I wonder if anyone can shed some light on Pepper Home Loans?
Am self-employed and had a lo-doc with GMAC-RFC. Peppers has taken over the servicing of my loan on 1 November and am wanting to know if Peppers have passed on any of the RBA interest rate cuts?
The only rate cut i have ever had since Sept is 0.65%. I did not get any rate cut in November from Peppers and am anxious about not getting any of the latest 1%. My rate is currently 10.12% which is way too high.
Am not in a position to refinance at the moment but having said that although I am lo-doc i have NEVER defaulted or had issues with my loan. Anyone know if my interest rate is likely to come down or can Peppers get away with screwing me over?
I'm not too familiar with Pepper but heard they were struggling in the marketplace through the whole credit funding thing. You're right 10.12% is way too high and I doubt they would pass on a full cut. Either way, you are still looking at 9.5% or above…You should give them a call. You say you are not in a position to refinance? Rams can do low doc at 6.99% with minimal documentation required still and there are others who do low doc at a lower rate also. That's a huge interest rate difference. If you need help let me know, just email me…
Hi SE
Yes not a nice position to be in and i guess Pepper feel there is less pressure for them to drop rates with the lodoc market in some sort of turmoil.
If you can shed some light on the reasons why you are not able to refinance (understand it could be a lvr or ABN problem as Pepper initially looked at deals that others would not look at) you may suprised as many lenders have sharpened their pencils on lodoc lending.
Richard Taylor | Australia's leading private lender
Thanks for the replies…not in a position to refinance as our lending ratios are above 80% and with house valuations the way they are at the moment I doubt anyone would come near us now on a low-doc loan.
Point taken and the loan needs to be Lodoc ? Definately
Richard Taylor | Australia's leading private lender
Point taken and the loan needs to be Lodoc ? Definately
Richard Taylor | Australia's leading private lender
Unfortunately yes.
You must be logged in to reply to this topic. If you don't have an account, you can register here.
