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Non-bank cuts prime rates

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Non-bank cuts prime rates

James Mitchell 2 minute read

One of Australia's leading non-bank lenders has decided to cut its rates despite the RBA leaving the official cash rate unchanged yesterday.


Following its recent significant rate reductions across its Pepper Advantage and Pepper Easy product suites, Pepper is announcing further cuts today to its Pepper Essential product suite. 

This latest rate reduction, effective next Tuesday 10 March, will see the lender’s prime range, Pepper Essential, cut by up to 0.36 per cent p.a.

Brokers will now be able to access Pepper’s suite of prime home loans offering rates from 4.49 per cent p.a. for full documentation and 4.99 per cent p.a. for alternative documentation.

Mario Rehayem, director of sales and distribution for Pepper, said the decision to reduce interest rates further and right across its suite of loans is reflective of Pepper’s competitive pricing and service proposition for brokers.

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“Following the RBA’s decision to cut the cash rate in February, we reduced rates across our home loan products, and even though the RBA left rates unchanged today, we have are again reducing our home loan interest rates,” Mr Rehayem said.

“To add to this, we hear from our brokers every day that they still pick providers based on their service offering, over and above commission or pricing.

“The clear message from brokers is that Pepper’s value proposition is still the number one driver for them and a crucial ingredient is our commitment to providing same-day turnaround for applications submitted to us before 12pm," he said.

Non-bank cuts prime rates
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James Mitchell

James Mitchell

James Mitchell has over eight years’ experience as a financial reporter and is the editor of Wealth and Wellness at Momentum Media.

He has a sound pedigree to cover the business of mortgages and the converging financial services sector having reported for leading finance titles InvestorDaily, InvestorWeekly, Accountants Daily, ifa, Mortgage Business, Residential Property Manager, Real Estate Business, SMSF Adviser, Smart Property Investment, and The Adviser.

He has also been published in The Daily Telegraph and contributed online to FST Media and Mergermarket, part of the Financial Times Group.

James holds a BA (Hons) in English Literature and an MA in Journalism.

 

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