The product carries two prevailing rates - depending on the loan to valuation ratio requested. For an 80% LVR, the rate is 7.44% - below the current average standard variable rate -and for a 90% LVR, Pepper is charging 8.99%.
Other features of the product include: no lenders' mortgage insurance
- although borrowers may be charged an equivalent 'risk fee', a loan maximum size of $1.25m, no ongoing account keeping fees and no application fee.
"At Pepper, we believe low-doc or self-employed borrowers with a clean credit history should aspire to standard variable interest rates. This is exactly what we are aiming to provide if you borrow an LVR up to 80% with our Xpress Low-Doc Loan," said Duco Sickinghe, director of sales and marketing for Pepper Homeloans.
With interest rates at their lowest for more than 50 years, there are some great rates available. The best thing to do is to compare rates from all the lenders. Let us help take the leg work out of doing this - Compare Home Loans now