1. Pricing. The new lower pricing is detailed in the attached rate card. We have cut costs and margin so that on a like for like basis, we now provide more competitive pricing than Pepper Retail. However, there are some key aspects to the pricing you need to be aware of:
a. Differential value proposition to Pepper retail - We retained the best parts of our pricing approach, risk fees only payable on higher LVR loans.
b. Process efficiencies means our customers save - Rates are now considerably cheaper. Pricing is now on a like for like basis lower than Pepper Retail. This means for just about any scenario we can offer a lower cost solution to that of Pepper Retail, in Near Prime and Specialist, this means that either:
- The client pays no risk fee savings considerably in upfront fees, plus we have substantially reduced rates.
- If the client pays a risk fee their rate will be lower than Pepper Retail.
- We can even offer special pricing for a client that would otherwise not pay a risk fee, but is focused solely on rate.
If you are up against a broker that is offering a Pepper retail product, you will be able to offer a lower cost solution irrespective of LVR.
c. The new pricing is available along with a standard commission payable of 0.715% (GST inc) Upfront Commission and 0.165% (Gst inc) trail across the range. Our new rate card is attached for your reference.
2. New Special Offer. To celebrate the relaunch, we are pleased to be able to announce a new special offer on the Renew Near Prime product range. For new applications from now through to 6th July 2018 we are introducing a new $0 upfront fee promotion. The following fees will be waived on the Renew-Near Prime loans (excluding construction loans):
- Establishment Fee
- Title Protection Fee
- Legal Fees
* For non-standard applications, prestige or multiple security deals, some fees may be payable.
But to access this new pricing and special offer, you will need to be aware of the new process. Good thing is initial submission is unchanged.
3. New process. Initial loan submission process unchanged, but you will be dealing directly with the funder (Pepper White Label) for these loans. To ensure your customer access the correct products, you will need to follow the new process which is effective immediately:
a. Loan submission via Apply on-line and use of the Group Lending - Resi forms remains the same.
b. Within 1 business hour of the apply on-line submission and supporting documentation being received, files are transferred directly to Pepper for assessment and processing (which includes valuation and credit file ordering and solicitor's instructions).
c. For the renew - restart product range only, the funder, Pepper will be in direct contact, but if you need to request information for file updates, you should contact email@example.com or call 1800 737 737.
d. Initially Apply on-line back channel messages will not be enabled, however, you will receive directly from the funder the following milestones:
- Requests for more information
- Conditional Approvals
- Formal Approvals
Once solicitors are instructed, they will also provide you with updates on progress towards settlement.
Any questions, please don't hesitate to ask the team.
Click here to download the information in PDF format.