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Pepper Money launches digital alt doc platform

7 minute read
Barry Saoud

The new digital workflow platform aims to overhaul the traditionally manual alt doc lending process between clients, brokers, and accountants.

Non-bank lender Pepper Money has launched AltDoc Xpress, a digital platform aimed at speeding up and simplifying alternative documentation (alt doc) lending for self-employed borrowers.

Said to be a ‘market-first digital workflow’, the proprietary tool is designed to replace the traditional paper-based and manual process with a more streamlined, digital process.

Specifically, AltDoc Xpress lets brokers initiate alt doc applications, customers verify and supplement their financial details, and accountants digitally complete and return required documentation within one platform.

 
 

AltDoc Xpress also notifies relevant parties when each step is completed.

Pepper Money said the platform will help brokers manage the Declaration of Financial Position and the Accountant’s Letter for self-employed clients digitally, reducing the need for verification calls.

Once all the digital forms are completed, they can be downloaded and attached to applications via the lodgement system ApplyOnline.

This could save time, reduce friction, and enhance the overall experience for brokers, clients, and accountants, the company claimed.

Pepper Money said the new platform has already generated strong interest from brokers, with early feedback highlighting the benefits of reduced paperwork and back-and-forth communications, faster processing, and a more professional experience for clients.

Brokers can access AltDoc Xpress – which can be used for both Pepper Money and white label partner applications – via Pepper Money’s Broker Hub.

The lender said AltDoc Xpress was part of its commitment to making lending processes simpler, faster, and more secure.

Barry Saoud, Pepper Money general manager, mortgages and commercial lending, commented: “At Pepper Money, we’re always looking for helpful ways to make lending more accessible and efficient, especially for the self-employed segment.

“This is more than just a tech upgrade – it’s a game-changer for the self-employed segment.

“By digitising a historically manual process, we’re giving brokers greater control, improving turnaround times, and enhancing the overall experience for all parties involved.

“It’s a clear example of how we’re delivering on our promise of ‘really helpful’ lending by making complex processes simpler, faster, and more secure.”

Pepper Money’s platform launch follows broader company alt doc loan growth. In February, Pepper Money CEO Mario Rehayem told The Adviser that product diversification had helped fuel ‘significant growth’ across investment and alt doc lending.

Several lenders have also been tailoring their self-employed offerings in recent months, including the major banks.

This week, Westpac became the latest big four bank to tweak its offering for self-employed borrowers to attract more business from the sector, introducing an option for borrowers to provide one year of financials for income verification (rather than two).

[Related: Pepper Money reports sustained growth in mortgage originations]

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Will Paige

AUTHOR

Will Paige is a senior journalist at mortgage broking title, The Adviser.

He writes news and features about the Australian broking industry and property market, reporting on regulation, lending trends, banking and emerging technology.

Before joining The Adviser in 2024, Will covered M&A and debt financing news at London-based publication TMT Finance. He has previously written about business and finance news for a variety of media brands including Insider Intelligence, The Sunday Times Fast Track and Alliance News. 

Contact Will at: william.paige@momentummedia.com.au.

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