High interest rate. Increases interest rates more than what RBA says.
I was a sub prime applicant as I had a default left over from my divorce. I had re married and different circumstances now. I was essentially told /suggested that I would have a certain outcome on a rate review as we had maintained good loan conduct - this did not happen and I was given substantially less. I complained and was told I would receive a call back - long story short - 5 messages later I got the call back and given what I was originally promised. I understand staff are inundated but perhaps at least email if you miss a call back
Do not communicate unless to raise rates. Online is difficult to use.
Pepper money is very easy to work with , they explain everything in plain English , their support staff is excellent, exceptional at what they do , making the process easy to follow
Pepper money are very great for all their deals very helpful and understanding
Do not do buisness with pepper money as you will regret it customer service is more interested in handling the client than handling the problem. Like to tell you what you want to hear while doing exactly as they please when they please. I would give them a wide hearth as they are one of the most expensive companies with the worst service. Do not do buisness with these people.
Never again. Have delayed my settlement which has cost me thousands. Quick enough to take on the loan but don't like letting go to another lender. Moved as my interest rate went above and beyond current trends. Always one of the first to up rates.
Highest interest rate in Australia and terrible customer service. They will also destroy your credit rating
Even though my interest rate is a little bit higher because I'm on workcover, it is still competitive. Dealing with Pepper is always easy, they are extremely helpful. I call them every 6 mouths and they reduce my interest rate, they even did this when interest rates were going down. Overall I'm very pleased with Pepper money.
With paper money every time the reserve bank puts up interest rates by 0.25 %pepper increases them by 0.29% I’m now paying 9.3 % on my home loan line wtf on 153858 that I owe I’m paying $1344 per month. As well as $15 a month loan fee
Pepper money approved my home loan and at that point it all seemed quite straight forward. They were all smiles and helpful signing me up as at this time just going through a divorce and being self employed it was only the convenience that got my business. I strongly advise anyone using a broker to purchase your dream to look at all your options as they have many on hand but it's now apparent they have a bigger reason to funnel you into going with Pepper Money and it's purely not in your best interest. After being told the answer to my question of why are the interest rates so much more uncompetitive to other lenders I was told it's just an entry level to secure your property and after a couple of years it can be rolled into a different loan title by making sure no payments are missed over this period and try to pay a little extra when possible. After two years and never missing one payment and having managed to put over $30k into my redraw facility I spoke with Pepper Money who's attitude was so far from what I remembered it was simply threatening. I was told they could do no such thing as simply roll it into another loan and in fact from the simplistic low doc loan at 10% they told me they wanted a full history of my income dating back to when I was approved and current income as well. I was told if I don't meet the requirements they would likely revoke my finance leaving me to have to find another lender when they do automated credit reporting on each and every customer which would leave me with a doubt in other lenders minds. Scared I sat still on it and over coming years and having an impeccable history with them ask about negotiating a better rate which ended up giving a person an uncomfortable feeling. So in 2019 and living in a rural area threatened by the enormity of the bushfires directly on my property we were told daily to stay and defend our property by NSW fire services. Who new or could believe these fires would burn through the national parks and return to already devistated areas and last three months. Nobody I'm sure. During this period the world was stricken with covid 19 and being self employed business was under pressure and economy as we all know dived. Living in a flood zoned area what chance after the verocity of the 19 fires and the pandemic we were isolated due to the worst flooding in 80 years. Pepper money were fully aware of my situation and after many conversations about assistance they denied me any help. Why I asked and was told they'd tried to contact me a week after talking to me and were unable so that in there eyes on that same day denied me any help. To get to the point they have now evicted me when until a couple of years back I'd not missed a payment and had clear communication with them. Can it get worse? Yes. During this process the money that I had fallen behind on I made arrangement to pay up to date on a day and time and honoured it. The next day after receiving the money they put a default on my history and destroyed my credibility. I during these hard times had a block on my bank account and they would not accept payment for the o/s money by deposit directly into their account at a branch and said it has to be drawn from my account on a direct debit. They made all their own rules to get their hands on my home. I'm a single father with 3 children raising them myself with full custody and trying to run my business put my children through a private education and honour all my commitments but these have been trying times. How is it possible things could get worse when youve got your pants around your ankles you're on your knees, you have the money in your hand to pay the problem upto date with a sherrif as witness to this whilst I'm speaking to pepper on loudspeaker yet they continue to refuse accepting my money and tell me to collect my belongings as not only is a sherrif here but a locksmith which changes all my locks and secures the windows as I'm served with notice to leave my property or be charged with trespassing. 18 years smooth sailing and a bumpy last year which was increasingly hard as pepper kept putting all these unnecessary legal fees of $5k and more than once with not one ounce of consideration for my position at all. Since then with not one but of information given to me from pepper an agent is instructed to give me access to my property to collect my belongings. My belongings is a life long collection of old Aussie cars and there's different stages of condition as many still need restoring and they're all stored in my large machinery shed and when I moved to my property it took almost 4months to reastablish all the racking benches etc spare parts transportation and there's much yet they only gave me 8 days to have all my things gone. The agent employed by pepper is an extremely heartless man whom has not an ounce of compassion nor knows what the word means. While I'm collecting and arranging this huge move he's instructing myself and my team of friends and family of how to do things as if he's some oh&s officer running a company. He came to the property each day and sat in his car videoing every move of each and every item writing exaggerated reports and purposefully being argumentative and unhelpful and extremely difficult. I found his manner when he'd bring up that the property is no longer mine and tell me to stop referring to it as if it is. This man is just heartless. After the eighth day I was told at 4pm this is the last time for access and anything else here will be handled by their teams of people, shipping containers will be purchased and all put into storage with the whole cost being deducted from my payout when my house sells. I spoke to pepper and the man's boss who in messages clearly said tell the man attending to give me three more days at a time to suit him not me. Nearly a month later he contacts me because I hadn't heard anything and I contacted his boss and said you know very well my car is locked in at the property and I need it as well as clothes for all and many forms of paperwork and other things. When I arrive at my property and until a sale is made it still is my property if I can refinance but they know very well what they did in their dirty trick stopped that. On arriving after a cost of $160 in a taxi I notice my cars gone my forklift has gone all my tools are packed away in a shipping container and this man refuses to tell me where my things are nor open the container to let me get my tools and things which he knows are needed to complete the relocation. Since being marched out of my own home which I own 75% of to their 25% I'm assured I have no say in the sale of the house. Whilst the house is in a bad state with furniture all over the show bags boxes clothing etc etc you get the pic they send photographers and estate agents to photograph it in its worse state telling me they can see through all the mess. A valuation is made $300k under market value and I have to just accept it with just a reassuring promise from the director of the agency instigated to sell my place that it won't be sold at auction as it's not a suitable solution to trying to market my acreage property. I had many concerns after talking and researching but this ceo assured me that pepper doesn't have the last day in the sale and using his term," this is his gig' and nobody will be buying the property for a dollar less than what the valuation is. With economy slowing and interest rises and wars around the world the housing market is said to be down on values as normal which adds to my stress as I've been here 18 yrs and right now I'm told this as his excuse to not only let the house run for 5 weeks which started about the20dec right on Xmas but in that short time time from the already $300k shortfall in the valuation he decides to drop the price not 10-20k but $150k. Each step is to make you furious but I keep it all together suffering badly to then be told they are auctioning it. The date is set for a saturday and on the Wednesday before the day if the auction they cancel it and push it forward to the following Saturday. Many interested people had arranged their time to attend the first sat and when they cancelled it and pushed it to the following weekend only two bidders turned up. The property with no reserve sold for $600k less than surrounding properties and I had no choice but to accept it. The last nail in my coffin. After 19 years and only borrowing a 3rd of the properties value pepper money are taking more than half the sale price for a the storage and commissions for staff attending the relocation of my things etc. They still til now as my property only sold the last weekend gone haven't contacted me to tell me anything. They won't release the information as to where my cars kept my clothing and belongings until after settlement so all invoices can be taken out of the sale price. This leaves me with nothing to buy again as my credit report now after what they have done is in disrepair. Pepper in one sentence are ruthless,cunning,disgraceful, and have no compassion for anyone. In half the term of the loan through pepper I have paid off three times what I borrowed and they are now taking half of the value of my home leaving me homeless and mentally drowned with disappointment and disbelief. On top of a the other things the huge workshop has nothing to do with my loan from pepper, I had it built after the purchase and I can't remove it from the property as it's a fixture. How extremely bizarre that my collection of 42 cars hasn't been approved for me to remove completely and I've been told by the new owner that I'm welcome to leave it there until I get on my feet kindly but pepper won't have a bar of that and are pursuing more legal advice charged to me. The biggest coincidence is that the ceo of pepper money Mario spaghetti is a huge car enthusiast as we and they've used every letter if the law and contract to try and take my cars on top of my home. The government needs to step in and rule in harsh conditions lenders must help clients struggling when you could never expect fires floods and a world pandemic at the same time. I hope people read this and make better choices than I did. I wouldn't even rate pepper money on this review as they are legal thieves.
I found Pepper money easy to communicate with , we’re very accommodating and satisfied my needs! Happy to give them tick of approval and recommend to my family and friends.
Just moved our home loan across to Pepper Money. They were extremely easy to deal with and got our loan sorted out quickly and easily. The process was completed online with a couple of phone calls and emails to sort the process combined with the e-signing of documents. They looked at our application and approved us for the lowest rate product even when the bank said a couple of overdraws because money was in the wrong account excluded us from our bank. Would recommend!
They helped us out when no one else would. They also adjust interest rates to help when you've been paying for years to help you can talk to them.
WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.
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