Pepper Money vs Liberty: two non-banks, two different business ranges

Do you need money for the business itself, or money secured against a building? That single question sorts most owners between these two lenders faster than any rate sheet would.

Pepper Money and Liberty are both well-known Australian non-bank lenders, both best known for home loans, and both comfortable with borrowers whose file doesn’t suit a bank. Their business ranges, though, are built quite differently. The details below come from each lender’s own website as at October 2026.

What does each lender actually offer businesses?

Liberty lists four kinds of business loan, plus a separate set of commercial property loans:

• Secured business loans up to $2m, with terms up to 30 years and security that can include property, machinery or vehicles.
• Low doc business loans up to $2m, secured against commercial or residential property, using alternative income verification.
• Flexible business loans with no mortgage security, up to $2m over terms of up to five years. Liberty says fuller financials may be needed.
• A business line of credit, giving access to an approved limit as needed.
• Commercial property loans in several forms: a standard commercial loan for business premises, low doc, lease income, short-term commercial (with no financials required) and commercial SMSF loans up to $4m, generally at up to 80% LVR.

Pepper Money, which says it has around 25 years of lending experience and is listed on the ASX, keeps its business range tighter:

• Commercial property loans up to $5m ($3m where the security is residential), at up to 80% LVR depending on documentation and property, over 1 to 30 years.
• SMSF loans for corporate trustees, up to $5m for business real property at up to 80% LVR, with interest-only for up to five years.
• Equipment and asset finance and commercial vehicle loans, available once your ABN has been registered for two years.

Head-to-head table

	Pepper Money	Liberty
Business loan without a mortgage	Not offered	Flexible business loan to $2m, terms to 5 years
Line of credit	Not offered	Yes
Commercial property cap	$5m ($3m on residential security)	Not published, except $4m on SMSF loans
Maximum LVR (commercial)	Up to 80%	Up to 80%
Self-employed paperwork	One-year tax return full doc, or alt doc	Low doc with flexible income verification
Short-term commercial option	Not listed	Yes, no financials required
Equipment and vehicles	Asset finance after two years’ ABN; commercial vehicle loans	Secured business loan can use machinery or vehicles; car loans for business use
Features worth noting	Full offset sub-account, free online redraw, tax debt consolidation	Redraw on low doc commercial; no annual reviews on its standard commercial loan
Credit history	Looks beyond the credit score	Considers blemished credit

When is Liberty the better call?

• You don’t own property, or won’t put it up. Liberty’s flexible business loan is the only product across both lenders that doesn’t need a mortgage. Expect a closer look at financial statements instead.
• You’d rather draw and repay as you go. A business line of credit for stock, wages or seasonal swings isn’t on Pepper’s business menu.
• You need commercial property money quickly and the paperwork is thin. Liberty’s short-term commercial loan is pitched at investments or acquisitions with no financials needed, which can bridge a purchase while the longer loan is arranged.
• Your business owns machinery or a fleet. Liberty says its secured business loans can be backed by machinery or vehicles, not only real estate.

When is Pepper Money the better call?

• You’re buying or refinancing commercial property up to $5m. Pepper publishes its cap and its property list, which includes industrial units, medical suites, warehouses, childcare facilities and student accommodation.
• You’re carrying a tax debt and own a commercial building. Debt consolidation, including tax debts, is named on Pepper’s product page. Our guide to business loans with ATO tax debt explains how lenders view the arrears.
• You want an offset. Pepper’s commercial loan comes with a full offset sub-account, which can trim the dollars of interest you pay if the business holds cash between big payments.
• You’re financing equipment after two years of trading. Pepper’s asset finance covers trailers, yellow goods, tractors, excavators, forklifts, heavy transport, fit-outs, medical and dental equipment and commercial solar. Our equipment finance page covers how those loans are structured.
• Your SMSF is buying the business’s premises. Pepper’s SMSF loan reaches $5m on business real property, a little above Liberty’s published $4m.

Comparing two non-banks is easier with a third set of eyes. Spend a minute on our enquiry and we’ll tell you which lender’s criteria your numbers suit. Nothing lands on your credit report because you asked.

How do costs and paperwork compare?

We don’t quote rates for either lender. Both advertise “from” pricing on their websites, and both say higher pricing can apply depending on LVR and assessment, so the figure you’re offered may look nothing like the headline.

Compare written offers on the total dollar cost: interest over the term, establishment and valuation fees, legal costs, and any charges to exit early. On a $900k commercial loan, a small difference in pricing compounds into thousands of dollars a year, which is why the offset, LVR and loan length deserve as much attention as the price. Our business loan repayment calculator and LVR calculator help you test the structure before you apply.

For paperwork, Pepper’s commercial loan offers a full doc option using just one year’s tax return, or alt doc. Liberty’s low doc products use alternative income verification. Read our explainer on low doc business loans to see what lenders usually accept in place of full financials.

Your quick checklist

1. Is there property or equipment to secure the loan, or do you need unsecured money?
2. Is the need a lump sum, a revolving limit, or a property purchase?
3. How many years has your ABN been registered?
4. How much will you borrow, and what LVR does that create?
5. Can you show full financials, or only BAS and an accountant’s letter?
6. What’s on your credit file, and can you explain it in two sentences?

If both are a stretch, a private business loan or a second mortgage may still work. Pepper also comes up against La Trobe Financial in our La Trobe vs Pepper comparison.

Not sure which non-bank to approach first?

Pepper and Liberty assess differently, and an application to the wrong one can cost you weeks. Tell us what you need and we’ll work out which door to knock on. Sixty seconds or so is all the form needs, and making it doesn’t dent your credit score. We won’t scatter your enquiry across dozens of lenders. Someone on our team reads it properly, then rings you. Accuracy helps here: describe your property, trading history and any credit marks, so the option we bring back is one that suits you from the start.

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