Pepper has said it now offers the “complete suite of home loans” after launching its first prime mortgage product.
The new Pepper Essential product will avoid credit scoring and instead assess all applications manually, the non-bank lender said.
Another feature is the absence of third-party assessments, so brokers can be confident that any loan approved by Pepper will be written, the company claimed.
Applications that fail the Pepper Essential criteria will be assessed for a near-prime or specialist solution. The lender will also provide same-day turnarounds for applications lodged before 1pm, or 12pm in Western Australia, according to Pepper.
The firm’s director of sales and distribution, Mario Rehayem, said Pepper Essential would give brokers the tools to service a broader range of borrowers.
“In 2013, over two thirds of new Pepper customers had a ‘clean’ credit history. Whenever I present this stat it always gets the attention of brokers as many of them still perceive that specialist lending is only about credit impairment,” said Mr Rehayem.
“Pepper Essential is the perfect opportunity for brokers who have never dealt with Pepper to give us a go, experience our first-class service, and learn about how we can help more of their clients.”