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Pepper Money Home Loans

Pepper Money Home Loans Questions & Answers

4.2 from 746 reviews

92 questions from our users

Home loan

Home loanasked

How much can I borrow for home loan

1 answer
Pepper
Pepper Money A.Pepper

Hi, thanks for your enquiry. You will need to reach out to your broker, or give us a call on 13 73 77. Hope this helps.
Kind regards,
Natalie


Melissa

Melissaasked

Hi. Can you change your loan repayments to interest only for a certain period anytime or do you need to do a whole new refinance application?

1 answer
Pepper
Pepper Money A.Pepper

Hi Melissa, thank you for your enquiry. Yes, you can convert to interest only repayments however this is for investment properties only. For further information, please contact us on 1300 650 931.
Kind regards,
Natalie


Kate

Kateasked

Will Pepper be passing the latest Oct 2019 rate cut onto their existing customers? Most lenders have passed 0.15% with some even up to 0.30 for investor interest only loans. Pepper has so far only announced some discounts for the NEW customers but what about your existing customers?

6 answers
Mary
Mary

Yes I am sure Pepper will cut onto their existing customers, They are a very fair company and I hold them in the utmost respect.

Kate
Kate

It doesn't appear so because they have only announced a rate cut for new customers. See https://www.savings.com.au/home-loans/rba-rate-cut-october/#pepper

Up to 24 basis points (0.24% points) applies to some loans for new customers
Announcement date: 01 October 2019 (for new customers), Effective date: 01 October 2019 (for new customers)

I also want to point out that with the July 2019 rate cut, Pepper only passed 20 basis points (0.20% points) of 25 basis points. Some other lenders eg St George Variable residential investment property loan IO offered even more than the RBA announcement (30 points), Westpac Variable residential investment property loan IO (30 points), Resimac 25 basis points (0.25% points).

No confirmation of cuts for existing customers yet

So if Pepper does not pass on this cut (0.25%) and along with only passing on some of the July cut (0.20% of the 0.25%, as a IO loan, that is a total 0.30% since July that Pepper are taking away from me as a customer. I find this extremely disappointing especially when you look at other lenders who has been proactive and prompt in their response to the recent cut. Every day Pepper delays an announcement and delay the effective date a cut comes into effect is more dollars in their pockets.

Pepper
Pepper Money A.Pepper

Hi Kate. Yes, Pepper has reduced its rates for existing customers by 0.15%. The effective date for this change is 18 October 2019. Please contact us on 130 650 931 if you have any questions.
With thanks,
Natalie


Wendy S.

Wendy S.asked

We have currently put in an application with Pepper to refinance our home loan but I am feeling very anxious as hubby and I don't have the best credit history

2 answers
Pepper
Pepper Money A.Pepper

Hi Wendy, thanks for reaching out to Pepper Money. We can certainly understand your concern, however at Pepper, we look at a number of other things aside from your credit history and get a look at the bigger picture. We suggest getting in contact with your lending specialist or broker for an update on your application.
Kind regards,
Natalie

Mike
Mike

Don’t do it Wendy! Even if they approve you as a customer, you will regret it! Unless your paying over 7% elsewhere, that’s why you’ll be paying as a minimum, Guaranteed! Look at the questions and reviews!


julianne b

julianne basked

what is your best homeloan rate mine currently is 7.35

5 answers
Allen A.
Allen A.

Mine is similar but do not hesitate to ask for a review after 6-12 months as your conduct on the loan account may just earn you a small decrease on interest.

Craig
Craig

Why is it so high they advertise in the 3s

julianne b
julianne b

I wish I knew I have been with them 17 years and have excellent credit rating


Frank T.

Frank T.asked

I have a home loan with Pepper money . I did it through a broker . I want to refinance it to ANZ now. I found one more broker because my prvious broker went overseas. For discharge from Pepper money , do I need to go back to same broker ?

2 answers
Allen A.
Allen A.

Hi Frank,
You don’t need a broker to discharge the loan. The Discharge request form can be obtained directly from Pepper Money for you to sign and returned to them. All you need to do is ring Pepper and tell them you’re refinancing. Ask ANZ who Pepper Money can contact on their side and write that on the form. Once you’ve given Discharge form, allow them to finalise and close the loan account with Pepper and settlement is usually on the same day. Good luck.
Allen A

Pepper
Pepper Money A.Pepper

Hi Frank, thanks for reaching out to Pepper Money. It is correct that you don't need to engage your broker to discharge your loan. If you could kindly contact us on 1300 650 931, we can arrange the necessary forms to be sent to you. Alternatively, please feel free to provide your loan id and contact details via private message and we can get in touch with you.

With thanks,

Natalie


Georgina V.

Georgina V.asked

I have had my loan with pepper money for 6 months at a much higher rate, just wondering if they would reduce rate or do I have to go with another lender?

4 answers
Mathew M.
Mathew M.

I have heard they might if you ask

Mike
Mike

Go with another lender if you have the opportunity. Pepper Money cares about its investors, not its customers. I actually feel sorry for their customer service staff as they have to sell the companies spiel. They are only out for huge profits with no care for you! They might reduce it by a bit, but rest assured there will be another letter in the mail soon enough talking about higher lending blah blah blah and by the way that’s justifying our rate increase! As a customer of 3 years, I’ve seen it at least 7 times now! Get out while you can!

Pepper
Pepper Money A.Pepper

Hi Georgina,
We'd be happy to discuss your interest rate with you. Please contact us on 1300 650 931 and ask to speak with a Customer Care Officer.
Kind regards,
Natalie


LukeCollins

LukeCollinsasked

Hi I'm very happy with Pepper however the one issue is around how you calculate repayments. You divide the monthly amount by 4 to work out weekly repayments. This means you end up being 4 weeks ahead each year. It also obviously increases your weekly repayment by around 50 a week more or less depending on amount borrowed. No other lender I've known calculates weekly repayments like this. It can be easy fixed and would even out repayments over the year. This should be fixed I have lodged a report about
it but heard nothing. Cheers Luke

9 answers
Shay
Shay

Hi Luke, I found with Pepper if you make enough noise eg through this website Pepper will respond. With my issue they flatly denied my request for a rate reduction, yet I week later after posting my complaint they immediately reduced my interest rate. I spoke to a staff member named Natalie. I didn't realise the weekly payment point that you are making. Make a lot of noise , they will respond
Cheers Sheila

Pepper
Pepper Money A.Pepper

Hi Luke,
We'd be more than happy to look into this for you. You mentioned you have already raised this with us? If you could please send us your loan id and contact details via private message, we will follow up your request and call you with the outcome.
With thanks,
Rachael

LukeCollins
LukeCollins

Hi Rachael just sent you a message. Cheers Luke


Joanne

Joanneasked

We have an application pending with pepper . Its yet to be approved. Its 15% deposit. I am self employed yet worked as q contractor with guaranteed work for the last two years. Earning 74k a year. My husband is a chef with guaranteed hours, minimum pay per week on casual pay for flexibility for when I need to do events. Hes been in this particular role for 5 months.
Wr are being told he needs to be in the job for 6 months. With a few weeks to go will we get this through? We are sick with worry over this and waiting on our broker to fight for us. We have great combined guaranteed earnings, pay everything on time every time and are saving at least 5k a month. How this can not go through is beyond us. Would love to understand

2 answers
Pepper
Pepper Money A.Pepper

Hi Joanne, thank you for reaching out to Pepper Money. I can certainly understand that you are feeling uncertain about whether your loan will be approved. As you have applied for your loan through a broker, you will need to raise your concerns with them. We strongly suggest contacting them so you can get the answers you need.
Kind regards,
Natalie

Mathew M.
Mathew M.

We dont want to know you as you did it through a broker typical. The broker is getting there information from you Pepper money


Joanne

Joanneasked

I am working for the last two years as q contractor with same employer making 74000 a year and my husband is a chef, been in his current role permanent with casual rate and guaranteed hours( for flexibility when I need to run events) 70,000 per year for 5 months. We have 15% deposit, can wr get granted finance?

2 answers
Pepper
Pepper Money A.Pepper

Hi Joanne, thanks for your enquiry. We suggest reaching out to your broker who has all your application details, to discuss this further.
Kind regards,
Natalie

Mathew M.
Mathew M.

The broker only has the information that Pepper tell them how does that help?


Michelle S.

Michelle S.asked

Will pepper help please , got scammed by a mortgage broker , and nearly completed the sale of our house , in a chain of 4 ,put a offer in on house got accepted , scam broker got a solicitor for our purchase and we've had all searches done , we know the solicitors are on peppers list , and hope & pray pepper could help else were homeless , I'm not eating or sleeping and I'm worried sick , try and hide it from our 7 year old ,the situation were in is desperate need help please?I'm begging

4 answers
Donna Smith
Donna Smith

Hi Michelle, I have an awesome Mortgage Broker, he's name is Mark Love from Capital X https://capitalx.com.au/ I've done finance through him 3 times and he's awesome, very proactive and very trustworthy. He's recently found me a solution through Pepper Money when the major banks wouldn't look at me because I'm a non-conforming lender. The whole process took less than 30 days for approval. You should try him. Please let him know that Donna Smith referred you.

Pepper
Pepper Money A.Pepper

Hi Michelle. This sounds like an incredibly stressful situation and we will certainly assist where we can. If you could kindly send us your application reference number and contact details so we can get in contact with you, we would appreciate the opportunity to help sort this out with you.
With thanks,
Natalie

Michelle S.
Michelle S.

Thank you Natalie ,we have a broker with 20 + years experience and has just submitted a full app to pepper after you have us a DIP , thank you so hope you can help


Angie 51

Angie 51asked

Hi,
When taking out a construction loan with pepper are we able to increase the amount we borrow to cover additional expenses for driveways, fencing, water tank and shedding.

Thanks.

2 answers
DKT
DKT

Hi Angie,
From a mortgage broker's perspective:
Theoretically yes, although it does depend on usual lending stuff like serviceability capacity and loan to value ratios.
You can try doing it at the end of the construction however it's usually easiest to include it at the start as part of the total constructions so that it doesn't cost more fees and you don't have to worry about a 2nd valuation.
Trying to do an increase in the middle of construction probably won't work.
At the end of the day, if you do it at the end of the construction, the valuation will probably be the determining factor as to whether you have the room to increase the loan.
If it's included at the start, they can allow it in the "on completion" valuation but once the property is built, the valuation changes to an "as is" valuation and doesn't allow for the value of future items.
Hope that helps!

Pepper
Pepper Money A.Pepper

Hi Angie,
Thanks for your question and for reaching out to Pepper Money. There are a number of different ways you may be able to borrower additional funds to cover expenses such as those you've mentioned. As your loan will be assessed on your specific financial circumstances, we suggest you reach out to your broker who will assist you with achieving your goals.
Hope this helps.
Kind regards,
Natalie


LukeCollins

LukeCollinsasked

Hi is pepper passing on the rate cut????

2 answers
Pepper
Pepper Money A.Pepper

Hi Luke, thanks for your enquiry. Pepper is still considering its position and we will notify our customers when a decision has been made. If you have any further questions, please don't hesitate to contact us on 1300 650 931.
Kind regards,
Natalie

Mike
Mike

Hi Luke, In my experience, Pepper NEVER cuts rates, until you call and complain and then only a 0.08% reduction on average! They love to put rates up to satisfy their investors and continually gouge their customers. Would be very surprised if you see any reduction at all. Don’t ever consider Pepper, you’ll regret it!


julianne b

julianne basked

I would love to know why my home loan is currently over 10% 1 have had this loan since 2003 and my credit rating is good regards julianne

1 answer
Pepper
Pepper Money A.Pepper

Hi Julianne, thanks for reaching our to us. The interest rate you mention seems particularly high. We would appreciate the opportunity to look into this for you. If you could please provide your loan number and contact details via private message we will contact you. Alternatively, please call us on 1300 650 931.
Kind regards,
Natalie


robyn m.

robyn m.asked

I should of read the reviews before sending my personal information to this company.. To many Cons for my likings,
Will be looking elsewhere for a home loan..
Thanks for the alarm bells to all those that where hard done by.. sorry it happened to use in the first place.. thank goodness for review’s..

1 answer
Pepper
Pepper Money A.Pepper

Hi Robyn,
Thanks for reaching out to us. We're always here to take feedback onboard and if you have a moment, we would appreciate speaking with you about this further. Please feel free to contact us on 1300 650 931, or provide your contact details via private message and one of our team members will reach out to you.
Kind regards,
Natalie


Ali

Aliasked

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
Pepper
Pepper Money A.Pepper

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.


Tania P.

Tania P.asked

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
Pepper
Pepper Money A.Pepper

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


Kate

Kateasked

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
Pepper
Pepper Money A.Pepper

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


TrudiH

TrudiHasked

Do Pepper service loans for first home owners, building their first home?

1 answer
Pepper
Pepper Money A.Pepper

Hi Trudi, thank you for your enquiry. Yes, Pepper do offer Constructions Loans. You will need to contact a mortgage broker to discuss this in more detail. Hope this helps.
Thanks,
Natalie


Ifrat J.

Ifrat J.asked

Is there anyone who declined home loan from pepper money??

1 answer
Pepper
Pepper Money A.Pepper

Hi Ifrat,
If you have any further enquiries regarding a home loan application that has been declined, we suggest reaching out to your broker. If you applied with Pepper directly, please feel free to contact us on 137377 if you’d like to discuss this further.
Kind regards,
Natalie


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