The Pepper Easy alternative documentation home loan is ideal for the self-employed or small business owner looking to buy or refinance their home or investment property and obtain cash out for business purposes at the same time.
Offering a competitive rate and flexible features, Pepper Easy is designed to meet the changing needs of the self-employed borrower who doesn’t always have traditional forms of income verification such as their latest tax return.
Key Features
- No Lenders Mortgage Insurance (“LMI”) required
- Simplified paperwork.
- Unlimited defaults, judgements or writs when registered >36 months prior to application (paid or unpaid)
- Defaults under $1,000 ignored
- Unlimited cash out up to an LVR of 80% for acceptable purposes including renovations, business use and payout of ATO debts
Full Doc
| Maximum Loan Amount |
$1,250,000 (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, judgments or writs registered >36 months prior to application, paid or unpaid. |
| Loan Purpose | Purchase or refinance of owner occupied and investment properties. Finance also available for a variety of purposes, including payment of ATO debts and purchase of business equipment |
| 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) |
| Redraw | Minimum $1,000 |
Interest Rates **
| LVR | Interest Rate | Comparison Rate |
|---|---|---|
| Up to 65% | 6.74% | 7.11% |
| >65% up to 80% | 6.80% | 7.24% |
| >80% up to 85% | 7.70% | 8.18% |
| 85% up to 90%^ | 8.15% | 8.66% |
** 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.
Alt Doc
| Maximum Loan Amount |
$1,250,000 (up to 80% LVR)
$650,000 (up to 85% LVR) |
| Maximum Loan To Value Ratio |
85% for purchases only 80% for all other loans |
| Loan Term | 10 to 40 years |
| Credit History | Any number of defaults, judgments or writs registered >36 months prior to application, paid or unpaid. |
| Loan Purpose | Purchase or refinance of owner occupied and investment properties. Finance also available for a variety of purposes, including payment of ATO debts and purchase of business equipment |
| Income Documentation |
ABN registered for 24 months GST registered for 12 months Declaration of Financial Position; plus one of the following:
|
| Acceptable Securities | Residential securities in major cities and towns (categories 1 & 2) 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% | 6.74% | 7.11% |
| >65% up to 80% | 6.90% | 7.34% |
| >80% up to 85% ^^ | 8.00% | 8.49% |
** Rates are correct as at 13 May 2013 and subject to change at any time
^^85% 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.