loan details up that it won’t be displayed as part of the review. Thanks.Hi Jacqui, Thanks for reaching out to us. If you respond via private message, your information will not be made public. If you are more comfortable giving us a call, we can be contacted on 1300 650 931. Kind regards, Natalie

Interest Rate increased in less than a year!!!

So unhappy with these guys. I have only been with them for less than a year and they have already increased the interest rate even after paying more than monthly repayment every month. No appreciation for their good customers!!!

Customer Service
Application Process
Timeliness
Transparency
Loan TypeVariable Rate
Loan Start DateJune 2018
Loan used for:First Home
1 comment
Hi George, We can certainly understand your frustration at the rate increases on your home loan. Please know that our decision to increase our rates was not made lightly and was required to cover the increased cost of funding. We would appreciate speaking with you about this in more detail and ask that you send your loan number contact details to us via private message. With thanks, Natalie

Poor customer services and extremely high interest rate

Poor customer services asked for home loan interest rate as my current credit record improved. Tried to contact customer service and said will get back to me in 2 days. I’ve been waiting 2 weeks and keep call back but still no one get me to me. Finally the result is can reduce 0.02 % if I can sign a new contract to do fixed rate for 2-3 years. That’s absolutely ridiculous, extremely high increase rate and not going to reduce a bit when the customer record improve. Also poor customer services keep transfer me to talk to different staff but no one actually can discuss with me. My home loan interest rate been increased twice in 10 months, the rate is already extreme high and they still keep increase it. Would not recommend this company to anyone.

Customer Service
1 comment
Hi Y.Ng, We are disappointed to hear of your poor experience with Pepper Money and that you have had multiple conversations with us without feeling like you’ve received the response you expected. We would appreciate the opportunity to discuss this with you. If you could please provide us with your full name and contact number via private message, we can contact you to discuss this further. Kind regards, Natalie

Great service

The process was seamless. Customer service was second to none and could not recommend Pepper Money any higher. Thank you for allowing us to take a different avenue to the big banks.

Customer Service
Application Process
Timeliness
Transparency
Loan used for:Refinancing
1 comment
Thanks Mick, what a fantastic review! We're thrilled to hear that we were able to help you with your lending needs. Welcome to Pepper! Kind regards, Natalie

Pepper Money ....Good name for a Financial Institution that has Loan Shark Interest rates !!!

We acually never applied for a Loan with Pepper a Dodgy Loan Broker ( cannot name for legal reasons) brokered a Loan with Gel Custodians Limited / GE Money/ Permanent Custodians Limited - then became Pepper Money ? All 3 are the same company just Permanent Custodians Ltd trading as Pepper Money -interest rates go up every 3 months 1.7% ave -You cannot communicate with them as they use a Indian Call Centre the Staff are rude and only know how to repeat words from a transcript and repeatably enquire when are you going to pay the arrears ,they bombard you with phone calls at all hours -letters and legal action .
They have no empathy ,compassion if you are fortunate enough to be able to be granted Financial Hardship do'nt expect too much in a decrease in mortgage repayments .
Probably finishing paying this mortgage off a day b4 my funeral ,cannot refinance as with all the defaults that this Loan Shark Co. aka Peppermoney /Gel Custodians Limited / GE Money/ Permanent Custodians Limited have listed against my name I will never be able to refinance :-( - So I'm stuck in Hell with peppermoney .
Please be forewarned as I wish I was - If you wish to keep your sanity & hair and Credit Rating intact PLEASE DO NOT DO BUSINESS WITH peppermoney Gel Custodians Limited / GE Money/ Permanent Custodians Limited as they are akin to selling your soul to the devil - Get a Loan with a Loan Shark if your desperate not a Loan Shark company with the aforementioned names .
Shop around find a reputable Broker ....although if your financial savvy enough or able to educate yourself research ,learn ........broker your own Mortgage .
I wish I did ......as companies like aforementioned prey on folk that are in dire desperate straits ....just like the Mortgage Brokers that "assist" you with dealing with these Devil / Loan Shark Companies .
You are better off with the big bad Banking 4 or Banking Credit Unions
I borrowed $270.000.00 after 15 years of loan repayments of 2.5K per month current Loan Balance is
$259,984,09 !!!! As Perry Mason would say "I rest my case your honour ,proof they are Loan Sharks !!"

Customer Service
Application Process
Timeliness
Transparency
Loan TypeVariable Rate
1 comment
Hi Maverick, Firstly, thank you for posting your review and taking the time to let us know about your frustrations with your Pepper loan. It’s always distressing to hear when our customers are unhappy with our products and services and can appreciate how stressful this must be for you. We would appreciate the opportunity to speak with you in detail about the concerns you have raised. If you could please send us your contact details via private message, a member of our team will be in contact you. Kind regards, Natalie

Overpriced!

I went to Pepper after a difficult refinance due to business issues
Now all my finances are clear for 2 years they are still charging rates like Im a first home buyer with no income!
Looking elsewhere as we speak

Customer Service
Application Process
Timeliness
Transparency
Loan TypeFixed Rate
Loan used for:Refinancing
1 comment
Hi Martin, Thanks for your feedback, although we’re sorry to hear you’re not happy with the interest rate on your loan. We would appreciate speaking with you about this in more detail and ask that you send your loan number contact details to us via private message. Kind regards, Natalie

Initially competitive rate, followed by frequent rate rises

Much like other negative reviews here, my issue is not how things start, but how quickly the rates rise. It's very disappointing for what seemed like a great alternative to the Big Banks. In 2.5 years my interest rate has gone up by 0.7%, during which time the RBA hasn't made any changes to their interest rate and the Big Banks have remained mostly flat, with some products going down over the same time frame, but I can't find anything else that has gone up even half as much in the same time frame.
I really see no reason to continue doing business with Pepper Money and will gladly be refinancing with a more trustworthy company as soon as possible.

Customer Service
Application Process
Timeliness
Transparency
Loan TypeVariable Rate
Loan Start DateSeptember 2016
1 comment
Hi Dan, Thank you for providing your feedback and for taking the time to write your review. We appreciate that you’re not happy with the recent rate rise, and our decision to do so was not made lightly as we understand the impact this has on our borrowers. If you could please provide us with your contact details and loan number via private message, we would like the opportunity to discuss your loan with you. Kind regards, Natalie

Absolute Joke

Didn't give me exactly what was required, had 19% deposit, they used starting rate at 5.6% with two interest rate hikes in first twelve months. Maybe I didn't have the best credit rating at the time I applied but I never defaulted on my debts

Customer Service
Application Process
Timeliness
Transparency
Online Tools
Loan TypeVariable Rate
Loan Start DateJanuary 2018
Loan used for:First Home
1 comment
Hi Robert, Thanks for taking the time to provide your feedback regarding the interest rate on your home loan. We certainly understand your frustration at the recent rate rise and how this impacts all our customers. We assure you that the decision to increase our rates was not made lightly. As we are a non-bank lender, in order to lend to our customers we too must borrow money from professional investors, as we can’t rely on deposits as a source of funding. We would appreciate if you could send us your loan number and contact details via private message so we can contact you to discuss this further. Kind regards, Natalie

Everything was completed efficiently and quickly organised by Peppers. Recommend to anyone within hesitation.

Great customer service without any hidden cost. Very satisfied with the receiving loan with pepper money cause quick and easy process without any hassle like other big banks does. Recommend to anyone without hesitation.

Application Process
Timeliness
Loan Start DateMarch 2019
Loan used for:Second Home
1 comment
Thanks Ramchandra, it's fantastic to receive feedback like yours which lets us know we're doing a good job. Welcome to Pepper and thanks for such a lovely review. Kind regards, Nat

Thorough and in depth for my mortgage application

I have a new low-doc mortgage on an investment property because I set up a new business less than 12 months ago. So far, so good. I will say they really went in to all my statements and accounts very thoroughly before issuing the loan. For me I see this as good diligence and not just accepting a broker's numbers as gospel for a loan. It made me revisit my figures and make sure they were accurate as the last thing I would want is to over borrow and get in to trouble.
New to Pepper so I received a very happy, friendly customer service welcome call so I am hoping the rest of the lifespan of the loan is as friendly and positive.
The only deduction of one star is because the interest rate is pretty high! Fair enough for a low-doc loan, I would probably be considered high risk even though I have been doing the same thing for 35 years but under a different business name. Technical points!

Customer Service
Application Process
Timeliness
Transparency
Loan TypeVariable Rate
Loan Start DateFebruary 2019
Loan used for:Investment Property
1 comment
Congratulations on purchasing your investment property, Des and welcome to the Pepper family! We love to hear from our borrowers and learn how happy they are with the service support our Pepper team have provided. We appreciate you taking the time to share your experience with us. Kind regards, Natalie

This company don’t care stay away from them

Having broken my leg in an accident I applied for hardship payments, as I am not working they looked at our case and declined us citing we could not service the repayments. I offered to pay part mortgage payments but still this was no good,now I am afraid I could lose my home , please don’t go near this company they charge double the interest of the banks and feed off of people’s misery.
They are greedy greedy .

Loan used for:Refinancing
1 comment
Hi Brett, We're sorry to hear about your recent experience with us. We can certainly understand why this would be a difficult situation and would appreciate the opportunity to discuss this with you. If you could please provide us with your full name and contact number, we can contact you to discuss this further. Kind regards, Natalie

Re Finance

Just refinanced my home loan to Pepper. The transition, help and welcoming was second to none. Today is very difficult dealing with the big banks as we know. Pepper was seamless.
Recommend to anyone without hesitation.
David

Customer Service
Application Process
Timeliness
Transparency
Online Tools
Loan TypeFixed Rate
Loan Start DateFebruary 2019
Loan used for:Refinancing
1 comment
Wow David, that’s great to hear! We appreciate your recommendation and thank you for taking the time to acknowledge our quality service and for choosing to partner with Pepper. With thanks, Natalie

Answer to our prayers to start over again

Pepper became the answer to our prayers... having been a discharged bankrupt we really didn’t have many options at all... Pepper were able to help us, service was very efficient and so far the follow up service has been great... I highly recommend Pepper... if every other lender has said no... don’t give up before you call Pepper

Customer Service
Application Process
Timeliness
Transparency
Loan TypeVariable Rate
Loan Start DateFebruary 2019
Loan used for:Home Construction
1 comment
Thanks Anna, it's great to have you on board! Our Pepper team strive to deliver every one of our borrowers a tailored experience, no matter what your situation is. We are thrilled to receive you review. Thank you, Natalie

Smooth Transition

Everything was completed efficiently and quickly organised by Peppers which made refinancing with them a smooth transition. Was given the opportunity to achieve making a few dreams happen with one loan.

Customer Service
Application Process
Timeliness
Transparency
Loan TypeVariable Rate
1 comment
Thank you, Maria. We’re so pleased to hear that we were able to help you to achieve your dreams! Thanks for sharing your experience with us and for recognising our efforts in providing you with such smooth and efficient service. We look forward to continuing this journey with you. Kind regards, Natalie

Lost my family home

I was financed for a home loan in 2010 through a broker. The broker and Peppers, both never checked my financials, and had the hide to then charge me 17% interest on a $280,000 home loan. I was shown the contracts and was told, we will revisit your loan in 12 months to renegotiate the interest on my loan. After 2 years of struggling and trying to get help with the financial difficulty legislation, I was told by Peppers,theres nothing they could help me with, and unless I got up to date, they would be seeking possession of my family home.
4 weeks later after trying t talk to Peppers, I received an eviction notice to take possession. I tried to contact the broker for Peppers, and his mobile was disconnected. I have since been able to get some of the information, and all my financials were "doctored" to make it look like I could afford the loan and the 17% interest rate. Since loosing my home, I have had to go through a bankruptcy to try and get my,and my families life back to some sort of normality.
Since to Banking Royal Commission, I will now be taking this matter further ,due to the bad practices, and for everything I have lost since going through all of this.

Customer Service
Application Process
Timeliness
Transparency
Loan TypeFixed Rate
Loan Start DateJanuary 2010
3 comments
Hi Warren, We are very concerned to hear about your experience with us. It sounds like this has been a very distressing time and we would really appreciate the opportunity to thoroughly investigate this. If you could please provide us with your full name and contact number, we can contact you to discuss this further. Kind regards, NatalieDo you have an email address, dont want to post my personal details on here>Hi Warren, Yes we do. You can email customercare@pepper.com.au Kind regards, Natalie

Wonderful service that helps when others refuse

We have just commenced our loan with pepper but so far we are impressed. They gave us a chance to buy our deceased fathers home when no one else would. They were helpful, prompt and efficient. They have given us our dream and with such polite service. They are most accommodating with repayments to suit your pay cycles, honest and helpful advice. They make you feel like a valued customer and not just a loan.

Customer Service
Application Process
Timeliness
Transparency
Loan TypeFixed Rate
Loan Start DateFebruary 2019
Loan used for:Second Home
1 comment
Hi Chook, We are so happy to hear that we were able to assist you with the purchase of your father’s home. It’s also lovely to hear that you have found the process to be helpful and efficient which we hope continues throughout your journey with us. Kind regards, Natalie

So far great service. It is my first month so hope it stays this way. I’m sure it will.

Happy service, no unexpected fees, Banks said no as I am self employed, so I appreciate the opportunity to own my home even though it is a bit more expensive than banks. Thanks Pepper

Customer Service
Application Process
Timeliness
Transparency
Loan TypeLine of Credit
Loan Start DateFebruary 2019
Loan used for:Refinancing
1 comment
Hi Dee, Congratulations on purchasing your new home and welcome to the Pepper family! We are so glad we could help you achieve your dream of owning your own home. With thanks, Natalie

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Questions & Answers

Currently, I am in the process of finding a good lender and I was going through the pepper money reviews and I'm very shocked to see that some customers had a really bad experience with interest rates, some of them getting charged 20% and above on home loans. How can someone afford to pay such a high interest rate?
1 answer
Hi Ali, thank you so much for reaching out to us. Pepper offers home loan interest rates from 4.04%, subject to our lending criteria. We do not have any home loan products with an interest rate above 9.99%. If you would like to discuss this further, please don’t hesitate to contact our Pepper Lending Specialists on 13 73 77.

We have applied for a home loan and the Peppers valuation has come in 13% less than contract price. That is double of what the medium is for our area. Are we allowed to get a second opinion, either through Peppers or an Independent Valuer who knows the area?
1 answer
Hi Tania, Thanks for your enquiry. We suggest getting in contact with your broker or your Pepper Lending Specialist on 13 73 77, to discuss your situation further as they should have up to date information on your loan submission. Kind regards, Natalie

We took out a new loan with Pepper last year - 2018 on a new purchase we had planned to knock down and rebuild. One month after settlement we were advised interest rate on the loan was going up due to funding costs. That is understandable but very little notice was given. Then few months later when we were about to apply for a construction loan, we were told their lending criteria had changed and that Pepper were no longer providing construction loans (Sept 2018). We went with Pepper in the first place because they were offering construction loans! Now we are faced with having to refinance elsewhere. So far have been disappointed with the experience with Pepper and just their lack of flexibility to work with each individual customer. Seems like they just want to get your business through the door and stop at that.
1 answer
Hi Kate, It sounds like this has been incredibly frustrating and we’re sorry your experience with us has not been a positive one, nor what you expected. So that we can understand your situation we would appreciate the opportunity to thoroughly investigate this. If you could please provide us with your full name and contact number via private message, we can contact you to discuss this further. Kind regards, Natalie

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