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Pepper Money has launched Prime Time Flex Bomb, a limited-time offer that scraps LMI, lender protection fees (LPF), and risk fees on prime full doc property loans (up to 90 per cent LVR) in an effort to make it easier for potential buyers to purchase or refinance a property.
By removing these additional costs, Pepper Money aims to provide large savings for clients on property purchases and refinances until 4 June 2025, while also offering comprehensive affordability options that cater to investors, owner-occupiers, refinancers looking to consolidate debt, and first home buyers.
Additionally, the promotion carries broader eligibility criteria that do not limit borrowers by professional requirements and offer a loan size of up to $1.5 million (up to a 90 per cent LVR).
Pepper Money’s general manager of mortgages and commercial, Barry Saoud, said on the promotion: “We are excited to introduce the Prime Time Flex Bomb promotion, which reflects our commitment to providing flexible and helpful loan options.
“By eliminating LMI, LPF, and risk fees, we are making homeownership and property investment more accessible and affordable for a broader range of clients.”
Saoud further said that the waiver can benefit first home buyers facing challenges in saving for the typical 20 per cent deposit and can put money back in their wallets: “Australians work hard to achieve the dream of owning their own home but saving for a deposit and paying LMI remains a huge challenge.
“The flexibility we’re offering eliminates the need to pay thousands of dollars upfront for mortgage insurance, making homeownership more affordable – at a time when this is a real challenge.”
According to Pepper Money, first home buyers can also combine this offering with government schemes (such as the First Home Owner Grant).
Saoud said: “By leveraging these combined benefits, first home buyers can significantly reduce their initial costs, improve their borrowing capacity, and achieve greater financial stability, making the dream of owning a home more attainable.
“On an owner occupier property purchase of $1 million, with 90 per cent LVR, the client could avoid as much as $22,000 in mortgage insurance by choosing this exclusive Pepper Money offer.
“For Investors, the potential savings are even greater on the same property purchase price, with savings up to $25,000 on lenders mortgage insurance.”
Pepper Money is offering educational support for brokers to best communicate the benefits of this promotion through webinars, quick guides, and case studies, all detailing the savings for various client scenarios.
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