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Pepper Money to deliver transparency, confidence, and efficiency in 2022
As we welcome the new year, Michelle Sargeant, National Sales Manager at Pepper Money reflects on the remarkable year that was 2021 along with the challenges and opportunities faced by the non-bank industry.
Opening the doors in 2019, Pepper Money is a relative newcomer in the New Zealand market and has already helped hundreds of families achieve their home ownership goals. Faced with what has arguably been the most challenging period of our times, Pepper Money has established itself as a lender that truly embodies the spirit of the non-bank sector.
Navigating uncertain times
We all faced another year of challenges in 2021 and despite COVID’s disruption in the lending market and tighter lending restrictions, Pepper Money never wavered on their values of ‘can do’, ‘balanced’ and ‘real’, says Ms Sargeant. “With thousands of households impacted by the pandemic, Pepper Money wanted to make sure those who needed hardship support or financial help could access it easily. Our Financial Hub provided guidance to hundreds of online visitors and their team personally supported a number of families along the way.”
And, with the changing lending landscape and economic impacts of the global pandemic, Ms Sargeant adds, “Chances are many Kiwis that have never needed to consider an alternative lender in the past are now finding themselves needing a specialist solution. This unknown territory combined with increased turnaround times and paperwork from some lenders, can increase a customer’s unease when applying for a home loan.”
The Pepper Money approach
Pepper Money provides a variety of flexible home loan solutions designed to meet customer needs, including some the banks won’t. “We think that all Kiwis should know their options and too many have been turned down for a loan without knowing there could be an alternative available,” says Ms Sargeant. Pepper Money brings much needed choice, and competition to the non-bank market in New Zealand, and if they can find a way to help – they will.
“We aim to connect with the customer’s goals, acknowledge that they are not defined by their situation, and find a win-win outcome. And despite the individual assessment process, we maintain a one-day turnaround for home loan enquiries,” she said.
Pepper Money’s unique underwriting assessment enables one application access to their three credit policies attached to a range of home loan products. This unique process can increase the probability for advisers to find a solution for their customers.
A service, financial advisers can count on
Ms Sargeant and the Pepper Money team know that their responsive BDMs are one of the top reasons they have been able to establish themselves as a trusted lender with advisers. She comments, “While building strong relationships with our partners has always been part of our mission, it was even more important last year as we were disrupted by the pandemic. Our team went above and beyond to make sure adviser felt supported.”
This was achieved on a number of levels, from personalised service, efficiency through our unique technology platforms, and a strong focus on education.
Of course, this is strongly supported by market leading one day turnaround times for credit approvals. “While our competitors can take multiple days, we can offer one-day credit reviews, so financial advisers can focus on what matters most – helping Kiwi families succeed,” she said.
Credit expertise to count on
Pepper Money’s service and flexible approach to lending is enabled by a team of credit experts who are passionate about taking time to understand a customer’s personal circumstances to ensure they get the most appropriate product and rate for them. Ms Sargeant says, “That’s why we increased the number of credit assessors on our team last year and worked harder than ever to maintain our industry-leading turnaround times.”
Financial advisers have direct access to these Pepper Money credit decisionmakers who provide early feedback and information to address any applicant questions quickly and easily. It’s this kind of decision making that makes a rea life difference for advisers and customers alike.
A shifting regulatory environment
Despite upcoming changes to regulation, Pepper Money maintains focus on keeping processes and documentation requirements as simple, easy and fast as possible for financial advisers and their customers.
In a landscape where legislation continues to evolve, Ms Sargeant says Pepper Money is committed to working closely with their adviser network and supporting them through the changes. Thanks to an innovative and digitally enabled mindset, they are potentially better placed than many to support brokers in complying with their existing and new regulatory obligations.
Efficiency and opportunities with technology
Now more than ever technology is creating opportunities in non-bank lending, and Pepper Money has been relentlessly focused on the way they deliver value to advisers and customers. Commenting on what’s to come in 2022, Ms Sargeant says, “We will continue to leverage technology this year to make it even easier to work with us and provide scalable growth opportunities for financial advisers.”
She adds, “We’re always on the lookout for how technology and process efficiencies can help make our financial adviser’s life better.” Pepper Money’s suite of digital tools helps financial advisers and distribution partners better serve their customers, enabling them to identify available loan products faster and more accurately – while offering a seamless application experience.
The non-bank continues to invest in improving their platforms, drawing on best practice from beyond the financial services sector, and embedding financial adviser and customer needs into every aspect. A prime example of one of these tools is the Pepper Product Selector (PPS) – an innovative online tool that lets financial advisers assess the customer’s borrowing capacity and see indicative home loan rates and fees quickly and easily.
In less than five minutes, a financial adviser can calculate their client’s indicative borrowing power upfront, check their credit history with no impact to their credit score and have an indicative offer – with the product, rates, fees and repayments, and if there are Pepper Money home loan options for the customer.
“We continue to optimise Pepper Product Selector and consult regularly with advisers who use the tool. We will continue to do this to help give advisers and borrowers a seamless, effortless experience,” Ms Sargeant says.
What’s next in 2022
The Pepper Money team are set to build on the solid foundations from last year and are poised to support more advisers help even more customers with their home loans dreams. “We are energized for what 2022 will bring, both for Pepper Money and our instrumental industry,” says Ms Sargeant.
“As we embark on 2022, we are excited for the opportunity to leverage our core capabilities, including the knowledge and strength of our BDMs, consistency of credit service levels and lending capabilities. This is underpinned by the consideration of broad income types and credit history profiles – which are all the important building blocks to support advisers and their customers through a successful year.” ✚