Pepper Group

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<p>The non-bank lender Pepper Group has implemented mortgage rate rises on construction loans, due to higher funding costs.</p>
<p>Its advisory to mortgage brokers advised the higher construction loan rates came into effect July 6.</p>
<p>The increases ranged from 20 basis points to 55 basis points depending on the type of mortgage and the loan to value ratio (LVR).</p>
<p>Its essential construction loan - with an LVR of of between 80 per cent to 85 per cent - the interest rate rises from 4.59 per cent to 4.79 per cent.</p>
<div>Pepper Group sits among the increased number of small financial services company to flag an out-of-cycle mortgage rate rise.The advisory memo to mortgage brokers, obtained by The Australian Financial Review, said the increases applied to new business. </div>
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Pepper Group

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