What's New at Pepper Money

broker talking to her client

Posted: 11-06-2024

Brokers play such a vital role in helping everyday Australians. So, we want to ensure you know all the options available to help your clients and business succeed.

We’ve made some changes to our policies. To help you get up to speed, here’s a summary of our latest changes—because having options can make all the difference.

Income verification

Only one form of income verification is required for our Prime Alt Doc home loan option. Income verification options:

  • Accountant’s Letter
  • BAS
  • Business Bank Statements

Max loan amount

We’ve increased our max loan amount for both our Prime Alt Doc and Full Doc home loan options. Your clients can borrow up to:

  • 80% LVR for loans up to $1.5 million for Category 1 and 2 locations on our Prime Alt Doc option.
  • 80% LVR with a max loan amount of $2 million on our Prime Full Doc option.  

Max LVR 

The max LVR for our Prime Alt Doc home loan option is now 85% for purchases. The following loan limits apply, based on security locations: 

  • Up to $1.25 million in Sydney and Melbourne.
  • Up to $1 million for other Category 1 or 2 locations.
  • Category 3 and 4 locations aren’t available.

Vacant land 

  • Now available on Near Prime Clear Alt Doc and Near Prime Alt Doc home loan options.
  • Max LVR for vacant land is now 80% for Category 1 and 2 locations.

Tax Debt

Can now be consolidated and paid out on our Near Prime Clear home loan option – no matter the status.  

Private and solicitor debts

Can now be considered under the Prime home loan option. 

Servicing calculator 

We’ve updated our servicing calculator to include: 

  • New ATO tax rates, effective 1 July 2024. 
  • Increased limits to employer super guarantee, and caps on concessional and non-concessional contributions.
  • To simplify income calculations for self-employed applicants, our servicing calculator now includes worksheets relating to their income, including BAS and Business Bank Statements calculations.

All Applications are subject to credit assessment, eligibility criteria and lending limits. Terms, conditions, fees, and charges apply.

©Pepper Money Limited ABN 55 094 317 665; AFSL and Australian Credit Licence 286655 (“Pepper”). All rights reserved. Pepper is the servicer of home loans provided by Pepper Finance Corporation Limited ABN 51 094 317 647. 

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