Pepper’s deal conversion tool reaches 1,000 users

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.

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]