The Pepper Self-Employed Advantage PLUS home loan makes it easier for self-employed borrowers with previous defaults or credit impairment to purchase or refinance their home or investment property, consolidate their debts, or raise working capital for business purposes.
At Pepper, we understand it’s sometimes challenging to provide all the paperwork necessary to document a borrower’s income – for example, the last two annual tax returns and income tax assessment notices may not be available at the time of application for a loan. Pepper’s alternate income documentation process is designed specifically to meet the unique needs of self-employed or small business owners who are unable to provide the income documentation required by traditional lenders and mortgage insurers*
With the Pepper Self-Employed Advantage PLUS applications from borrowers who have had up to 2 defaults registered more than 12 months ago are considered, as well as up to 2 months current mortgage arrears.
Key Features
- No Lenders Mortgage Insurance (“LMI”) required
- Simplified paperwork. No BAS statements required
- Available for refinance (including refinance of non-conforming, private and solicitor loans)
- Unlimited number of defaults, judgements or writs registered >24 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 75% LVR) |
| Maximum Loan To Value Ratio | 75% |
| Loan Term | 10 to 40 years |
| Credit History | Any number of defaults or judgments registered 24 months prior to application, paid or unpaid. Up to 2 defaults registered 12 months prior to application and 2 month’s current mortgage arrears allowed |
| 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 |
|
| 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% | 7.69% | 8.14% |
| >65% up to 70% | 8.04% | 8.52% |
| >70% up to 75% | 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.