How a nonbank turned a no into a yes.

from TMM Adviser industry still attracting recruits 03/2023

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It was a tough situation. Doug and his wife had called it quits on the marriage. They agreed that selling up and settling up was the way to move on. The biggest impact was that it meant selling the family home.

Doug, as primary caregiver to a child, with a lifetime disability was trying to work out what next for where they could live. He badly wanted the stability of his own home. This time he was on his own as a home loan applicant. His situation was tricky, as an applicant with a

Government Assisted Income, he quickly discovered the banks weren’t interested in helping him with a mortgage – it was a flat no. Rentals were super expensive and he couldn’t find one anywhere near friends and family; it was a stressful time.

Luckily, he had a friend who knew a broker who knew Pepper Money.

The broker went to Pepper Money and set out Doug’s situation, putting what he had on the table: a small deposit and an unusual income. Pepper Money were able to look at Doug’s situation and make a preapproval offer, with a prime loan that allowed for up to 90% LVR and acceptance of the income source. The proposed repayments would be less than the rentals he had been looking at. Armed with this offer he was able to go looking at properties and soon found a home he was really pleased with. A happy ending.

The moral of the story?

If the bank says no – give it the non-bank test with Pepper Money. It could turn a “No” into a “Yes!”