Your loan account has features that may assist you with your current and future needs.

Please take a moment to consider these options to help you to understand whether these may assist you with your financial situation.

Many home loan customers may be paying more than they are contractually required to pay on their home loan. You may have set up your repayments in this way on purpose or it may have happened as a result of your repayments remaining the same despite reductions in your home loan interest rate over time.

While the additional repayments made to your home loan account means you may pay off your loan faster, you may also choose to reduce your loan repayment amount to the minimum contractual repayment amount, including any monthly account keeping fees.

This may help to minimise your overall monthly outgoings and assist you to cover your other daily essential expenses like groceries or utility bills.

Things to consider 

Due to making extra repayments on their home loan, some customers may have access to extra funds that they have paid to their home loan account. You can redraw these funds if you have them available.

What are the pros? 

  • There is no change to the credit limit on your loan
  • Your repayment amount is not affected or changed
  • You’re using your own money
  • No impact to credit history

What are the cons? 

  • Any financial buffer you had built up will decrease
  • Your loan balance will increase by the amounts you redraw
  • If you should require access to excess funds in the future, there will be less money to access

Things to consider

  • The minimum redraw amount on all Pepper Money Home Loans is $1,000 for a manual redraw application (one that you make via phone or email to our Customer Service team) – this can be paid to your nominated account or to a third party, and $50 for an online redraw when you want to send the money to a nominated bank account.
  • To request a redraw please call Pepper Money’s Customer Service team on 0800 945 658 Monday to Friday from 9am to 8pm NZST.

Your home’s equity is the market value of your property minus what you owe on your existing home loan. There are many different uses for home equity. Perhaps you’re looking to consolidate several debts into one monthly mortgage repayment to help you get on top of your finances. Or you simply must sort out some pressing financial needs. Whatever the case, you can use your equity to free up cash for a variety of approved purposes.

You can access all or part of your equity
You may be able to refinance your existing mortgage to have access to the current market rates or other loan products that you may be eligible for, in addition to being able to borrow more on top of your original loan amount.

Things to consider

  • Any application for credit is subject to our credit criteria and eligibility requirements. Terms and conditions, fees and charges apply.
  • You should consider your ability to meet your repayments currently and in the future.
  • To find out more please call Pepper Money’s Customer Service team on 0800 945 658 Monday to Friday from 9am to 8pm NZST.

Reduction to your loan repayment or a repayment break

When you encounter a period of financial stress, you can contact us here to apply for either a reduction to your loan repayment amount for a set period of time or a repayment break which involves putting a pause on making your monthly contractual repayments for a period of time, as agreed with us.

With either of these options, interest will continue to accrue on your loan account but will be deferred and added onto your loan balance. This will mean that your repayments will increase for the remainder of your loan term. Keeping this in mind, the more you can pay the better assuming you are able to.

Read more about the repayment holiday terms in our Fact Sheet.

You can apply for assistance here.

What are the pros?

  • Either reduced repayments or no scheduled repayments are required for the agreed time period
  • This won’t impact your credit repayment history

What are the cons?

  • Your scheduled repayments will likely increase once the repayment break has ended to ensure that your loan is repaid within the remaining loan term
  • Interest will accrue over the repayment break period which means you are likely to pay more in interest over the life of the loan

Additional Support

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Still have questions?

View our list of FAQs to help answer any financial assistance questions you may have.

Government Assistance
Government Assistance

It is important to be aware of the Government assistance available to you.

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