We have a Pepper Loan. Apparently our loan has no fixed options due to who they have funding the loan. It also has a weird sub account offset set up - seems more like a redraw account than an offset account - even though they keep saying its the same. I was wondering if anyone knows if Pepper does loan splits - an internet search shows they do up to 4 sub accounts but I am wanting to find out if I can split for example a 500k loan into 2x 250 loans. The purpose for wanting this is to use for other investing purposes (loan is almost 100% offset at the moment).
Short answer yes to splits. Long answer not sure how easy it is with pepper once a loan is funded. My broker set up all my splits up with pepper, in the initial loan application.
No, as Pepper is not an ‘Authorised Deposit-taking Institution’ (or ‘ADI’), it cannot provide deposit accounts to its customers. The offset sub-account is not a stand-alone account, it is a sub-account forming part of a loan facility and must always be linked to a loan account split. Yes Pepper loans can be split.
Pepper will be doing fixed rates on theor own Pepper Money funded product suite as of late this month.........dont expect them to be stellar options though I feel ta rolf
Thanks Rolf. My strategy now is to just 100% offset the loan - just checking though that by doing this with them it does not close the loan down.
I expect if you use the linked "offset" account there is little risk of that, but to eliminate that risk leave a few hundred outstanding ta rolf
If anyone knows how to get your FY interest paid summary without calling and going on hold for ages, plz let me know. Every other lender has a simple option on their site. Peppers site is rubbish
Yeah, pretty poor that i have to do that. They are the worst lender i have dealt with. Its like it is run out of someones gararge!! I just hate being on hold , only to struggle to communicate over a crackly line.. on the positive side, they loaned me the $$$
They definitely have their place, i will be booting them ASAP. I still believe that just because they lend a little more liberally, doesn't excuse the poor customer experience. This is more of a quick review on Pepper for the people of PC.. expect nothing.... other than the loan itself
You can see it online under the 'Account details' tab. There is 'YTD interest' and next to it is 'Financial Year Interest' - This corresponds to the interest for the last FY.
Cheers mate, mine are both reading $0, i have been in touch and am getting it sorted. Appreciate the reply
You should be able to split loans. Not many offer proper offsets, this has to be a proper bank. The other type is a re draw. I used many normal banks and non banks, I just setu any offset/s I need with those who have actual offset accounts, the ones that do not are just treated as loan facilities and that is it. Pretty easy to do if your dealing with many lenders.
