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One specialist lender has just announced that 65 basis points have been cut from its suite of home loan products.
Following the Reserve Bank’s decision to cut the official cash rate by 25 basis points, and its own recent significant rate reductions across its Pepper Advantage and Pepper Easy product suites, Pepper is again announcing further cuts.
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Effective Monday 11 May 2015, this latest rate reduction will see the lender’s prime, near-prime and specialist range of products, cut by up to 0.65 per cent.
Brokers will now be able to access Pepper’s Essential suite of prime home loans offering rates from as low as 4.24 per cent for full-doc loans and 4.74 per cent for alt-doc loans.
For a Pepper Essential full-doc loan with an LVR of up to 85 per cent, the rate is 4.99 per cent, and there is no lender risk fee or third-party LMI approval required, making it a compelling offer to borrowers who lack non-genuine savings and/or cannot meet LMI criteria.
For its suite of Pepper Easy near-prime loans, the lender is offering rates from as low as 5.49 per cent for full-doc loans, and has cut rates by up to 60 basis points across its entire near-prime range.
Mario Rehayem, director of sales and distribution for Pepper, said this latest rate cut across the lender’s suite of loan products is just another reason why brokers should pick Pepper for their clients’ lending needs.
“Following the RBA’s decision to lower the cash rate earlier this week, we have reduced our rates again across our prime, near-prime and specialist loans,” Mr Rehayem said.
“This latest round of cuts to our rates represents the third round of reductions we have made to our products in 2015, despite the RBA only reducing the cash rate twice. This demonstrates that we remain dedicated to providing competitive and flexible home loan products to brokers and their clients.”
