Pepper Money Advantage Alt Doc Home Loan

Get your home loan application assessed on its merits, not your credit score.

The Pepper Money Advantage Alt Doc Home Loan is available credit-impaired and self-employed borrowers. It has a high maximum loan size, a wide variety of purposes it may be used for and a range of features.

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Review by

Richard Whitten is a money editor at Finder, and has been covering home loans, property and personal finance for 6+ years. He has written for Yahoo Finance, Money Magazine and Homely; and has appeared on various radio shows nationwide. He holds a Certificate IV in mortgage broking and finance (RG 206) and a Tier 1 Generic Knowledge certification (RG 146).

Expert review

Pepper Money is a non-bank lender specialising in helping self-employed borrowers and borrowers who've had some rough patches in their credit history. While Pepper is a homegrown brand, it has expanded to be a global credit provider, with offices in Spain, South Korea, Ireland and the UK.

About this loan

What are the features and benefits of the Pepper Money Advantage Alt Doc Home Loan?

  • Maximum borrowing amounts. You may qualify to borrow up to $2.5 million with this loan, at a maximum LVR of 65%. Higher maximum LVRs are available, but these will come with lower maximum borrowing amounts.
  • Repayments. Repayments can be made on a weekly, fortnightly or monthly basis, and there is no penalty for extra repayments.
  • Up to four loan splits. Splitting your loan can be useful if you have more than one property, more than one borrower or a couple of debts to separate.
  • No third-party lenders mortgage insurance (LMI) approval required. Some lenders require your loan to be covered by third-party LMI, which means your application is subject to approval by the insurer. This isn't the case with Pepper Money as Pepper Money self-insures its home loans. A mortgage risk fee or lender protection fee may be payable instead.
  • Redraw. You can redraw any extra repayments, with a $1,000 minimum redraw amount.
  • Interest-only option. This loan offers interest-only repayment terms of up to five years on loan terms less than 30 years.
  • Refinancing options. A Pepper Money home loan may be used to refinance non-conforming, private and solicitor loans, as well as other loans.
  • Long loan term. Lengthy 10-40 year loan term options are available.
  • Additional borrowing. Borrowers who take out a home loan with Pepper Money can request additional funds just six months into the mortgage.

What fees and charges come with this loan?

  • Establishment fee.$995 To finalise your application, you'll need to pay an establishment fee of $995 which includes one standard valuation charge.
  • Mortgage risk fee. Up to 2% of the amount advanced. This fee is to protect the lender and is a substitute for LMI.
  • Monthly fee. Borrowers need to pay a monthly service fee of $15.
  • Legal fees. $330, plus disbursements to pay to get the legal work sorted on your new loan.
  • Title Protection Fee. $400 per loan.
  • Discharge fee. A discharge fee of $500 is charged when your loan is paid.

How to apply

You can apply for a Pepper Money Advantage Alt Doc Home Loan by clicking on the apply links available on this page.

Credit file requirements

Unlimited number of judgements or defaults which have occurred two years before you apply, whether they are paid or unpaid may be considered. A further two defaults will also be considered if they occurred between 12-24 months ago. You may also qualify if your mortgage is up to two months in arrears. Defaults less than $1,000 will be ignored regardless of the date in which they occurred.

Document requirements

To qualify for this loan, you'll need to satisfy the following conditions:

  • ABN registered for one year
  • GST registered for six months
  • Declaration of financial position

You'll also need to supply one of these three:

  • Six months of business bank statements
  • Six months of Business Activity Statements (BAS)
  • Pepper Money accountant's letter

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    Default Gravatar
    June 9, 2015

    hey, do you guys offer any income protection or loan protection?

      Default Gravatar
      June 12, 2015

      Hi Harry,

      Thanks for your enquiry.

      With the Pepper Advantage Alt Doc home loan, they do offer income protection as an additional product. This is can either be capitalised into your mortgage or it can be paid monthly through direct debit.

      The cost of this income protection will depend on a range of factors including the loan amount and the level of service that you select, among other things.

      It would be best to contact Pepper Advantage directly if you have any further enquiries regarding income protection.

      Kind regards,

    Default Gravatar
    December 8, 2014

    Hi Guys,
    I have recently left Fulltime employment, and taken over an existing business with my son-in-law. The business has been open since August 2011. We took over the business on the 11th of August this year. I get paid a wage of $4700/month through the business, and my wife works elsewhere and gets $500/week.
    The business continues to perform well, but my question is “when can I qualify for a home loan. We have $30,000 in savings, and also an offer of a $15,000 gift from my parents.
    Can you offer any options!!

      December 9, 2014

      Hi 26greco,

      Thanks for your question.

      Most lenders take a conservative approach and would like to see that you’ve been in the same job for 6+ months. It’s advisable in this case to approach a mortgage broker regarding your home loan needs.

      A mortgage broker has access to a database of lenders and would be able to tell you which ones would accept your application based on your employment history.


    Default Gravatar
    July 21, 2014

    Am I able to apply for a self employed advantage plus loan with full documentation?

      July 22, 2014

      Hi Jo,

      Thanks for your question.

      This home loan is designed for the self-employed. Pepper Home Loans also offers a full documentation version, you can read about it on our guide to Pepper home loans. Please ensure to read through the relevant product disclosure statement and terms and conditions to ensure that you got everything covered before you apply.

      I also recommend getting in touch with a licensed mortgage broker. A broker can help you understand your financial position and they can leverage their panel of networks to find a lender that is more inclined to review your application.


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    June 25, 2014

    We have a home loan already and have some debt with ATO we are self employed any ideas if we ask the bank would they decline refinance or should we move some where else

      June 27, 2014

      Hi Leanne,

      Thanks for the question.

      It is difficult for me to say whether or not a bank would decline your application to refinance, as each bank has its own unique lending criteria, which will take into account your income, debts, assets, and credit file. You might want to contact a lender directly to find out more about their lending criteria before applying for a home loan, or alternatively seek the services of a qualified mortgage broker to help you target a bank which may cater to your needs.

      I hope this helps,

    Default Gravatar
    January 22, 2014

    Hi,. My partner & I are on pensions looking to buy our own home, my question is what’s our chances of a home loan approved by you??

      January 23, 2014

      Hello Toni,
      thanks for the question.

      We are a comparison service which allows you to compare different loans, so unfortunately we can’t answer this question ourselves. You may wish to contact Pepper Home Loans directly to discuss their lending options for pensioners.

      I hope this helps,

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