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Pepper Home Loans has beefed up its funding capabilities and is set to re-engage the mortgage broking industry with a new streamlined range of specialist mortgage products.
Pepper’s executive director sales and marketing Duco Sickinghe told Mortgage Business that the two new products are targeted at consumers who have been denied access to housing finance as a result of the GFC.
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The two flagship products include a full income documentation loan (full doc) and an alternative income documentation loan (alt doc).
“These mortgages target a niche market that the big four banks do not. We intend to capitalise on the customers that the ‘big four’ reject,” Mr Sickinghe said.
“At the end of the day, these are not bad customers, they just simply cannot, for one reason or another, meet the stringent requirements the big banks put in place. We are prepared to help them get finance.”
In a letter to its broker channel, Pepper said both products would support self-employed or small business owners who may require alternative income documentation to support their loan application, or customers who for some reason fall just outside traditional lending criteria as determined by the banks and lenders mortgage insurers.
Both products come with unlimited debt consolidation, the ability to refinance an existing Low Doc loan up to 80 per cent LVR, and the ability to consider past adverse credit registered two years prior to application.
