PPepper Money is once again prized by brokers for its near-prime and specialist product offerings. We speak to Pepper’s general manager, mortgages and commercial lending, Barry Saoud, to find out what makes the lender so popular
Q: What do you think makes your products so popular with brokers?
Adapting to the ever-changing market landscape demands a blend of agility, innovative product offerings, and a deep understanding of each customer’s unique situation. This is precisely why, over the course of our 23-year history, we at Pepper Money have continuously refined and enhanced our products and processes.
Our primary goal has always been to deliver the most beneficial outcomes for both brokers and their clients. We’ve achieved this through the invaluable feedback we’ve received from brokers and customers and we’re extremely gratified by the positive reception our solutions have consistently received in The Adviser’s annual Product of Choice Survey.
Pepper Money’s success is firmly rooted in our robust credit policy. However, it’s our emphasis on technology, effective BDM support, product diversification, and brand recognition that has truly enabled us to provide brokers with the necessary tools and knowledge to help a greater number of customers to succeed.
Our commitment to transparency in credit and our industry-leading SLAs across all products set us apart from other lenders. We understand that for brokers, the ability to provide a swift and appropriate credit decision is more crucial now than ever. This consistency enables brokers to confidently recommend us as a lender, knowing that their customers will receive a prompt and suitable outcome.
When you engage with Pepper Money, you can expect a higher likelihood of conversion due to our credit policies. This means that brokers can make the most efficient use of their customers’ time and maximise their own time by ensuring the deal goes through.
We’ve built strong alliances with our brokers, who trust our brand implicitly. We’re proud to have earned this trust over more than two decades. Our transparency is key to this trust and brokers rely on Pepper Money to get the deal done.
Q: How have you been tailoring your near prime and specialist offerings in the past year to move with market?
Pepper Money never stands still and that’s true in our approach to evolving our offering to move with market. Over two decades we have tailored our near prime and specialist offerings to adapt to the market changes. Across the past 12 months we’ve also introduced new loan products and policy updates tailored to meet the needs of evolving market segments or emerging trends.
Just as we do with our residential products, we also provide a near prime option for our commercial and SMSF offerings. This ensures that we don’t limit our customers to only the prime category. We continue to implement a real-life approach to our products, taking into account the complexities of real-world financial situations across these varied asset types.
For example, last year we launched Self-Managed Super Fund (SMSF) loans, designed for SMSFs seeking to purchase or refinance an existing property. Given the lack of near-prime options for borrowers, this presented an opportunity for brokers to add value for their current clients, as well as potentially adding new business streams to their practice.
Broadly speaking, we most recently introduced a series of policy changes designed to empower brokers in meeting the unique needs of their clients, particularly those who are self-employed. The policy enhancements across prime, near prime, and specialist options include reduced income verification, increased loan amounts and LVR limits, vacant land options, and servicing calculator changes.
Collectively these product launches and improvements reflect Pepper Money’s commitment to adapting to the evolving financial landscape and providing tailored solutions to help brokers to meet the unique needs of their clients.
