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*.
Key Features
- No Lenders Mortgage Insurance (“LMI”) required
- Unlimited number of defaults, judgements or writs registered over 12 months prior to application is accepted (paid or unpaid)
- No limit on the number of debts that can be consolidated
- Available for refinance (including refinance of non-conforming, private and solicitor loans)
- <1 months current mortgage arrears at application within the last 6 months is considered
- Maximum loan amount now up to $2,500,000
| Maximum Loan Amount |
|
||
| 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 judgements registered 12 months prior to application, paid or unpaid, and <1 months mortgage arrears at application within the last 6 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, latest group certificate, tax assessment notice or 3 months bank statements | ||
| 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 | Standard Rate | Comparison Rate | Jumbo Loan Rate | Comparison Rate |
|---|---|---|---|---|
| Up to 55% | 6.74% | 7.11% | 7.80% | 8.25% |
| >55% up to 65% | 6.84% | 7.21% | 7.80% | 8.25% |
| >65% up to 70% | 7.34% | 7.78% | 8.10% | 8.55% |
| >70% up to 75% | 7.60% | 8.08% | 8.35% | 8.83% |
| >75% up to 80% | 7.80% | 8.31% | 8.74% | 9.26% |
| >80% up to 85% | 8.35% | 8.90% | N/A | N/A |
| >85% up to 90% ^ | 9.50% | 10.06% | N/A | N/A |
** Rates are correct as at 13 May 2013 and subject to change at any time
^90% LVR for purchases only
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.
*Approval is subject to Pepper’s lending criteria.