Pepper Money Home Loans Questions & Answers

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.

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 2022 (for new customers), Effective date: 01 October 2022 (for new customers)

I also want to point out that with the July 2022 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.

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!

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.

Why is it so high they advertise in the 3s

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

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

I have heard they might if you ask

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!

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

Hi Rachael just sent you a message. Cheers Luke

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

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

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.

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

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!

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!