Pepper Advantage Full Doc Home Loan
Now you can apply for a home loan even if you're credit impaired with the Pepper Advantage Full Doc Home Loan.
This home loan is available to those with credit file issues, including paid and unpaid defaults registered over a year prior to applying, and mortgage arrears in some cases.
Marc Terrano is a lead publisher and growth marketer at Finder. He has previously worked at Finder as a publisher for frequent flyer points and home loans, and as a writer, podcast host and content marketer. Marc has a Bachelor of Communications (Journalism) from the University of Technology Sydney. He’s passionate about creating honest and simple reviews and comparisons to help everyone get value for money.
This home loan is suitable for refinancing, debt consolidation, and purchasing an investment property. Loan amounts range from $50,000 to $2,500,000 and, subject to loan size restrictions, borrowers can borrow up to 95% loan to value ratio (LVR) for residential purchases while the LVR is 85% for all other loan purposes. This loan offers repayment options of having interest-only repayments for a maximum of five years, as well as principal and interest repayments.
- Unlimited number of paid or unpaid defaults, judgments or writs which have been registered over 12 months before applying (this loan doesn't consider borrowers with defaults registered within 12 months of applying)
- Up to a month in mortgage payment arrears at application (within the past six months)
- Discharged bankrupts are considered (from one day)
About this loan
What are the features and benefits of the Pepper Advantage Full Doc Home Loan?
- Loan amount. The minimum loanable amount is $50,000 with a maximum of 40, subject to LVR limitations.
- Loan to value ratio (LVR). The maximum loan to value ratio for purchases is up to 95% and 85% for other loan purposes, subject to loan size restrictions.
- Debt consolidation. There is no limit as to the number of debts that may be consolidated with this loan.
- Loan term. The loan's minimum term is 10 years with a maximum of 40 years.
- Redraw facility. You can redraw additional amounts paid in a minimum amount of $1,000 for manual redraws and $1,000 online.
- Additional funds option. You can apply for additional funds if your loan has been settled for at least six months and all repayments have been made on time.
- Repayment options. You can choose to pay weekly, fortnightly or monthly and additional repayments free of charge. Interest-only repayments are available for a maximum of five years and payments during an interest-only period must be made monthly.
- Lender's Mortgage Insurance (LMI). No third party lender's mortgage insurance approval is required with this loan.
- Accessibility. You can access your funds easily through BPAY, internet or phone banking.
What fees and charges come with this loan?
- Redraw fee: $0. There's no fee for redrawing your additional funds with this loan.
- Establishment fee: $995 This is to cover the cost of setting up your accounts.
- Monthly administration fee of $15 per month: This fee is charged for the maintenance of your accounts.
- Discharge fee: . This amount is collected after you pay the entire loan and can include administrative costs involved in the preparation of necessary exit documents.
- Mortgage Risk Fee. This fee starts from 0.75% of the loan amount. The applicable fee will depend on your LVR.
- Legal Fees: $440. There will be legal fees of approximately $440 to pay.
- Title Protection Fee: $400.
How to apply
Make sure you satisfy these two basic requirements:
- Age. You must be at least 18 years old.
- Residency or citizenship. You must be an Australian citizen or a permanent resident in Australia (some temporary visas may be accepted).
In addition, you need to present the following documents:
- Latest two pay slips. This is for income verification purposes.
- Supporting documents. You need to submit either a letter of employment, tax assessment notice, latest group certificate, or latest three months bank statements.
With the Pepper Advantage Full Doc Home Loan, a lot of features and options are there for you to enjoy and choose from.
Home Loan OffersImportant Information*
Up to $3,000 refinance cashback. A flexible and competitive variable rate loan. Eligible borrowers refinancing $250,000 or more can get $2,000 cashback per property plus a bonus $1,000 for their first application. Other conditions apply.
Up to $4,000 refinance cashback With this competitive variable rate loan from St.George, refinancers borrowing $250,000+ can get up to $4,000 cashback and borrow up to 80% of the property's value (terms, conditions & exclusions apply).
A competitive variable rate mortgage for owner occupiers $0 application and $0 ongoing fees. This interest rate falls over time as you pay off the loan.