Pepper Flexi Advantage PLUS is designed for customers who, due to previous defaults or credit impairment, are unable to secure a home loan through a bank or a prime lender.
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.
With the Pepper Flexi Advantage PLUS applications from borrowers who have had up to 2 defaults in the last 12 months are considered, as well as up to 2 months current mortgage arrears*.
- No Lenders Mortgage Insurance (“LMI”) required
- No limit on the number of debts that can be consolidated
- Unlimited number of defaults, judgements or writs registered >12 months prior to application accepted (paid or unpaid)
- Up to 2 defaults registered <12 months prior to application accepted (paid or unpaid)
- 2 months current mortgage arrears accepted
|Maximum Loan Amount||
$1,000,000 (up to 70% LVR)
$750,000 (up to 80% LVR)
|Maximum Loan To Value Ratio||80%|
|Loan Term||10 to 40 years|
|Credit History||Any number of defaults or judgements registered >12 months prior to application, paid or unpaid. Up to 2 defaults registered <12 months prior to application and 2 months current mortgage arrears allowed|
|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(categories 1 & 2) up to a maximum land size of 25 acres (10 hectares)|
|LVR||Interest Rate||Comparison Rate|
|Up to 65%||7.59%||8.04%|
|>65% up to 70%||7.84%||8.29%|
|>70% up to 75%||8.14%||8.62%|
|>75% up to 80%||8.49%||9.01%|
** Rates are correct as at 13 May 2013 and subject to change at any time
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.