Pepper and Liberty - process post signed contract?

Question for the brokers - what are Pepper and Liberty’s processes like compared to the big banks in the period between presenting them with a signed purchase contract and settlement ?

Are they happy for desktop Val’s and written rental assessments from a local real estate agent? How fast are they to go to unconditional loan approval?

Any bad experiences with settlement being delayed due to these lenders taking longer to process the loan application?

 

Pepper and Liberty are more likely to require full valuations rather than desktop. Full valuations will also include a rental appraisal but they will take an agents appraisal if that isn't done.

Their process is about the same as other lenders. Better than some, worse than others. Due to the nature of their funding their documents might require more signatures.

 

like @Peter_Tersteeg and @Rolf Latham said above, very very likely Pepper and Liberty will ask for a full valuation (at your cost). depending on the security, and complexity of the deal, it can take a fair bit of time. Pepper ( or via Homeloans) can take a quite long time to get assessed ATM, need to get your broker to chase them regularly and ask the lender to escalate your case.

 

I like Liberty particularly in terms of valuations because you can choose the valuer. Handy if you're having some problems.... And we'll be seeing more of those as the market cools!

 

Thanks - this is really great advice. Surprising as when I walked into a broker to enquire about Peopers processing times on Friday they said 3 days. If I put a 14 day finance clause in to the contract, I would hope they can give unconditional preapproval by then

 

maybe Pepper has improved their assessing time, but I had some stressing situations not long ago, their assessing time was loooooong, had to extend finance. and they were purchases,

 

Both Pepper and Liberty will always require full valuations. They will take the lower of the rental appraisal letter and the valuer's rental appraisal. Pepper's and Liberty's turnaround times are pretty quick right now (3 working days for Pepper and 2 working days for Liberty) just make sure you give your broker all the docs they require from the get go.

They good thing about Liberty is that they issue the docs via email which will definitely save a bit of time (unless you don't have access to a printer) however Pepper use solicitors which slows the process slightly.