Pepper Home Loans’ acquisition of GE Money’s $5 billion residential mortgage portfolio will allow the non-bank to dip its toes into the prime lending space.
Speaking to The Adviser, Pepper’s managing director Patrick Tuttle said the acquisition would give the non-bank lender the chance to stretch its wings beyond specialist lending, where the lender has primarily focused itself in the past.
“We are going to look at niche segments of the prime market where there have been certain groups of borrowers that have effectively been disenfranchised through the GFC and tighter lending criteria,” Mr Tuttle said.
“We will be looking to create a suite of products that extends on what we have already got and hopefully provide more choice for consumers away from simply the major banks.”
Mr Tuttle also said the lender would be keen to look at further acquisition targets down the track.