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Pepper’s deal conversion tool reaches 1,000 users

by Julianne Leybag4 minute read
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Non-conforming lender Pepper has announced that its ‘market-first’ conversion tool for non-conforming deals has reached 1,000 users since its launch in June.

Earlier this year, the specialist lender launched the Pepper Product Selector, an online conversion tool that allows brokers to see whether their client can fit in any of Pepper’s products and provide an indicative offer under two minutes.

After asking brokers a series of questions, and asking for some client information, the Pepper Product Selector returns a product match, indicative interest rate and associated fees. The tool also completes a broker enquiry with a credit bureau.

After receiving an indicative offer, brokers complete a serviceability check and submit an application, which is assessed by Pepper’s underwriting team.

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Pepper’s director of sales & distribution, Aaron Milburn, noted that more than 1,000 brokers had used the platform since its launch.

“We’re ecstatic to reach 1,000 broker users. To see this tool go from a sketch on paper to a live online customer conversion tool and then to achieve this kind of market penetration — it’s been a terrific success.”

Mr Milburn added that the company’s online conversion tool has attracted a “significant” number of brokers who are relatively new to writing non-conforming business, and is helping to “[blow] the lid off those misconceptions that writing a non-conforming loan is too hard”. 

“The broker is then in a fabulous position to talk to the customer with the confidence of a genuine solution at their fingertips,” Mr Milburn added.

According to Robyn Koski from Evolve Money, while clients usually expect to be offered a home loan with a well-known lender that provides a low rate, the “challenge is getting the client to accept the reality of their situation, which is that they do not meet the criteria to qualify for a mainstream home loan”.

She added that the tool helps “reassure them that there are alternative lenders who specialise in providing solutions for their specific circumstances”.

[Related: Pepper launches ‘revolutionary’ mortgage tools]

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