How long pepper takes now?

My broker applied on last week Thursday evening 4PM. Has ordered the valuation from my credit card that night.

I called him today to find any progress. He said there is no updates from valuation and pepper replied that they will pick the file on Thursday.


My settlement is on 20th Nov. Do they take longer?

 

If Settlement is Nov 20th why was finance only applied for last week?

It's cutting it very fine for a bank to approve AND be ready for settlement in such a short time.

 

Pepper are slower than usual at the moment, for sure. You'll be cutting it fine for settlement but it's not impossible by any means, as long as you get an approval this week.

 

I have dealt with Pepper both direct and through a broker. Through the broker everything took forever. Application took a week for him to submit, then another 2 weeks for conditional. When I went direct it was 24-48 hour turnaround at each stage. So much easier going direct, I will never use a broker when I know my only options again.

 

Contract has 45 days settlement. I got rejected from LMI twice.

 

When i called them directly, they said 3 days to get answer. Which is attractive.

But then my broker said, they will pick the file after 4 days. Now, after submission looks like they are going to look at the file after a week

 

Will they make a decision fast if the application is good?

 

Ouch. Fingers crossed for you.
Get your broker onto the BDM and keep pushing it

 

Why pepper? They are trash.

 

I can have extension with some penalty. If they give unconditional approval and the settlement takes a bit longer I am fine with that.

 

I dont have other options at this stage

 

What kind of rate are you looking at with them?

 

My broker said 4.79% with LPF around ~12k

 

They seem to all take a long time, but that may be due to how complex finances are now.

I would think that rate may be out by quite a bit, would expect they be at 5+ atm

 

Most pepper loans are on 5.25% right now...they will probably move you up in 1 or 2 months after settlement.....and if you ever decide to leave them within 1 or 2 years they will hit you up with a massive discharge fee.

 

Why did LMI reject your first two applications and who did your broker submit them with?

 

With CBA and choice lend

 

But based on my current situation If i am getting approved and settle on 20th November I will be very happy.

 

Thank you so much for the info. I didn't look that.
How much the discharge fee will be?

 

Taken form may aggregator software;

Discharge fee - $250

Lender turnaround times in the last week. (Days)

Lodgement to conditional:
5.22

Lodgement to unconditional:
14.24

*****Deals can be escalated via BDM if settlement is urgent*****