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Non-bank takes aggressive stance on rates

Staff Reporter 4 minute read

Jessica Darnbrough

Pepper today revealed that it will only hike its rates by 25 bps - in line with the RBA's rate increase last Tuesday.

Since then however, most lenders have kept quiet about their rate decisions, with many still saying rates are “under review”.

Yesterday however, Pepper decided to break its silence and declare its stance on rates.

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According to the lender’s most recent broker update, the interest rates on both Pepper Flexi Advantage and the Pepper- Self Employed Advantage products will increase by just 25 per cent for all new applications and loans not yet settled.

Following last week's rate hike, Advantedge’s general manager, lending – distribution Brett Halliwell said the timing is perfect for mortgage managers, and the non-bank sector in general, to increase its market share, as consumer satisfaction towards the majors hits an all time low.

“Borrowers are becoming increasingly aware of the banks’ grip on mortgage lending and this is beginning to reflect in the business that is starting to flow back to the non-bank sector. Recent concentration in the market towards banks is no doubt opening up new prospects for non-banks,” Mr Halliwell said.

“We see this as a major opportunity for mortgage managers, and Advantedge is in a strong position to support its partners at a time that the market is opening up.”

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