Rate Update
Effective date
This change will take effect on 11 September 2026.
What happens next?
We’ll send you a letter either by post or you will receive an email notification to view your letter in the customer portal (depending on your correspondence preferences). The letter will confirm your new interest rate, new minimum monthly repayment, and the effective date of your new repayment.
Having trouble making repayments?
We understand that a rate increase may place additional pressure on some customers.
If you are having trouble making your repayments, let us know sooner rather than later. A hardship arrangement could change how often or how much you need to pay and help stop missed payments showing on your credit report.
You can get in touch with us on 0800 166 330 or visit our Financial support hub at https://www.peppermoney.co.nz/apply-for-assistance.
We're here to help.
What do I need to know if I’m an existing customer with a variable interest rate home loan?
From 20 September 2022 (the Effective Date), the interest rate that applies to your loan will increase by 0.59% p.a.
You will separately receive notice of your new interest rate and what your new repayments will be. Your repayments will not change until we notify you of these changes.
After the Effective Date, you can check your loan details online using LoanServiceNet.
If you are concerned about changes to your loan, not being able to make repayments or need extra support, we have a range of options available here to help you with managing your loan and planning ahead.
Why have you chosen to lift your rates higher than the official RBA cash rate and the major banks?
Like most lenders, the increasing cost of funds has impacted our interest rate change decision.
Given we are not a bank, our funding comes from alternative sources. The rate we are charged for these funds has significantly increased this year, so we’ve had to pass some of these costs on.
We acknowledge that this increase might be more than you were expecting. If you are concerned about making your repayments, we have a range of options available here to help you manage your loan and plan ahead.
What do I need to know if I have an existing application with Pepper Money?
If you have a current home loan application approval, a 0.50% p.a. interest rate increase, effective 16 September 2022, will apply.
We’ll be in touch with you within 2 days of settlement to outline your new loan details including the effective interest rate and repayment details applicable to your loan.
If you have any questions about how this rate change impacts your application, we recommend speaking with your broker or lending specialist.
