In March, non-bank lender Pepper Money committed to continue paying trail to brokers with customers impacted by the COVID-19 pandemic until the end of 2020; now, the group has extended its timeline for a further 12 months – until at least 31 December 2021 – in a bid to provide mortgage brokers with certainty amidst a turbulent environment.
“Pepper Money was proudly the first lender to support the broker channel with this commitment in March this year. By extending the timeframe today, we are providing brokers with the support and certainty they need beyond 2020 and well into 2021,” said Aaron Milburn, Pepper Money general manager of mortgages.
At the end of next year, the group will again review its stance.
When making the initial announcement in March, Pepper explained its decision to honour all trail payments for customers affected by the spread of the virus and its impact on the economy, regardless of whether a customer goes into hardship or not, was an attempt to shield brokers from being negatively impacted by the economic downturn.
“Pepper Money has always supported the broker channel and, by making this decision, we are providing brokers with the support and certainty they need in these difficult times,” said Mario Rehayem, CEO of Pepper Money Australia.
