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Non-bank

Pepper Money

Australia's largest specialist non-bank lender. Strong "near-prime" and "specialist" home loan products for borrowers who fall outside major-bank policy, plus risk-tiered car and personal loans, distributed mainly through accredited brokers.

SydneyFounded 2000Australian Credit Licence 286655

Pepper Money at a glance

Pepper Money is a non-bank lender. It offers home loans, car loans and personal loans.

Lender type
Non-bank
Bank or non-bank
Non-bank lender (not an ADI)
Credit licence
ACL 286655, Pepper Money Limited
Lends
Home loans, Car loans, Personal loans
Headquarters
Sydney

Strengths

  • Best-in-class for near-prime and specialist home loans
  • Self-employed and bank-statement-evidence-friendly
  • Strong auto finance product across new, used and unsecured
  • Dedicated broker hub, BDM network and published broker rate card
  • Listed on ASX since 2021

Watch out for

  • Higher rates than prime lenders, reflecting credit overlay
  • Specialist tier pricing materially above prime
  • The full rate card sits behind broker accreditation; consumers need a broker quote for tier pricing

Pepper Money loans and products

What Pepper Money offers in each category, with the features, eligibility and trade-offs we note. For the current rate on each product, follow the link to Pepper Money’s own rate card.

Pepper Money home loans

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Variable

Pepper Near-Prime Variable

  • For borrowers with credit-file impairments
  • BAS or accountant-letter income evidence accepted
Near-prime tier for borrowers outside major-bank policy box
Variable

Pepper Specialist Variable

  • For significant credit impairment, including aged credit events
  • Alt-doc income evidence accepted
  • Designed as a 2 to 4 year path back to prime
Specialist tier for files mainstream lenders will not write

Pepper Money car loans

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Secured (used vehicle)

Pepper Car Loan Secured (Tier B and C)

  • Risk-tiered fixed pricing for credit-impaired files
  • Used, demo and private-sale vehicles accepted
Car finance tiers for borrowers outside prime auto policy

Pepper Money personal loans

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Pepper Money car loans: tiers and who they suit

Pepper writes fixed-rate secured and unsecured car loans from $5,000 to $150,000 over terms of 1 to 7 years, covering new, used and dealer-demo vehicles as well as private sales. Business borrowers can structure the purchase as a chattel mortgage under an ABN. Distribution runs through accredited asset finance brokers, dealer introducers and Stratton Finance, the online asset finance broker Pepper acquired.

Pricing is risk-tiered rather than one-size-fits-all. As at mid-2026 the strongest credit tier prices from around 9 percent per annum fixed, with comparison rates above 10 percent once fees are counted, and lower tiers price progressively higher to reflect credit history, security and vehicle age. Those figures are indicative only; verify the current range on Pepper's own car loan page or through a broker before relying on them.

The borrowers Pepper suits best are the ones a major bank's auto policy squeezes out: self-employed applicants without two full years of financials, borrowers with a paid default or a thin credit file, and older or private-sale vehicles that prime lenders decline as security. Clean-credit PAYG borrowers buying a new car should price a bank or prime auto lender first, because even the strongest Pepper tier carries a specialist margin.

Broker access: accreditation, BDMs and the Pepper Broker hub

Pepper is a broker-led lender. Most of its volume arrives through accredited mortgage and asset finance brokers, and the broker-facing side of the business runs through the Pepper Broker hub at pepperbroker.com.au, a separate site from the consumer-facing peppermoney.com.au.

Accreditation is open to brokers operating under a recognised aggregator: the application is a form on the Pepper Broker site, and Pepper's origination team (1800 737 737) handles questions. Once accredited, a broker gets portal access for lodgement and tracking, the current rate card, and a dedicated business development manager (BDM) who can workshop scenarios and price individual files.

Pepper also runs a scenario-submission tool for accredited brokers. That is the practical route for testing whether a non-standard file (a credit event, alt-doc income, unusual security) fits a Pepper tier before a formal application touches the borrower's credit file.

What the Pepper rate card is and how to read it

The "Pepper rate card" is the Rates and Fees guide Pepper publishes for accredited brokers, refreshed periodically as funding costs move; each edition carries an explicit effective date. It is a matrix rather than a single number: rates are quoted by credit tier (Prime, Near Prime, Specialist), documentation type (full doc or alt doc), loan-to-value ratio band and product, with the fee schedule alongside.

Consumers do not normally read the rate card directly, because it sits behind broker accreditation. The consumer-facing equivalents are the interest rate pages on peppermoney.com.au and, more usefully, a quote from an accredited broker, since the rate that actually applies depends on which cell of the matrix your file lands in.

If a broker walks you through the card, read it in this order: your credit tier first, then your documentation type, then your LVR band. Comparing your realistic cell against a big-bank advertised rate you would not be approved for is the classic mistake; compare it against the other specialist lenders quoting the same tier.

Pepper Money rates in 2026: indicative positioning

Pepper does not publish one headline rate, so the honest way to frame pricing is by tier. Indicative positioning as at mid-2026, all subject to verification against Pepper's current rate card: Prime home loans typically price around 0.3 to 0.8 percentage points above big-bank variable rates depending on LVR and documentation type; Near Prime sits above Prime; Specialist prices materially higher again to reflect credit risk.

Car loans start from around 9 percent per annum fixed for the strongest tier, with comparison rates above 10 percent, rising by tier. Personal loans are risk-tiered the same way, and the advertised "from" rate applies only to the cleanest files.

Every figure above is indicative, not an offer. Rates move with the cash rate and with Pepper's wholesale funding costs, and the rate you would actually be quoted depends on tier placement. Verify current figures on Pepper's own site or through an accredited broker before making any decision.

More on Pepper Money

  • Pepper Money review

    Who they suit, who should look elsewhere, and the verdict.

  • Pepper Money home loans in detail

    Specialist non-bank lender for borrowers who do not fit a Big 4 credit policy. The product range, where Pepper sits in price, and the files where it wins.

  • Pepper Money vs Liberty Financial

    Two of Australia's largest specialist non-bank home loan lenders side-by-side. Credit policy, SMSF capability, alt-doc strength, and which lender wins which file.

  • Pepper Money vs La Trobe Financial

    Two of Australia's longest-established non-bank specialist lenders. Credit policy structure, SMSF capability, self-employed alt-doc strength, and which lender wins which file.

  • Pepper Money vs Bluestone Mortgages

    Two non-bank specialist home loan lenders side-by-side. Self-employed alt-doc capability, credit tier structure, and which lender wins which file.

Pepper Money: frequently asked questions

Is Pepper Money legit?

Yes. Pepper Money Limited holds Australian Credit Licence 286655, has operated in Australia since 2000 and listed on the ASX in 2021 under the code PPM. It is a non-bank lender rather than a bank, so it does not take deposits, but the loans it writes are regulated under the National Consumer Credit Protection Act with the same borrower protections that apply to bank loans.

What is the Pepper rate card?

The rate card is the Rates and Fees guide Pepper publishes for accredited brokers. It sets out interest rates by credit tier (Prime, Near Prime, Specialist), documentation type and LVR band, plus the fee schedule, and it is refreshed as funding costs change. Consumers access it indirectly: an accredited broker reads the card and quotes the tier your file actually fits.

Does Pepper Money do car loans?

Yes. Pepper writes fixed-rate secured and unsecured car loans from $5,000 to $150,000 over 1 to 7 year terms, covering new, used, demo and private-sale vehicles, plus chattel mortgages for ABN holders. Distribution is mainly through asset finance brokers and Stratton Finance, and risk-tiered pricing means credit-impaired files can still be written, at a higher rate.

How does a broker get accredited with Pepper Money?

Through the Pepper Broker hub at pepperbroker.com.au. Brokers operating under a recognised aggregator complete the accreditation form, and Pepper's origination team processes it. Accredited brokers get portal access, the current rate card and a dedicated BDM for scenario workshopping and file pricing.

Why are Pepper Money rates higher than the banks?

Because Pepper prices for credit risk that bank policy declines outright. A near-prime or specialist file carries more risk than a clean prime file, and Pepper funds its lending through wholesale markets rather than cheap retail deposits. The relevant comparison is not the bank rate you would be declined for; it is the other specialist lenders quoting the same tier, and the refinance path back to a prime rate once your credit file rebuilds.

Is Pepper Money a bank?

No. Pepper Money is a non-bank lender: it is not on APRA’s register of authorised deposit-taking institutions (ADIs), the list of banks, building societies and credit unions licensed under the Banking Act 1959. Its Australian Credit Licence is 286655, held by Pepper Money Limited, and lending to consumers under a credit licence is regulated by ASIC under the National Consumer Credit Protection Act 2009.

What is Pepper Money’s credit licence number?

Pepper Money Limited holds Australian Credit Licence 286655. You can check a licence on ASIC’s Professional Registers before you apply.

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