By manually assessing applications this non-bank has been able to maintain turnaround times of 24 hours
With an unrelenting customer first focus, Pepper Money continues to provide turnaround times of 24 hours despite many lenders experiencing lengthy delays, says Aaron Milburn.
MPA spoke with the general manager mortgages and commercial lending about the ways the AMA winning non-bank stands out from other lenders during this period of economic uncertainty.
Keeping turnaround times short
Pepper has remained a valued choice for brokers over the past couple of years because it puts customers at the forefront of what it does, says Milburn.
“The MPA Brokers on Non-Banks Survey has consistently ranked turnaround times as the most important thing brokers want from their lender.”
“For the second year in a row, Pepper Money has taken out the title in turnaround times for the survey.”
It has been able to maintain turnaround times of 24 hours in the current environment because of the way it assesses applications.
“Pepper Money has always manually assessed customer applications, so the requirement to undertake an additional COVID-19 Impact Assessment hasn’t created the type of delays experienced by other lenders.”
“What’s more, the ability for brokers to more easily access the decision makers in credit means that they can explain a customer’s situation and quickly address any questions the credit assessor may have.”
Milburn says lender tech Pepper Product Selector and Pepper Resolve enables both broker and customer to have better certainty around credit policy by almost eliminating the need for heavy lifting by the broker.
Looking after COVID impacted customers
As the first lender to guarantee trail payments until at least 31 December 2020 for brokers with COVID impacted clients, the lender has been working hard to look after its customers since the pandemic hit.
“For brokers and new customers, Pepper Money continues to provide flexible lending products across mortgages, commercial, asset finance and personal loans to help them achieve their goals.”
“For existing customers impacted by COVID-19, Pepper Money has offered several ways to help them get back on track.”
“This includes an online financial assistance hub that helps them understand the options available to them if they are unable to make their loan repayments, a home loan deferral calculator to understand the impact of deferring loan repayments and several money management tips and tools.”
An agile approach to credit
In an environment where some see challenges, Milburn says there is a sense of opportunity for well-funded non-banks as confidence returns to the market.
“There are large cohorts of customers who remain employed, working in non-COVID impacted industries, looking for a loan.”
“Pepper Money has a proven track record of being nimble and moving with changing market conditions to support brokers and their customers. This is true now more than ever in today’s evolving market and environment.”
“Brokers can be confident in Pepper Money standing by them to assist customers as we always have.”
Milburn says Pepper is navigating the current challenges by taking an agile approach to credit – something it reinforces by taking broker feedback on board.
“Pepper Money has closely monitored its credit policy and made the appropriate adjustments when required. Recent restrictions on retail and hospitality industries have been lifted and full doc LVRs are back at 95%.”
“We continue to review our market positioning and unique approach.”
“Coupled with 20 years underwriting experience, this allows us to navigate change and act quickly.”
