All Pepper home loan products are available through a network of accredited mortgage brokers. Pepper actively supports its accredited mortgage brokers through specialty lending training programs and ‘on call’ support through Pepper’s Business Development Managers and the Mortgage Consultant team.

Pepper’s accredited brokers are required to hold an Australian Credit Licence (“ACL”) or be an Authorised Credit Representative (“ACR”) of a credit licensee, be members of a Pepper accredited Aggregator group, be a member of key industry bodies such as the Mortgage and Finance Association of Australia (“MFAA”) or the Finance Brokers Association of Australia (“FBAA”) and an ASIC approved External Dispute Resolution (“EDR”) scheme with either the Credit Ombudsman Service Limited (“COSL”) or the Financial Ombudsman Service (“FOS”). 
These accreditation practices ensure every Pepper accredited mortgage broker is equipped to cater to clients with specialty lending needs and act in the best interest of their customers. To find the best Pepper home loan for you, please refer to the MFAA website to find a broker in your area.









Pepper’s Mortgage Process




Pepper understands how exciting it can be to purchase a property, yet at the same time how daunting the process of applying for a home loan can be, especially if it is your first one. We make the entire process as simple and quick as possible for you and your broker. In fact, we guarantee a decision within 48-hours of receiving an application.




How does the Pepper application process work?






1. Borrower meets with their broker

Borrower contacts accredited Pepper mortgage broker to discuss loan requirements, financial situation and to determine best mortgage solution.

2. Submit home loan application

Mortgage broker assesses borrower’s situation and, if the Pepper home loan product is not unsuitable to the borrower’s requirements, submits application to Pepper on behalf of client. The application is submitted on-line (electronic lodgement) or by fax or mail.

3. Processing of application

Application is processed in the Pepper system and a member of the processing department will contact the broker within two hours to advise them the loan application has been processed.

4. Initial assessment

A member of Pepper’s underwriting team completes the initial assessment of the application and a result is provided to the broker within 48 hours of the application being submitted. If the application is approved, the loan will be issued an Approval in Principle (“AIP”). An AIP means that the application is conditionally approved subject to the conditions listed in the AIP. Once the conditions within the AIP are fulfilled and a valuation is completed to Pepper’s satisfaction, the application will move to the final assessment stage. If the application is unsuccessful, it means that Pepper is unable to assist with finance based on the details supplied in and accompanying the application.

5. Payment of application fee

If the borrower is happy to proceed with their application once the AIP has been given, they will need to supply Pepper with the application fee (the fee amount can discussed in more detail with the mortgage broker). Once Pepper receives this fee then the valuation can be ordered. In the meantime the borrower should work on collecting any additional documentation required by Pepper’s underwriting department. Additional documentation can be supplied to Pepper through the mortgage broker at any time.

6. Final valuation and assessment

Once the valuation has been completed Pepper will notify the mortgage broker of the result and the application will be passed back to the underwriter for a final assessment. The mortgage broker will be notified of the final assessment via fax within five working days. Based on the result of the valuation and also the outstanding documentation the loan may be given a Final Approval (the loan has been approved for finance) or a Decline (unfortunately Pepper will be unable to assist with finance on that application).

7. Settlement

The application is then forwarded to Pepper’s settlement department where Pepper’s solicitors draw up a loan agreement and have it mailed out to the borrower’s nominated address. It is then over to the borrower to organise for the agreement to be signed and returned to Pepper’s solicitors who will then book in settlement.











Questions?




Should you have any queries or require any clarification of the application process please contact your mortgage broker and they will be able to assist you.