Pepper Money
ASX-listed non-bank with explicit three-tier credit structure and multi-product range.
- Three-tier structure (Prime, Near Prime, Specialist)
- Multi-product range (home, personal, car)
- ASX-listed with public reporting
- 25-year operating history
- Alt-doc requires established 2+ year business history
- Headline rates above Big 4 prime
- Broker-channel access only
Pepper Prime rate sits 30-80 basis points above Big 4 variable.
Bluestone Mortgages
Non-bank specialist with strong short-business-history self-employed alt-doc capability.
- Strong alt-doc capability for 1-2 year business history
- Three-tier structure (Prime, Near Prime, Specialist)
- 25+ year operating history
- Broker-distributed through specialist channels
- Smaller scale than Pepper or Liberty
- No personal or car loan products (home loan focus)
- Headline rates above Big 4 prime
Bluestone Prime rate sits in broadly the same range as Pepper Prime; week-to-week variation in pricing.
The self-employed alt-doc question
The most material practical difference between Pepper and Bluestone is the self-employed alt-doc credit policy. Pepper typically requires 2 years of established business activity for alt-doc placement. Bluestone has historically been more flexible at 1 year of business history, particularly for borrowers with strong supporting evidence (BAS, accountant declarations, contracts in hand).
For self-employed borrowers with 1 to 2 years of business history, Bluestone is often the right placement when Pepper would decline. For borrowers with 2+ years of established business, both lenders compete on rate week-to-week.
Product range and scale
Pepper writes home loans, personal loans and car loans through its broader retail credit footprint. Bluestone is more narrowly focused on home loans. For borrowers who want consolidated credit products at one lender, Pepper has the broader range.
Both have similar operating histories (Pepper since 2000, Bluestone since 2000) but Pepper has greater scale by funds under management and is publicly listed on the ASX.
Tier structure clarity
Both lenders use a three-tier structure (Prime, Near Prime, Specialist). Pepper's tier policy is more documented externally; Bluestone's is more often discussed with specialist brokers during file placement. The practical impact for borrowers is that Pepper tier placement is sometimes predictable from documentation alone; Bluestone tier placement often requires broker dialogue with the credit team.
Which lender for which file
Frequently asked questions
Is Pepper Money or Bluestone cheaper?
Neither is structurally cheaper. The rate gap between Pepper Prime and Bluestone Prime varies week to week and by file profile. A specialist broker compares both rate cards.
Which is better for short-history self-employed?
Bluestone has historically been more flexible on 1-year self-employed business history. Pepper typically requires 2+ years of established activity. For 1-year files, Bluestone is often the right placement.
Does Bluestone do personal loans?
No. Bluestone is focused on home loans. Pepper writes home loans, personal loans and car loans. For borrowers wanting multiple products at one lender, Pepper has the broader range.
Is Bluestone ASX-listed?
No. Bluestone Mortgages is privately held. Pepper Money is ASX-listed under PPM.
Can I refinance from Bluestone to Pepper later?
The more common refinance path from either specialist lender is back to a Big 4 prime rate after 2-4 years as the credit file rebuilds. Moving between non-bank specialists rarely produces enough rate improvement to justify the application costs.