Pepper takes into account a borrowers full financial picture, helping them to refinance home loans at more favourable rates.
Pepper Money offers a unique and diversified portfolio of financial services, specialising in the core disciplines of Lending, Advisory and Asset Servicing across residential and commercial property sectors.
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Pepper Money Home Loan Products
The Pepper Advantage home loan is designed for those who are unable to meet the criteria set by banks and other lenders. Even those with bankruptcies and defaults may qualify for this loan. The Advantage loan features a variable interest rate and no mortgage insurance requirement.
The Pepper Easy loan is for those who have had credit troubles in the past, but not within the last two years. This loan has a variable interest rate and includes an offset account to help borrowers save on interest. Customers have the option of splitting the loan into smaller parts.
The Pepper Essential loan is for those with clear credit histories but who require alternate income verification methods. The loan has a variable interest rate, and borrowers are free to redraw from the repaid amount. A 100-percent interest offset sub-account is also included.
What is refinancing your house?
Refinancing your house is when you take out a new mortgage – either with the same or different provider – to replace your old one. this means you’re essentially using the terms of your new home loan to pay out your previous one.
Does refinancing lower your monthly payment?
If you switch to a home loan with a longer mortgage term, this would mean your monthly payments are lower – but it will take longer to pay off your loan. However, you can also reduce your interest repayments by switching to a shorter term with a lower interest rate.
Does refinancing affect your credit?
Yes, refinancing can affect your credit score in both positive and negative ways. When you apply for your new home loan, this will show up as a credit enquiry on your report which can give your score a hit. However, if refinancing allows you to consistently make your repayments on time or pay off your mortgage faster, it will have a positive impact on your score in the long-term.
How much can I borrow when refinancing?
When refinancing, most lenders will allow you to borrow up to 80% of your property’s current value, as assessed by our LVR (loan-to-value-ratio).
When should you consider refinancing?
If you can gain access to an interest rate at least 1% lower than your existing one, still have many years left on your mortgage, are in good financial standing and can easily afford the costs, it may be worth considering refinancing.
Can I take equity out of my house without refinancing?
Yes, you can also access the equity of your property through cash out refinancing or a home equity loan.
How long is the process of refinancing a house?
A standard refinancing process takes between two to four weeks. However, some lenders offer a fast track refinancing process that takes about two days. The purpose of this is to incentivise you to make a quick decision, so be sure to check that there’s no unexpected fees or loopholes involved!