About Pepper Money

Pepper Money entered the New Zealand market in 2019 and has quickly been established as one of the leading non-bank lenders in the market. They provide a variety of flexible home loan solutions to Kiwis by taking individual circumstances into account and considering situations that traditional lenders might decline. Helping people succeed is at the heart of what Pepper Money does; providing solutions for customers who may find it difficult to get a home loan from a bank.

What makes Pepper Money unique in the New Zealand market?

“We’re a lender that provides fast home loan solutions for customers that would find it difficult to find them otherwise” says Neil Culkin, Head of Credit for Pepper Money. “We’ve got expertise in understanding the various scenarios that customers might be facing – whether it’s an adverse credit history, consumer debt, people who are self-employed, anyone whose financial situation might not meet traditional banking requirements.”

“Drawing on our experience in the Australian market, we have a really strong understanding of different affordability scenarios. That means we can provide a more individualised solution, while minimising risk for both us and the client” says Culkin.

“Reflecting on the challenges that have occurred in the past 24 months, I think there’s a growing need to be able to support people who are going through ebbs and flows in business turnover, cashflow, and other financial uncertainties” says Michelle Sargeant, National Sales Manager. It’s been great to be able to meet that need in the New Zealand market and provide a solution for people who are facing these challenges.”

How does Centrix enable Pepper Money to deliver unique lending solutions for customers? 

“Data from Centrix enables us to maximise the information on a customer’s credit file, through its strong positive credit reporting solutions. That enables us to simplify the application process for our customers” says Culkin.

Pepper Money is able to pre-screen applications using 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.

Using Centrix comprehensive credit reporting and a few simple questions about an applicant’s financial scenario, PPS can determine the Pepper Money product for the customer in less than five minutes, determine their eligibility and provide an indicative rate and fees.

“The whole customer experience is seamless, and the final loan can usually be approved within 24 – 48 hours” says Culkin.

What other business benefits do you gain from working with Centrix?

“Our assessors are able to work a lot more efficiently and spend less time on each approval” says Culkin. “They use the depth of Centrix data in the assessment which simplifies the process. Rather than processing pages and pages of statements to verify financial information, the information in Centrix credit reports simplify the whole process. We can systemise that review as well, rather than having human intervention, which is an innovative solution that adds value to our business.”

“As a responsible lender, we need to protect ourselves from fraud, and make sure we have the full view of our client’s situation. The comprehensiveness of Centrix information helps prevent fraudulent applications, non-disclosure, and gives us greater comfort from a credit risk perspective.”

How has the partnership between Centrix and Pepper Money developed?

“As a partner, Centrix is very innovative in terms of where it’s going as a business. Their technology solutions and API connectivity are very progressive in the market. For that reason, we feel that the Centrix team in New Zealand is well aligned to the Pepper Money brand of innovation” says Culkin.

“The relationship is growing significantly. Not only does Centrix provide market smarts, but we’ve got a wonderful relationship with the team and it’s something that we really value” says Sargeant.

“They bring to the table new products that they’re working on, and they ask us how they can help with our business needs, what more they can do for us. We find Centrix very flexible, responsive and they are happy to create custom solutions that meet our business needs.”

“We’re a growing business and we want to continue improving our technology and innovation. For Pepper Money, it’s a good marriage to continue that growth with Centrix as business partners” says Sargeant.