Non-bank lender Pepper has announced its latest rate cut for its prime range Pepper Essential by up to 0.36%.
The move comes after the Reserve Bank of Australia (RBA) decided to hold the cash rate at 2.25%, despite speculation of a cut.
Effective 10 March, Pepper Essential’s rate will be as low as 4.49% for full documentation and 4.99% for alternative documentation.
“Following the RBA’s decision to cut the cash rate in February, we reduced rates across our home loan products, and even though the RBA left rates unchanged today, we are again reducing our home loan interest rates,” said Mario Rehayem, Pepper’s director of sales and distribution.
Last month, Pepper lowered its specialist and near-prime rates by up to 70 basis points after the RBA announced the 2.25% rate cut.
Pepper Essential prime product’s full doc loans now range from 4.49% with an LVR up to 55% to 5.29% with an LVR between 80% and 85%.
Meanwhile, alt doc loans across the Pepper Essential prime product are now from 4.99% with an LVR up to 55% to now be at 5.89% with an LVR over 75% and up to 80%.