Pepper Flexi Advantage is designed for customers who, due to restrictive credit criteria, are unable to meet the lending criteria of banks and mortgage insurers.
This home loan makes it easier for borrowers to purchase or refinance their home or investment property, consolidate their debts, or raise working capital for business purposes.
Pepper Flexi Advantage also offers solutions for customers who have had minor credit problems or who lack the minimum 5% genuine savings required by banks and mortgage insurers*.
*Approval is subject to Pepper’s lending criteria.
Key Features
- No Lenders Mortgage Insurance (“LMI”) required
- Adverse credit (paid or unpaid) registered over 12 months prior to application is considered
- No limit on the number of debts that can be consolidated
- Available for refinance (including refinance of non-conforming, private and solicitor loans)
- One month’s current mortgage arrears (providing no missed payments in the last three months) is considered
| Maximum Loan Amount |
$1,500,000 (up to 70% LVR) $1,000,000 (up to 80% LVR) $750,000 (up to 90% LVR) |
| Maximum Loan To Value Ratio |
90% for purchases only 85% for all other loans |
| Loan Term | 10 to 40 years |
| Credit History | Any number of defaults or judgments registered 1 year prior to application, paid or unpaid, and 1 month’s current mortgage arrears providing no missed payment in the last 3 months |
| Loan Purpose | Purchases or re-finance of owner occupied and investment properties, working capital for business purposes and debt consolidation |
| Income Documentation (PAYG) | Last 2 pay slips plus either a letter of employment or latest group certificate |
| Income Documentation (Self Employed) | Last 2 years tax returns plus last two years tax assessment notices |
| Acceptable Securities | Residential securities in major cities and towns up to a maximum land size of 25 acres (10 hectares) |
| Redraw | Minimum $1,000 |
Interest Rates
| LVR | Interest Rate | Comparison Rate |
|---|---|---|
| Up to 65% | 8.60% | 9.05% |
| >65% up to 70% | 8.80% | 9.25% |
| >70% up to 75% | 8.99% | 9.48% |
| >75% up to 80% | 9.20% | 9.72% |
| >80% up to 85% | 9.40% | 9.96% |
| >85% up to 90% | 10.50% | 11.08% |
All Comparison Rates are calculated on the basis of secured credit of $150,000 over a 25 year term. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.