Pepper Money loan accounts

Discussion in 'Loans & Mortgage Brokers' started by melbourne171, 3rd Sep, 2022.

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  1. melbourne171

    melbourne171 Well-Known Member

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    Pepper Money open loan accounts and offset account for its customers with Westpac as the BSB starts with 03.

    I am wondering if we can see these accounts with Westpac Internet banking and transact at Westpac branches. For example, transfer money to other banks at Westpac branch.
     
  2. Owlet

    Owlet Well-Known Member

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    I can't see my Pepper Loan when I access my WBC account. What I have been curious about is how I couldn't presumably service with WBC but I could with Pepper who is using a WBC product.
     
  3. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Funding sources for Pepper are various warehouse providers including

    upload_2022-9-3_10-34-43.png

    Pepper Money is a NON bank lender, and while using westpac funds ( in part) isnt an APRA lender - ie they are a non bank, and use totally different metrics when assessing borrowing capacity.

    A good comparison is RAMS, funded by WBC, but also linked to WBC's Banking Licence, so RAMS follows a more like APRA process for assessing borrow cap.

    Westpac provides transactional services to Pepper Money as a separate business I expect.

    ta

    rolf
     

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    Owlet likes this.
  4. Owlet

    Owlet Well-Known Member

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    At the end of the day I needed the funds so win win
     
  5. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    indeed

    these lenders have their place

    ta
    rolf
     
  6. melbourne171

    melbourne171 Well-Known Member

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    Can we go to WBC branch and ask teller to link Pepper account to WBC Internet Banking? Does anyone try this?
     
  7. Ris

    Ris New Member

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    Did you end up trying this?
     
  8. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Westpac run the banking side for Pepper Money, since Pepper are non bank and cant handle cash or take savings directly, unless via redraw or offset account.

    Westpac wont have the authority to link another lender entities loans/accounts

    ta
    rolf
     
    melbourne171 likes this.