Your really helpful home and construction loan application guide
Throughout this guide, we'll provide you with helpful tips on common ways applications can get stuck and how to avoid them.
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Pre submission
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Submission
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Post submission
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Assessment
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Post assessment
This section sets out key steps you need to take in preparing to submit an application to us.
Scenarios
Looking for a solution for your client’s scenario? Talk to your BDM to see if we can help. Alternatively, you can send us the details using the Scenario Form on our Broker Hub.
In our world, there are always exceptions. For scenarios that don’t fit our standard credit policy, always speak to your BDM.
Product Selector
Know where your client stands, fast.
To see if we can help, jump online, answer a simple set of questions about your client’s current situation, and we’ll combine that with their credit score to work out the home loan product that fits. All with no impact on their credit score.
If all the information provided is correct and verified, then so are the rates and fees in the indicative offer. It’s your 24/7 digital BDM.
Upfront valuations
Did you know you can order an upfront valuation using PropertyHub? It will select the quickest valuation, including AVMs and desktops based on the security, lending purpose, and application data entered. When ordering a valuation, make sure you:
- Use an estimated market value and loan amount
- Only complete the ‘Do any of these apply?’ section that applies to purchase valuation requests.
- New to ordering valuations? Here’s a handy guide from Cotality (previously CoreLogic).
Upfront valuation fees will reduce the establishment fee by up to $500 (excluding construction), which is paid at settlement.
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Prime
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$599
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Near Prime Clear
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$995
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Near Prime
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$995
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Specialist
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$995
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Specialist Plus
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$995
In most cases, you’ll start the application in your aggregator’s CRM while working with your client to choose the right lender.
Once Pepper Money is your client’s preferred lender, simply progress the application from your CRM into ApplyOnline to keep things moving.
Access Seeker Report
To reduce errors and cut down rework, you can order a credit report for each applicant, before applying. The Access Seeker Report helps you to understand your client's financial situation, by providing a detailed credit report, credit summary and confirmation of declared data with your client’s credit history. This is all at no cost and with no impact on your client’s credit score.
You can request the Access Seeker report in the Financial Passport section of ApplyOnline. Just make sure you get your client’s written consent before ordering.
Verifying your client’s identity
There are a few ways you can verify your client’s ID. Here are the two most common options:
NextGenID
You can use our digital ID solution, NextGenID, in ApplyOnline. It’s a secure and efficient way to manage the verification process.
What if my client can’t use NextGenID?
Don’t worry, they may be able to use our Customer Identification Form, which can be completed for in-person interviews. We’ll need at least one of the following forms of ID:
- A valid Australian passport (preferred option)
- Australian driver’s licence
- Australian proof of age card
- Overseas passport
Supporting documents
Make sure you’ve included all the minimum document requirements needed to assess your client's application. The dynamic checklist in ApplyOnline will tell you everything you need to include.
If your client is using Alt Doc forms to verify their income, try our AltDoc Xpress option. It allows you to set up a digitally managed process for completion of the Declaration of Financial Position and Accountant’s Letter, giving you greater control and speedy turnaround times. Check it out
To speed up the process even more, we recommend loading your documents using the Document Tab functionality in ApplyOnline.
It’s better than emailing - here’s why:
- It’s faster: no waiting for us to upload them.
- It’s the secure way to send your docs with 2-factor authentication
- It has a 100% delivery rate: you can have confidence that we have your docs
Once you’ve hit submit, we’ll do a check to make sure everything is there. If the minimum documents are all there, it will hit the credit queue the next business day.
Always add your broker notes:
Tell us your client’s story and what they’re looking to do, so we can get a good understanding of who they are and why this deal is important to them. We’ve included some prompts to help you get started.
Your client's situation
- Details about the scenario
- Reason for default/late payments (if applicable)
- How does this loan put them in a better position?
- What are they looking to do with the cash out (if applicable)
About the clients and
for SE about their business
- The client's/company's background.
- The transaction and what they would like to do
- How did they start the new business?
- Where do they trade?
- Office locations? If no office, why?
Your client's income
- Where do they work/what do they do?
- Are they full-time, part-time, or casual?
- How many hours do they work a week?
- Do they get paid any allowances, overtime, or bonuses, etc?
- How is their income calculated?
This section sets out how to can track your application from submission to settlement.
Tracking the progress of your application
It’s easy to keep track of your application because we’ll update you at every key stage using a combination of email, SMS, and back channel messages. Here’s an overview of what to expect from the process:
Settlement and loan doc tracking
Our solicitor partner, Galilee, has a broker portal that allows you to track your application up to settlement. You can also use it to provide any outstanding documents or requirements directly.
This section sets out key steps you may need to get to final approval.
Conditional approval stage: what to expect
If your client’s application is conditionally approved, we’ll send you an SMS and email letting you know. The email will contain things like the loan information and conditions. We’ll also share the details of your credit assessor so you can discuss questions you might have – with them directly.
At the conditional approval stage, you might need to:
What if you have to rework your deal?
With us, you don’t need to edit and resubmit the deal in ApplyOnline. You can send us your instructions to brokerassist@pepper.com.au.
Order a valuation
PropertyHub will select the quickest valuation, including AVMs and desktop, based on the security, lending purpose, and application data you enter. When ordering a valuation, please ensure you:
- Use an accurate ‘estimated market value’ and ‘loan amount’, and
- Only complete the ‘Do any of these apply?’ section where appropriate for purchase valuation requests.
- New to ordering valuations, here’s a handy guide from Cotality (previously CoreLogic)
Escalation requests
Your client’s application will need to meet all of the following criteria to be escalated:
- Cooling off or finance due is within the current SLA (for final approval only, not for new assessment)
- The settlement date is less than 10 business days
- Conditional approval has already been issued
- Valuation is on file
- All outstanding conditions on file
If the loan meets the above criteria and needs to be escalated, head here.
Final approval stage: what to expect
If your client’s application is approved, we’ll send you an SMS and email letting you know. The email will contain all the information you need to progress to settlement.
At the final approval stage, we recommend reviewing settlement conditions. Here are some common ones you might need to satisfy:
- Make sure you send us a copy of the certificate of currency for the client’s home insurance.
- For refinances, make sure the other lender is ready to discharge the loan, and that we have the Discharged Authority on file.
- For purchases, ensure the conveyancer and client have organised the funds to complete before settlement (as we’re not an ADI, we can’t hold funds to complete).
- If a FIRB certificate is required, ensure you provide it to the conveyancer/solicitor before settlement.
- For construction loans, make sure that all deposit receipts have been supplied to us.
From there, we’ll engage our panel solicitors, check out our Broker Hub for when your clients can expect to receive their loan docs.
This section sets out key steps you may need to get to settle the loan.
Getting your loan docs sorted
90% of loan documents are sent electronically by Kwil. To help clients with signing, you can also use Kwil to access a copy of their loan documents.
From there, our panel solicitor will review the documents to make sure everything checks out. If it does, the loan will be made ready to book.
Settlement
Once the loan has settled, we’ll let you know by SMS and back channel message.
To ensure settlement goes smoothly, make sure you satisfy all the conditions before the deal is ready to book. Here are some common ones:
- Make sure you send us a copy of the certificate of currency for the client’s home insurance.
- For refinances, make sure the other lender is ready to discharge the loan, and that we have the Discharged Authority on file.
- For purchases, ensure the conveyancer and client have organised the funds to complete before settlement (as we’re not an ADI, we can’t hold funds to complete).
- If a FIRB certificate is required, ensure you provide it to the conveyancer/solicitor before settlement.
- For construction loans, make sure that all deposit receipts have been supplied to us.
Need to speak to someone? You can contact us at settlements@pepper.com.au
Post-settlement
We’ll send you an email that contains details about what your client can expect from us.
24 - 48hrs: Your client will also receive a call and welcome email, which includes details of their account number, repayment amount and schedule, and details of how to set up their my.peppermoney online portal access, where they can manage their loan.
Day 5: We’ll send a welcome letter to their chosen address/es.
