Pepper - Unconditional Approval Times

Discussion in 'Loans & Mortgage Brokers' started by MBT, 22nd Feb, 2017.

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  1. MBT

    MBT Active Member

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    Hi everyone,

    Has anyone refinanced/ purchased with Pepper recently? I have conditional approval with them at the moment pending the result of three valuations and submittal of several documents.
    If the valuations/documents are good and submitted by my broker what is the typical time until unconditional approval is granted?

    Thanks
    MBT
     
    MBT, 22nd Feb, 2017
    #1
  2. tobe

    tobe Well-Known Member

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    Depends on how busy they are.

    Your application sounds complicated.

    Althougg pepper don't use LMI, so it won't need to go to an lmi assessor, your deal might have to go to a higher level credit assessment person as well as the normal assessor.

    Once your broker submits the docs, they can ask pepper for an eta, that's the most accurate.
     
    tobe, 22nd Feb, 2017
    #2
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  3. MBT

    MBT Active Member

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    Thanks for your advice tobe

     
    MBT, 22nd Feb, 2017
    #3
  4. Jess Peletier

    Jess Peletier Mortgage Broker & Finance Strategy, Aus Wide! Business Member

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    I got formal very quickly after conditional was reached - it was only one val though. They've actually been great to deal with, I've been impressed.
     
    Jess Peletier, 22nd Feb, 2017
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  5. MBT

    MBT Active Member

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    Would be good if I got quick approval Jess! I have already begged the vendors for a finance extension once ( which was granted ). I think if we cant meet the next deadline it will be a deal breaker. Cheers MBT
     
    MBT, 22nd Feb, 2017
    #5
  6. dabbler

    dabbler Well-Known Member

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    They seem good to deal with, if you have 3 vals, that is not normal, so who knows, maybe ask them or ask broker to ask them.
     
    dabbler, 22nd Feb, 2017
    #6
  7. Corey Batt

    Corey Batt Well-Known Member

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    Their service times have blown out a tiny bit, but they're still around the average times of most banks.

    Being multiple securities and the like it will be more complex - but pending no issues you should have formal within a few days if that once all requirements are returned.
     
    Corey Batt, 22nd Feb, 2017
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  8. MBT

    MBT Active Member

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    All valuations received at Pepper today. They are assessing loan for unconditional approval tomorrow.
    Pretty good I think
     
    MBT, 27th Feb, 2017
    #8
  9. MBT

    MBT Active Member

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    Still no formal approval... tomorrow is d-day. Apparently they are happy with the application but it needs higher sign off.
     
    MBT, 1st Mar, 2017
    #9
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  10. RetireRich101

    RetireRich101 Well-Known Member

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    Hope tomorrow is a Pepper day for you

    oh did I just say that? :)
     
    RetireRich101, 1st Mar, 2017
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  11. MBT

    MBT Active Member

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    Approved today! Happy days
     
    MBT, 2nd Mar, 2017
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  12. Corey Batt

    Corey Batt Well-Known Member

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    They come through in the end - lenders just have a different understanding of time frames to most consumers. :)
     
    Corey Batt, 2nd Mar, 2017
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  13. MBT

    MBT Active Member

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    Both ANZ and NAB discharged in record time - under 2 weeks to meet original settlement date. Rang them daily
     
    MBT, 30th Mar, 2017
    #13
  14. dabbler

    dabbler Well-Known Member

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    What is NAB or ANZ discharge got to do with Pepper, did you move 2 to them ?
     
    dabbler, 1st Apr, 2017
    #14