How long pepper takes now?

$250 for discharge is not huge. Normal.

 

250 is not at all huge compared to losing my deposit.

 

My broker already escalated yesterday.

He ordered the valuation on the day we submitted the application using my credit card. But what happened is the valuation company tried calling the agent but didnt get a response so the valuation is pending. My broker made a call to agent and valuation company to arrange for valuation tomorrow.

As per the escalation call, pepper said they will start working on the file by coming thursday. Hopefully if valuation is sent to them by the time. I am expecting some answer by this week or early next week.

 

In fact, I would be surprised if you can get below 5.5 unless maybe owner occ.....

With all lenders and vals, I get my number put down as contact, this means I have a bit more info on what is going on or has been missed. Even then, it drags out.

If your a customer, I would not be afraid to ring them.

 

Its a complete nightmare when you use a broker with Pepper. Pepper will only speak to the broker, even though you are the actual client. Every time I had to chase something up I didn't want to wait for my broker to waste 3 days to get onto them about it, so I would call them direct, they would say, contact your broker and we can discuss with him. Using a broker with Pepper just added in delays and another level of complications.

 

I think this is the case whenever you use a third party for anything, I have encountered this so many times, in all areas, but you can usually work around it, or if person is hopeless & they know it, usually you can work something out.

If you started with a broker, pester them till result is good for you

 

Pepper is very slow ATM, 2 weeks for approval, they probably have too many deals on their plate.

 

All smaller lenders smashed for a long time, but sometimes brokers are busy with non important non PC members too.....growl,.....

 

I actually ringed them first. They were quite confident to get an answer in three days. Now it is already third day. They haven't started looking at my file.

 

I am doing it already

 

Also, don't trust the product reviews for

just keep calling every day once they assess it it’s usually pretty quick. Just make sure you ask to collect/deliver loan docs in person, will save a week in postage back and forth

 

Thank you so much for all the pointers.

Few questions
1) Do they answer me even broker has applied?
2) Do they have offices in Melbourne to go and collect?

 

Yes, Found it
Our Offices | Pepper Property

 

Yes, I went into the city to pick up/drop off to their lawyers in Collins st.

 

IF you use a broker and go pepper and decide to leave in 1-2 years you will get hit hard...not sure about going direct..it cost me over $5,000.

 

Wow! Was this recently or before the exit fee reforms? I didn’t know this.

 

Very recent

 

Is it discharge fee? In the website, it mentioned that I will be knowing the amount while signing the contract. is that so?

 

Early exit penalties were outlawed after the gfc.

So it wasn't a penalty for leaving the loan early.

It might have been a fixed rate break fee?

Some brokers reserve the right to invoice the client if they are clawed back their commission within the first 2 years or so.

 

Why is that ?

I have used them before and the discharge etc was normal, in fact found they were better than normal bank/s who often say things are lost or delay trying to retain you.

What was this fee/s for and how much ? Was it a normal full doc loan or another product ?