Pepper Money is offering its customers the chance to win one $250 voucher for writing a review, that is either positive or negative. This is drawn randomly at the end of each month. This incentive campaign ends on July 31st, 2020. It is possible that the reviews below are written by reviewers that may have received this incentive. For more information, you can read .
What a scam
Firstly look at their review score, 4/5. Who came up with that score? As far as I can see reading their reviews it is more like 1/5. I also am very unhappy with pepper home loans, i would love a 4%, 5% interest rate on my loan as mine is over 8%. They say I can pay all these fees and charges to refinance my loan. They could just reduce the interest rate. They are thieves run far far away from pepper.
They ruined my credit rating
After paying my payout figure and receiving a letter my account was closed 5 months later my credit rating dropped below average. Turns out i still owed money to them and not once did they contact me or inform me my account actually was not closed. Worst customer service and false promises.
Can not get any thing done in a timely matter
They have moved their call centre overseas but the people you speak to there appear not to be authorised to do anything and give you no meaningful information. Each time you call, no matter how simple the issue it will take you days to speak to someone who can help. They need to let their call centre staff do something or allow customers to contact directly. It leaves you felling like a number not a customer and has led to frustrating waits to get the simplest of tasks completed.
Do not go with them
Total thieves! We were recommended pepper money through our broker. We were looking to refinance our investment property and also purchase a new one. At pre approval we were given a 3.19% rate, that somehow jumped to 4.99% at settlement. They knew we were not going to decline the purchase of our property, and used that against us and for their benefit. Very tricking in dealing with. Customer care and complaints department both have no idea what’s going on. After being with them for 6 months, we have refinanced now and v happy with new lender. My advice: Do not go with them at all. Stay where you are!
Answer a call or reply!!!
Terrible service!!!! I have attempted to call 12 times today and all i was after was a statement which might i add was supposedly sent to me 3 times to different emails none of which i received. My email doesn't exist on their records nor does my phone number??? but my outstanding debt does , i'm just unable to get a strait answer or a statement.
Short advice, if you need customer care have a weeks time up your sleeve...
When i called them back yesterday, i was told they'd call me back as soon as they get back from lunch. No probs...
I wrote the above to vent my frustrations while i waited for the person to get back from lunch.
It's been over 24 hours....... WOW what a lunch break.
Application Process N/A (as i went through my personal Broker. Vas at Savvy Finance is AWESOME)
Customer Service seems to be non existent
Timeliness...... HA HA HA HA HA HA HA HA...
Ridiculous customer service and interest rates
Massive interest rates, limited help if you find yourself in a financial crisis. And the best part if their "customer service" is if you are in a financial crisis and do happen to use their hardship options or fall behind on payments they penalise you for 12 months by not allowing any interest rate cuts. Stupid thing is if I was paying a "standard" interest rate of around 3% I wouldn't be in a financial crisis I could quite easily manage by repayments. Instead I'm stuck paying over 6%. Stay clear if you can, their practices could cause many bankruptcies and repossessions.
Avoid Pepper at all cost. They sign you on and then try to rip you office. I am still being charged at 4.2% under the current client. They increase the rate out of line with the RBA and then only pass on a fraction when the interest rate cycle go the other way. The usual excuse like funding difference is all non sense. It's fine to make a profit but not at the rate of 4.2% under the COVID 19 situation.
Peppermoney additional fees! No contact from anybody, only office in Manila.
My Peppermoney account has these fees so be aware. Interest on money owing, ok this is expected. Account keeping fees, this is pathetic, and make sure you are aware of this. BPay fee, if you make an additional payment, they charge you $1.50, pathetic! Yep payment handling fee!!
Lastly, the corruption, is this one. The website advises clearly that there are no additional fees if you pay off early, check the website, we'll I'm going to pay mine out early and they are going to charge me nearly $700. Have contacted ACCC, and AFCA regarding this an...
Terrible customer service
Rang early today to speak to a customer service representative. Based on there so called great reviews only to come across a man named Nikki who had little interest in answering any of my simple questions. Talked over me and wasn’t interested in what I had to say. Fake reviews stay clear of these guys.
Archiac technology and terrible service
No banking app. You can only do online banking using a web browser. It's not even a Pepper web site you use. It's called Connective Home Loans and the online password can only be 6 numbers. A very weak password and I am concerned about being hacked when I have no options to include letters, symbols or change the length. It also only asks for a password when you login and not when you make a payment nor send you a verification code by text unlike every other web site I have ever used. Don't leave your computer logged in and unattended at the off...ice! If you want to have an ATM card attached to your offset account they reduce your available balance by $5k. They don't tell you this though. It involves having to call to find out why there's a difference. I have never seen anything like it in my life. Their only solution is to remove access to the ATM card. Online credits to your bank account are reported online as negative figures and debits are positive i.e. the wrong way around. At least the balance is correct and it doesn't appear like this in the paper statements. At the time my loan settled I had received no correspondence from Pepper. I called them and they said there would be something coming in the mail (it was at least a week from memory) and I would also get a welcome call. I never got the welcome call and thankfully they could set me up with online banking over the phone rather than wait for the snail mail to come. The first correspondence also came from Connective Home Loans which I would never have heard of had I not already set myself up with online banking. I tried to move my redraw amount from my loan to my offset account and it said there were no linked accounts. I did manage to do it through the pay anyone feature. I had to wait on hold for ages when I called but the person was helpful. When you pay someone it automatically saves them as a payee (even if you don't want it to!) but when you want to pay someone a second time it only shows the BSB and account number in the drop down list. You can't see the account name until you choose the account. This means you can't pick the right payee unless you know the BSB and account or you pick them one by one and see what account name comes up after you have selected it. Even more annoying when you can't choose whether or not it saves a payee I have made three online inquiries and have had no responses. The most recent was over a week ago. Bank statements don't show your bank account number so you can't use this to show other banks. They just use the customer id. The offset account is not an authorised deposit taking institution so it's not protected under the $250,000 Government Deposit Guarantee. This means your money in your offset account is at risk if anything happened to Pepper. You can't nominate your offset account to have your interest debited from until after it's setup. My mortgage broker had never heard of this limitation before.
Pepper, although financed by Westpac who has passed on BOTH of the most recent COVID-19 RBA rate cuts in March 2020, has passed on only 0.20% of the first 0.25% March rate cut and 0.0% of the second 0.25% RBA Emergency meeting rate cut.
This organisation is merciless; profiteers without a moral compass during an epoch that has come on sooner and harder than the Great Depression.
My every wish is they go under in this recession never to resurface again.
As soon as I can, I will be re-financing with one of Australia's Big Four banks.
Many non banks have rates below 3.0% and numerous banks are now below the rate I am paying with Click Loans/Pepper Money.
If you are looking for an investor P & I mortgage, look elsewhere.
Pepper Home Loans are excellent
Dealing with Pepper Money over the last six months has been a breeze. There were no unexpected extra costs or surprises with the loan. That is the basis for this review.
I am very satisfied with Pepper Money.
- Verified customer
Worse experience ever
I am currently paying 4.16% interest rate on my loan and asked for a interest rate review several times.. I called so many times for a interest rate review and I keep getting this rude very rude man by the name of [name removed] or [name removed] or [name removed] or [name removed] (might have even been lying with his name). and told me several times of you don’t like the fact that we can’t give you a interest rate cut, why did you come with us in the first place, go with another bank!!!!He is so so abrupt and aggressive and treats me like rub...bish. I wish I new who the manager is so I can report him. He then calls me and says we will give you a cut from 4.16% to 4.13% in the rudest manner ever. Why offer that (it’s useless and worth nothing). I would really like to report him because no customer should be yelled at or spoke too in that manner. And he is never clear about his name intentionally. So I don’t report him. And for some reason he is stuck to my loan. Am disgusted at the sort of people peppers employee to be honest. Vultures with interest rates and totally disrespectful. I want my rates reviewed and would appreciate if this man from peppers does not call me, I prefer someone else. He needs to be taken off my loan, as he is a bully. All I am asking for is a proper interest rate review!!! Not to keep getting this rude bully saying 4.16 to 4.13!!!! Why bother!
The reviewer stated that an incentive was offered for this review
Guys, Beware of Pepper Money. They don't help at all whatever the scenario is. Better don't waste time with them.
I am dissatisfied with Pepper Money. My advise is not to waste time with them and find some good lender who understands the situation and help in tough times. Best of luck people.
Still waiting on a response
Still waiting on a response from Vale at Pepper why unexpected fees were added to my home loan .Vale verbals said they were a error but still no back up call to correct my account.Robert P
The reviewer stated that an incentive was offered for this review
- Verified customer
Pepper Home Loan not passing on the rba interest rate reductions
I have just received a letter from pepper gouging home loans that they are only reducing the interest by 20 basis points. In these uncertain times of crisis & lack of employment- pepper home loans have sort to profit. Disgusting and reprehensible conduct. Do not get one of their loans or you will be sorry. Of course there has been another emergency reduction this week from the rba as well as the beginning of the month's reduction - I bet pepper just keep that one all together. They are unconscionable and disgraceful. We should have received 75 basis point reduction all together but pepper have only done 45.
Long term customer, very unhappy with being taxed for being loyal. If you can move and it makes financial sense do it.
You have all heard of the " loyalty tax" if you are in a position to move your money and the banks want your money, all the power to you. I have what you might say a small loan account of $180k. Why is it we are treated differently to new customers? I have not had a full RBA rate cut passed on since I can remember, and after many rate reviews and being told, tell your story walking, I've become very frustrated. The RBA cash rate is now @ 0.25%. How can you justify holding back rate cuts which are needed to stimulate the economy? Happy to discuss. I will keep this forum updated. One of your long term loyal customers. :-(
Great Savings to come
John and his team were clear and concise with my requirements for a seemless transition between products.
This will effectively allow me the ability to save,and the opportunity to get into investing further with property.
The interest rate is excellent in comparison to my previous rate.
John was also excellent in picking up needs and offered solution prior to us asking.
I would also like to make mention to Stacy in the call centre team who welcomed us to our new product.
Stacy was definitely present and attentive in the call and definitely have me believe that she had a passion for her role and the pepper procducts.
Both teams mentioned are assets to pepper.
Questions & Answers
We have just been approved to refinance/pay for redos through Pepper - hurray!
Will Pepper be paying debts and builder invoice directly, or do I manage this from funds deposited to me by Pepper?
Will pepper be passing on the FULL 0.5% this time ?
Pepper Money A.Pepper
Hi Krystel, Pepper Money has reduced its rates for existing, eligible home loan customers by up to 0.25%. The effective date for this change is 16 March 2020.
got to love the English language... "by up to 0.25%" so deceptive. I'm one of the lucky customers who have received a rate reduction by up to 0.20%, thanks Pepper not once have you passed on the full RBA rate cut.
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