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ISCOVER
Staff Reporter
In a bid to increase its competitiveness within the mortgage industry, Pepper Home Loans has slashed the interest rates on both its Flexi Advantage and Self-Employed Advantage products.
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The non-bank lender slashed up to 25 basis points off its Flexi Advantage product, taking it to just 8.49 per cent on mortgages with a loan to value ratio of up to 70 per cent.
Up to 50 basis points were slashed off the company’s Self-Employed Advantage product, taking the interest rate to 8.74 per cent on loans with an LVR up to 70 per cent.
To support the reduced rates, a number of policy changes have also been made to the products to make them more flexible.
As part of the policy changes, second jobs and casual employment will now be seen as an acceptable income.
In addition, the non-bank lender has increased the maximum loan amount to $1 million for loans with an LVR up to 80 per cent.
