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Pepper salts up New Zealand market

Australian non-bank lender Pepper Money has officially launched in the New Zealand market and says it offers a point of difference from its competitors.

Wednesday, October 23rd 2019, 4:36PM

Pepper officially kicked off its long-awaited arrival in New Zealand with a launch in Auckland on Friday.

A key message the lender had to advisers was that Pepper would be providing a New Zealand solution to local lending issues.

"Our solutions have been designed by New Zealand focus groups," Pepper country manager Aaron Milburn said at the launch.

Milburn, who is a born and bred Kiwi, said 40% of potential borrowers were unaware that there were other lending options if they had been declined by the banks.

He says that is an "unacceptable" figure and Pepper was determined to show New Zealanders there were genuine options to the banks.

Pepper already operates in 11 countries, and its approach is to put in the right management and then build its team in each country.

Milburn says there are lots of opportunities in New Zealand. "In the blink of an eye we will have 100-plus people," he said.

Pepper sees a significant gap in the near-prime space in New Zealand, where families are potentially paying too much or have been in the wrong products due to a lack of choice.

The lender brings to the market the Pepper Product Selector (PPS) tool, which will enable brokers to “get indicative offers for their customers in under two minutes”, as well as a fully-integrated online submission platform for brokers."

Jeff Royle, one of the biggest writers of non-bank loans said: "It was a great launch, one of the best I've seen and speaking to their senior people they have done their homework and see New Zealand as a golden opportunity."

He says Pepper's sweet spots seem to be assisting self-employed applicants; 90% first home buyers with fully gifted deposits; and up to 40-year terms to aid servicing.

"Their online application software is state of the art and cascades different products depending on customer's circumstances. As long as the evidence is provided their five minute offer stands which is great if you are against the clock which a lot of applications are these days.

"Considering banks are up to two weeks on turnarounds 48 hours for full applications is awesome.

"Overall I think they have an offering to broaden the number of people who can qualify, rather than just recycle what can already be done. We've already submitted a few that would not fit Resimac or Bluestone in terms of decent rate and their Near Prime product at 80% for a discharged bankrupt (only 24 hours discharged) at 5.65% is unbeatable."

Pepper Money, on Friday, won Best Non-Bank award at the Australian Mortgage Awards.

Tags: Lending mortgages non-bank lenders Pepper Money

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Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 5.19 4.05 3.95 4.49
ANZ Special - 3.55 3.45 3.99
ASB Bank 5.20 4.05 3.95 4.39
ASB Bank Special - 3.55 3.45 3.89
BNZ - Classic - 3.55 3.45 3.99
BNZ - Mortgage One 5.90 - - -
BNZ - Rapid Repay 5.35 - - -
BNZ - Std, FlyBuys 5.30 4.45 4.35 4.55
BNZ - TotalMoney 5.30 - - -
China Construction Bank 5.50 4.70 4.80 4.95
China Construction Bank Special - 3.19 3.19 3.19
Lender Flt 1yr 2yr 3yr
Credit Union Auckland 5.95 - - -
Credit Union Baywide 6.15 4.95 4.95 -
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct - - - -
First Credit Union 5.85 3.99 4.49 -
Heartland 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
Heretaunga Building Society 5.75 4.80 4.95 -
HSBC Premier 5.24 3.35 3.35 3.35
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 5.15 3.18 3.18 3.20
Kainga Ora 5.18 4.04 3.95 4.39
Kiwibank 5.80 4.30 4.20 4.64
Kiwibank - Capped - - - -
Kiwibank - Offset 5.15 - - -
Kiwibank Special - 3.55 3.45 3.89
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 5.70 4.25 4.15 -
Pepper Money Near Prime 5.64 - 5.44 5.44
Lender Flt 1yr 2yr 3yr
Pepper Money Prime 5.18 - 4.98 4.98
Pepper Money Specialist 7.59 - 7.39 7.39
Resimac 4.50 4.86 3.89 3.94
RESIMAC Special - - - -
SBS Bank 5.29 4.85 5.05 5.49
SBS Bank Special - ▼3.55 3.39 3.89
Sovereign 5.30 4.15 4.29 4.55
Sovereign Special - 3.65 3.75 4.05
The Co-operative Bank - Owner Occ 5.15 3.49 3.59 3.89
The Co-operative Bank - Standard 5.15 3.99 4.09 4.39
TSB Bank 6.09 4.35 4.25 4.69
Lender Flt 1yr 2yr 3yr
TSB Special 5.29 3.55 3.45 3.89
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.34 4.15 4.09 4.49
Westpac - Offset 5.34 - - -
Westpac Special - 3.55 3.45 3.99
Median 5.34 4.04 4.09 4.39

Last updated: 11 November 2019 4:01pm

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