In addition to getting same day approvals, Pepper Money has announced sharp rate cuts to its prime alternative documentation loans.
Available until 16 September, the non-bank lender has cut its Pepper Essential alt-doc standard loans by 50 basis points, and its Pepper Essential alt-doc PLUS loans by 25 basis points. Pepper's Essential alt-doc interest rates now start from 4.19 per cent with a comparison rate of 4.38 per cent.
In a statement released this week, Pepper said alt-doc loans are an alternative way for a broker’s clients to verify their income and confirm their ability to repay a home loan when perhaps they don’t have tax returns up to date.
“The Pepper Essential Alt Doc standard solution may be suitable for a customer looking for a fast turnaround,” the group said.
“There is no third-party LMI approval required, no credit scoring and defaults up to $500 are allowed so long as they are paid. This loan is also available for debt consolidation (up to four debts), cash out and you also don’t need to have genuine savings to be eligible.”
To ensure other customers aren’t left out, Pepper has also extended its 25-basis-point discount on Mortgage Risk Fees on Pepper Easy (Near Prime) and Pepper Advantage (Specialist) until September 16, 2016.
Pepper Money's director of sales and distribution, Mario Rehayem, said the ASX-listed specialist lender prides itself on catering to segments of the market that are under-serviced, by providing “first-class service, flexible products and a common sense approach to individually assessing loans.”
“We hear from our brokers every day that they still pick providers based on their service offering, over and above commission or pricing,” Mr Rehayem said.
“Brokers will find our promotional rates appealing as it means their self-employed clients can benefit from a prime home loan that allows purchases, non-genuine savings, debt consolidation and cash out with market leading turnaround times.”
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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