Pepper Money launched a limited-time offer that allows borrowers to fix their mortgage for two years at current variable rates with no break costs.
According to the non-bank lender, the unique fixed-rate product is open for new application for a limited time. Here are the features of the product:
- Borrowers can fix a two-year loan option at current variable interest rate (starts at 5.59% p.a. with a comparison rate of 5.77% p.a.).
- The fixed-rate product has no break fees.
- Borrowers are able to make unlimited additional repayments.
- Rate lock is available for up to 90 days, but fees apply.
- The option will be available on Prime, Near Prime, Specialist (Full doc and Alt Doc).
- Borrowers can create up to four loan splits, with the ability to take advantage of an offset sub-account.
Pepper Money general manager for mortgage and commercial Barry Saoud said this offer is designed to provide customers with peace of mind in two ways: they will be able to lock in a competitive interest rate for two years and they have the flexibility to switch to a variable interest rate at any time without having to pay break fees.
“We know many Aussies are anxious about how they would cope and are looking for greater certainty given the potential for further rate rises on top of the ten RBA cash rate increases already announced,” he said.
Connective Home Loans head Michael Goerner said the product is an innovation that places brokers to “deliver real solutions” to borrowers.
“For all those clients rolling off fixed rates that are looking for next steps, this is a really good solution and with no break costs it is an absolute safe bet each way, rates go up and you are sheltered, rates go down and you are okay to jump off and ride the rate slide with no penalty,” he said.
Buying a home or looking to refinance? The table below features home loans with some of the lowest interest rates on the market for owner occupiers.
Lender | Home Loan | Interest Rate | Comparison Rate* | Monthly Repayment | Repayment type | Rate Type | Offset | Redraw | Ongoing Fees | Upfront Fees | Max LVR | Lump Sum Repayment | Additional Repayments | Split Loan Option | Tags | Features | Link | Compare | Promoted Product | Disclosure |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
6.04% p.a. | 6.06% p.a. | $3,011 | Principal & Interest | Variable | $0 | $530 | 90% | 4.6 STAR CUSTOMER RATINGS |
| Promoted | Disclosure | |||||||||
5.99% p.a. | 5.90% p.a. | $2,995 | Principal & Interest | Variable | $0 | $0 | 80% |
| Disclosure | |||||||||||
6.14% p.a. | 6.16% p.a. | $3,043 | Principal & Interest | Variable | $0 | $350 | 60% |
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Photo by BigC Studio on Canva.
Collections: Mortgage News Interest Rates Pepper Money Post Collection
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