Applying for a Pepper Money home loan:
A step-by-step guide
Estimated read time: 3 Minutes
Whether you’re a first-time buyer or building an investment portfolio, you’ll need to complete a home loan application in order to get your home loan approved.
Here’s the rundown of the Pepper Money home loan application process – and how we can work together to get your foot on the property ladder.
Step 1. Meeting your lending specialist
First things first, we want to start by getting to know you to understand your situation. We’ll kick-off the home loan application process with an initial 30-minute consultation with one of our lending specialists, to help find a solution that suits your situation.
So we can get a good idea of your financial situation, for PAYG borrowers, have the following documents handy for an initial assessment of your financial situation:
- recent bank statements
- payslips or other proof of income
- personal identification, and
- a snapshot of your current asset and liability position.
Top Tip: Having proof of your deposit can help speed things along too.
Step 2. Assessing your application
During this stage of the application, we want to ensure that the loan you’re applying for is suitable for your needs.
Our credit team will work to verify your financial position by reviewing the information you’ve provided us. They’ll review your finances, check your credit file and check that you’ll be able to adequately afford the loan you’re applying for – even if rates do change by a few basis points.
If our credit assessors are provided with all the right documents up front, then the review process can be undertaken in a few days.
Step 3. Pre-Approval (Conditional)
Once your information is confirmed you should receive a pre-approval letter, which is also sometimes known as conditional approval.
This gives you the power to start making serious offers on properties and start registering for auctions.
Just remember that pre-approval is only valid for 90 days and comes with conditions that must be met prior to formal approval; primarily that there must be no material change to your financial situation before the loan is approved.
Step 4. The valuation
Step 5. Final approval (Unconditional)
Step 6. Signing your loan documents
At this stage you’re nearly there!
You’ll need to review and sign your loan documents. Remember, this is the formal legal agreement that outlines the terms and conditions of your new loan with us. It might look like a lot, but make sure you read it thoroughly and reach out if you have any questions and seek legal advice if required.
To accept our offer, we’ll need you to sign and return the loan agreement to our solicitors.
Step 7. Preparing for settlement
Step 8. Your loan is settled and funded
Congratulations, it’s time to break out the bubbly! Or whichever beverage of choosing you’d like to celebrate with.
On the agreed settlement date, funds will be transferred and you’ll receive a welcome letter from us.
Contributor | Barry Saoud, General Manager, Mortgages and Commercial Lending
Barry joined Pepper Money in July 2021 as General Manager, Mortgages and Commercial Lending. He is responsible for the strategic direction and operating performance across product, credit, and settlements for mortgages, commercial loans, personal loans, and direct sales. Read more.
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Our resources are here to guide you through the process, decipher all that jargon and lend a little helping hand.
Information provided is factual information only and is not intended to imply any recommendation about any financial product(s) or constitute tax advice. If you require financial or tax advice you should consult a licensed financial or tax adviser.
All applications for credit are subject to credit assessment, eligibility criteria and lending limits. Terms, conditions, fees and charges apply.
The results of the borrowing power calculator are based on information you have provided and is to be used as a guide only. The output of the calculator is subject to the assumptions provided in the calculator (see 'about this calculator') and are subject to change. It does not constitute a quote, pre-qualification, approval for credit or an offer for credit and you should not enter commitments based on it. The interest rates do not reflect true interest rates and the formula used for the purpose of calculating estimated borrowing power is based on the assumption that interest rates remain constant for the chosen loan term. Your borrowing power amount will be different if a full application is submitted and we complete responsible lending assessment. The results in the calculator do not take into account loan setup or establishment fees nor government, statutory or lenders fees, which may be applicable from time to time. Calculator by Widgetworks.
Pepper Money Personal Loans is a brand of Pepper Money Limited. Credit is provided by Now Finance Group Pty Ltd, Australian Credit Licence Number 425142 as agent for NF Finco 2 Pty Limited ACN 164 213 030. Personal information for Pepper Money Personal Loans is collected, used and disclosed in accordance with Pepper’s Privacy Policy & the credit provider’s Privacy Policy.
Pepper Money Limited ABN 55 094 317 665; AFSL and Australian Credit Licence 286655 (“Pepper”). All rights reserved. Pepper is the servicer of home loans provided by Pepper Finance Corporation Limited ABN 51 094 317 647. Pepper Asset Finance Pty Limited ACN 165 183 317 Australian Credit Licence 458899 is the credit provider for asset finance loans.
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