Family search to buy new home
Family looking to buy new home

First home buyer? Leap onto the property ladder

Check your borrowing power, get a rate estimate or even apply online in just a few easy steps.

28 June 2024
28 June 2024

Our flexible approach could help buy your first home

You’ve saved your deposit, researched your options and are looking forward to making yourself at home. It’s a big commitment with a lot of change. The good news is we’re here to make the move to home ownership as easy as possible. Kick-start your journey to home ownership with our flexible approach to home loans. 

We won’t hold that unpaid phone bill against you or make you pay out your HECS-HELP debt before you start climbing the property ladder.  Our flexible approach to credit assessment means we’ll consider small credit blips when we evaluate your home loan application. Talk to us about your situation and if we can find a way to help, we will.

Why Pepper Money?

We're fast: Home loan decision within 2 business days
                     (once documents submitted)

We're flexible: Multiple loan options, if we can help, we will 

We're accessible: We’re here to talk through your situation 


Pepper Money first home buyer trio
  • Gifted deposits accepted
  • No need to pay out your HECS-HELP debt first
  • Fixed and variable rate options
  • We look beyond just your credit score
  • Get a quick response within 2 business days
  • Borrow up to 95% of the property value


What credit score do I need to buy a home?

We don’t just look at the black and white boxes on your home loan application. We make the effort to get to know the person behind the application and understand your personal circumstances. 

We ask the questions that matter and uncover the reasons behind any blips on your credit report, which allows us to make an informed decision on your ability to repay your loan. What this means, is you could still apply for a home loan even with a less-than-perfect credit history.

How much deposit do I need to buy my first home?

Saving your deposit is often the hardest part of buying your first property. But the good news is that we may be able to help if you’ve saved just 5% of the purchase price. You’ll also need some funds in reserve for Government and legal fees – and don’t forget some change for that first trip to IKEA!

We may also be able to help if you’ve recently been gifted all or part of your deposit, either through inheritance, or a very generous family member.


See what your repayments~ might look like

Whatever stage of the home loan journey you’re at, we could help

Talk to a real person about my options

If you’d like to have a chat about your home loan options – simply enquire online and we’ll aim to get in touch within 1 business day. 

Get my indicative interest rate

In less than 5 minutes, find out your indicative interest rate and estimated repayments˅ – without impacting your credit score.

Calculate my borrowing power

Work out how much you may be able to borrow with us. We’ll look at your income and expenses to work out your rough borrowing estimate.

Whatever stage of the home loan journey you’re at, we’re here to help

Talk to a real person about my options
Get my indicative interest rate
Calculate my borrowing power



Choose a home loan interest rate option that works for you

Variable Rates

Variable interest rate home loans start from

6.84% p.a.  variable rate*1

7.02% p.a. comparison rate^1

Submit an application by 15 August 2024 to take advantage of our variable interest rate promotion on select Loan to Value Ratios (LVRs)1. Plus, benefit from our:

  • Visa debit card+
  • 100% interest offset sub-account (fees apply)
  • Free online redraw

Fixed Rates

2-year fixed interest rate home loans start from

6.84% p.a.  2-year fixed rate*2

7.02% p.a. comparison rate^2

Until 15 August 2024, you can fix today’s variable interest rate for 2, 3 or 5 years with no break costs2

  • 2, 3, 5, 7 and 10-year loan terms
  • No break costs or early repayment fees
  • Unlimited extra repayments



Let's crunch those numbers

Buying your first home can be stressful! Getting a clear view of the numbers involved can help you understand where you stand. Our calculators are here to help you crunch those numbers and reach your savings target. 

Borrowing power calculator

Borrowing Power

Work out how much you may be able to borrow with us, based on your income and expenses. 
Stamp duty calculator

Stamp Duty

Work out how much stamp duty you may need to pay in each state or territory across Australia.
Mortgage repayment calculator

Mortgage Repayments

Work out your mortgage repayments and interest payable over the life of the loan.
Savings and term deposit calculator

Savings Goals

Find out how much you could save with a savings account or term deposit.



What other first home buyers are asking

You're not the first person to confuse LMI with LVR. Here are some popular questions from other first home buyers.

This is a calculation based on your total income, expenses, current credit exposure and your credit history. You can estimate your borrowing capacity in under 5 minutes using our home loan calculator - it’s quick, easy and won’t impact your credit score.

Different lenders charge different upfront and ongoing monthly fees, which should be factored in when saving your deposit. Some of these can be added to your loan balance, while others will need to be paid upfront – fees include establishments or application fees, and risk or mortgage insurance fees. Other smaller fees will be added to your balance each month.

You can view a summary of our home loan fees.

You’ll also need to pay solicitor fees along with local and state government taxes and levies. These can’t be added to your house loan balance and are usually paid upon settlement.

A few things in life are certain – and one of them is taxes. While stamp duty varies in each state or territory, it generally needs to be paid upfront and can’t be added to your loan balance. 

However, there are different schemes and grants in each state to support first home buyers – so it’s worthwhile checking if you qualify for any support: First Home Owner Grant

To get an estimate of how much stamp duty you might need to pay in each state in Australia, try our Stamp Duty Calculator.

The interest rates for home loans tend to vary for each individual, depending on a range of factors: 

  • The amount you need to borrow against the property value; known as the Loan-to-Value Ratio (LVR) 
  • The size of your deposit  
  • Your income 
  • Credit history 
  • Any assets you own 
  • Any liabilities or credit obligations
  • Chosen repayment type – paying off interest-only, or principal and interest 
  • The purpose of the loan – if it’s for an owner-occupier or investment property

You can find out what interest rate you might be eligible for in under five minutes using our home loan interest rate calculator. It’s quick, easy and won’t impact your credit score.

While we can submit the First Home Owners Grant (FHOG) on your behalf, we generally cannot use it as a deposit towards your home purchase as the funds are often not available on the settlement date. For any questions related to your specific situation please give us a call on 137 377

No. Unfortunately, we don't currently accept guarantors when applying for a home loan with us. We do, however accept up to 100% gifted deposits on some of our home loan options.

Lender’s Mortgage Insurance is a one-off fee that you’ll need to pay as a borrower to a third-party (a separate insurance company working with the lender). This is to protect the lender against the potential loss that may be incurred if you're unable to repay your home loan. This is generally charged upfront when you’re looking to borrow more than 80% of the value of the property (meaning you have an LVR over 80% - or a deposit of less than 20%).  If you refinance later the fee may be refundable in certain circumstances.

To apply for a home loan, you’ll need to provide documents to verify your identity, employment, and financial position. 

To prove your identity:

  • Australian passport


  • International passport showing a valid Australian permanent residency visa

To prove your deposit, you’ll need to provide the following (depending on where the funds originated from):

  • 3 months’ bank statements demonstrating genuine savings 
  • Share certificate or dividend statement for any public listed company
  • Gift letters for non-repayable gifts from family
  • Contract of sale or settlement statement for proceeds of a sale of another property

To prove your income:

For PAYG applicants you’ll need two recent payslips plus one of the following: 

• Most recent group certificate  
• Most recent notice of assessment  
• Current letter of employment 
• Bank statements - to confirm your last 3 months of salary 

For Self-Employed applicants, the required documents vary depending on how long you’ve been self-employed.

At least 6 months:

You’ll need to be able to show at least 6 months of GST and ABN registration and provide declaration of financial position, as well as one of the following: 6 months’ business bank statements, or 6 months’ BAS or Pepper Money accountant’s letter (not accepted if ABN registered for < 12 months, on loan sizes > $1.5m or on Plus).

Over 2 years:

Last 2 years’ tax returns and notices of assessments, or

Last 2 years’ financial statements executed by a registered tax agent or accountant


Our Product Reviews

Family celebrating in their new home

What our customers think about us


from 1,275 reviews

Outstanding Service!

Pepper Money Delivered! Outstanding from the time of pre-approval all the way through to the Discharge Process. I am so grateful and I’d recommend them to anyone looking for outstanding personalised service!

Christine, Victoria - First Home

I found Pepper Money to be honest and easy to deal with.

Nihal - First Home
Home loan purchase

Thanks everyone at Pepper Money who helped us pull our loan across the line in time to purchase our lovely home. It was a little stressful as it was all happening at once, so thanks heaps for helping it all come together. I would definitely recommend you for loans.

Vikki, Queensland - First Home
Pepper Money Home Loan

I engaged with Pepper Money after being turned away from my bank and my experience was excellent. I was provided with clear instructions, honest suggestions, and a team willing to assist. I’m so pleased to have reached out to Pepper and even more thankful we could team up to allow me to purchase my home. I recommend giving Pepper Money a call.

Adam, New South Wales - First Home
The Customer Service was good

Called last week to get information about my mortgage. I’m not very finance savvy and the agent was so patient with me, explaining everything I need to know. Not once did they get bothered with my questions! Thanks Pepper Money.

Deanna - First Home
Home loan

I’ve used Pepper Money in the past and have never had a problem. Customer service answered all my questions and stepped me through the process. They helped us get into our first home and made everything so easy.

Michelle, Queensland - First Home
Outstanding customer service

After being stuffed around by the bank - being under contract already, house already insured – Pepper Money came through strong for me. They were incredibly fast with clear responses and their customer service is next level. They totally understand how real life works and actually listen to you! 10/10 will recommend them to everyone I know buying a home.

Amy, Queensland - First Home

The important legal bits

Information and interest rates are correct as of 8 April 2024 and subject to change at any time. 

Information provided is factual information only, and is not intended to imply any recommendation about any financial product(s) or constitute tax advice. If you require financial or tax advice you should consult a licenced financial or tax adviser.

All applications are subject to credit assessment, eligibility criteria and lending limits. Terms, conditions, fees and charges apply. Promotions are subject to change and may be varied or withdrawn at any time. Applications submitted after the Promotion period will be offered the current interest rates then applicable. 

*Our interest rates:

       Pepper Money variable interest rates range from 6.84%p.a. - 12.19% p.a. (Comparison rates range from 7.02%p.a. - 12.34%p.a.^)

        View all variable rates »

       Pepper Money 2-year fixed interest rates range from 6.84%p.a. - 12.19%p.a (Comparison rates range from 7.02%p.a. - 12.27%p.a.^). 

       View all fixed rates »

      The actual interest rate will depend on the borrower’s circumstances and the information verified during the loan application assessment.

^Comparison rate is calculated on a secured loan of $150,000 for a term of 25 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. 

1Variable interest rate promotion (Promotion) applies to select LVRs for new home loan applications submitted between 12:00 am AEST 8 April 2024 and 11:59 pm AEST 15 August 2024.

2Pepper Money’s fixed interest rate promotion is only available for new home loan applications not previously submitted. Applications must be submitted between 12:00 am AEST 8 April 2024 until 11:59 pm AEST 15 August 2024. To lock in the interest rate at Final Approval, a fixed rate authority lock form must be submitted (fees apply#).  

#There is a non-refundable, minimum fee of $750 per home loan application payable at settlement to lock in a fixed interest rate for 90 days. For home loan balances greater than $500,000, the rate lock fee is 0.15% of the fixed interest rate loan balance at settlement. For example, for a fixed rate loan amount of $600,000 the rate lock fee will be $600,000 x 0.15% = $900. The lesser of the fixed interest rate at settlement or the applicable locked in fixed interest rate will be applied at settlement. The rate lock fee will be charged at settlement even if interest rates decrease after the rate lock request has been approved.

˅An indicative interest rate and estimated repayments is not a formal approval for a loan and financial commitments must not be entered into based on it. It is not a suggestion or recommendation of any particular loan product. It is a guide only based on the limited information provided and the credit score obtained. The actual interest rate and fees will depend on the borrower’s circumstances and the information verified during the loan application assessment.

~The results of the home loan repayment calculator are based on information you have provided in the calculator including a selected interest rate, loan term and loan amount and is to be used as a guide only. The interest rates do not reflect true interest rates and the formula used for the purpose of calculating estimated home loan repayments is based on the assumption that interest rates remain constant for the chosen loan term. The output of the calculator is subject to the assumptions in the calculator (see 'about this calculator') and subject to change. It does not constitute a quote, pre-qualification, approval for credit or an offer for credit and you should not enter commitments based on it. Your interest rate, repayments and interest payable will be different when you complete a full application and we capture all details relevant to our responsible lending assessment. The results of this calculator does not take into account loan setup or establishment or monthly administration fees nor government, statutory or lenders fees, which may be applicable from time to time. Calculator by Widget Works.

+Visa Debit card is issued by Indue Limited ABN 97 087 822 464 and distributed by Pepper Finance Corporation Limited ACN 094 317 647 and/or through Pepper Money accredited mortgage brokers. Refer to the Conditions of Use and Target Market Determination (TMD).

Get in touch with a Lending Specialist

Tell us about your situation. The more we learn, the better we can help.