Interest
6.99%p.a.
Comparison*
7.14%p.a.
Est. repayment
$3,323
LVR ≤55%
Pepper Money Home Loan Rates
What are Pepper Money home loan rates?
Pepper Money home loan rates are the owner-occupier and investor products in the live table on this page. A verified Pepper Money variable product example in that 80% LVR owner-occupier principal-and-interest slot is Pepper Essential Full Doc 75% - 80% LVR <$2.5m Owner Occupied P&I: 7.34% p.a. (7.49% comparison rate), variable, for an owner-occupier principal-and-interest loan at 80% LVR (listed LVR band 75% to 80%), as of 20 October 2026. Compare Pepper against the wider market on home loan rates.
Rates shown are selected product examples, not every product or a personalised offer. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is based on a loan of $150,000 over a term of 25 years.
Pepper Money lifted its variable home-loan rates by 0.25 percentage points from 9 October 2026, Ratesniffers records. Every lender's date is in the RBA rate pass-through tracker.
Tracked products
1805
Variable product example
7.34%
A verified Pepper Money product example is Pepper Essential Full Doc 75% - 80% LVR <$2.5m Owner Occupied P&I: 7.34% p.a. (7.49% comparison rate), variable, for an owner-occupier principal-and-interest loan at 80% LVR (listed LVR band 75% to 80%), as of 20 October 2026. This is a selected example, not every product or a personalised offer. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is based on a loan of $150,000 over a term of 25 years.
Fixed product example
—
Check the product rates and conditions in the table. A verified example for this loan scenario is unavailable.
Variable example comparison
7.49%
A verified Pepper Money product example is Pepper Essential Full Doc 75% - 80% LVR <$2.5m Owner Occupied P&I: 7.34% p.a. (7.49% comparison rate), variable, for an owner-occupier principal-and-interest loan at 80% LVR (listed LVR band 75% to 80%), as of 20 October 2026. This is a selected example, not every product or a personalised offer. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is based on a loan of $150,000 over a term of 25 years.
Last updated
1 November 2026
Pepper Money is one of Australia's largest non-bank lenders, ASX-listed and headquartered in Sydney. Specialising in near-prime, alt-doc and credit-impaired home loans that the Big 4 typically decline, Pepper offers Full Doc, Alt Doc and Specialist tiers with risk-based pricing. Loans settle via mortgage-manager and third-party distribution networks, with no direct-to-consumer arm.
What are Pepper Money home loan rates?
Ratesniffers compares Pepper Money home loan products by comparison rate. A verified Pepper Money product example is Pepper Essential Full Doc 75% - 80% LVR <$2.5m Owner Occupied P&I: 7.34% p.a. (7.49% comparison rate), variable, for an owner-occupier principal-and-interest loan at 80% LVR (listed LVR band 75% to 80%), as of 20 October 2026. This is a selected example, not every product or a personalised offer. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is based on a loan of $150,000 over a term of 25 years. Compare Pepper Money against the wider market on home loan rates, check the comparison rate used to rank the table, or model extra payments with the extra repayments calculator.
What is the lowest Pepper Money home loan rate?
A verified Pepper Money product example is Pepper Essential Full Doc 75% - 80% LVR <$2.5m Owner Occupied P&I: 7.34% p.a. (7.49% comparison rate), variable, for an owner-occupier principal-and-interest loan at 80% LVR (listed LVR band 75% to 80%), as of 20 October 2026. This is a selected example, not every product or a personalised offer. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is based on a loan of $150,000 over a term of 25 years. These selected examples do not establish the lowest rate across every product or borrower scenario.
How many home loan products does Pepper Money offer?
Ratesniffers currently tracks 1805 Pepper Money home loan products across variable, fixed and interest-only options for owner-occupiers and investors, and ranks the 60 that pass our data-quality checks on this page. Every rate is ranked by comparison rate, the ASIC-mandated figure that folds in most fees, so the genuinely cheapest products sit at the top.
Pepper Money home loan rates at a glance
| Product type | Rate | Comparison rate | Max LVR |
|---|---|---|---|
| Variable Owner-occupier P&I | 6.99% p.a. | 7.14% p.a. | 55% |
| Variable Owner-occupier P&I | 6.99% p.a. | 7.14% p.a. | 65% |
| Variable Owner-occupier P&I | 6.99% p.a. | 7.17% p.a. | 55% |
| Variable Owner-occupier P&I | 6.99% p.a. | 7.17% p.a. | 55% |
| Variable Owner-occupier P&I | 6.99% p.a. | 7.17% p.a. | 55% |
| Variable Owner-occupier P&I | 6.99% p.a. | 7.17% p.a. | 55% |
| Variable Owner-occupier P&I | 6.99% p.a. | 7.17% p.a. | 55% |
| Variable Owner-occupier P&I | 6.99% p.a. | 7.17% p.a. | 55% |
| Variable Owner-occupier interest-only | 7.29% p.a. | n/a | 55% |
| Variable Owner-occupier interest-only | 7.29% p.a. | n/a | 65% |
| Variable Investor P&I | 7.19% p.a. | 7.34% p.a. | 55% |
| Variable Investor P&I | 7.19% p.a. | 7.34% p.a. | 65% |
60 of 1805 tracked Pepper Money home loan products
Interest
6.99%p.a.
Comparison*
7.14%p.a.
Est. repayment
$3,323
LVR 55 to 65%
Interest
6.99%p.a.
Comparison*
7.17%p.a.
Est. repayment
$3,323
LVR ≤55%
Interest
6.99%p.a.
Comparison*
7.17%p.a.
Est. repayment
$3,323
LVR ≤55%
Interest
6.99%p.a.
Comparison*
7.17%p.a.
Est. repayment
$3,323
LVR ≤55%
Interest
6.99%p.a.
Comparison*
7.17%p.a.
Est. repayment
$3,323
LVR ≤55%
Interest
6.99%p.a.
Comparison*
7.17%p.a.
Est. repayment
$3,323
LVR ≤55%
Interest
6.99%p.a.
Comparison*
7.17%p.a.
Est. repayment
$3,323
LVR ≤55%
Interest
7.29%p.a.
Comparison*
Not available
Est. interest only / month
$3,038
LVR ≤55%
Based on a $500,000 balance
Average monthly interest assuming that balance and rate stay unchanged, excluding fees and offsets. Amounts can vary by month because lenders may calculate interest daily; later repayments may differ.
Interest
7.29%p.a.
Comparison*
Not available
Est. interest only / month
$3,038
LVR 55 to 65%
Based on a $500,000 balance
Average monthly interest assuming that balance and rate stay unchanged, excluding fees and offsets. Amounts can vary by month because lenders may calculate interest daily; later repayments may differ.
Interest
7.19%p.a.
Comparison*
7.34%p.a.
Est. repayment
$3,391
LVR ≤55%
Interest
7.19%p.a.
Comparison*
7.34%p.a.
Est. repayment
$3,391
LVR 55 to 65%
Interest
7.19%p.a.
Comparison*
7.34%p.a.
Est. repayment
$3,391
LVR ≤55%
Interest
7.19%p.a.
Comparison*
7.34%p.a.
Est. repayment
$3,391
LVR ≤55%
Interest
7.19%p.a.
Comparison*
7.34%p.a.
Est. repayment
$3,391
LVR ≤55%
Interest
7.19%p.a.
Comparison*
7.34%p.a.
Est. repayment
$3,391
LVR ≤55%
Interest
7.19%p.a.
Comparison*
7.34%p.a.
Est. repayment
$3,391
LVR ≤55%
Interest
7.19%p.a.
Comparison*
7.34%p.a.
Est. repayment
$3,391
LVR ≤55%
Interest
7.34%p.a.
Comparison*
Not available
Est. interest only / month
$3,058
LVR ≤55%
Based on a $500,000 balance
Average monthly interest assuming that balance and rate stay unchanged, excluding fees and offsets. Amounts can vary by month because lenders may calculate interest daily; later repayments may differ.
Interest
7.34%p.a.
Comparison*
Not available
Est. interest only / month
$3,058
LVR ≤55%
Based on a $500,000 balance
Average monthly interest assuming that balance and rate stay unchanged, excluding fees and offsets. Amounts can vary by month because lenders may calculate interest daily; later repayments may differ.
Interest
7.34%p.a.
Comparison*
Not available
Est. interest only / month
$3,058
LVR ≤55%
Based on a $500,000 balance
Average monthly interest assuming that balance and rate stay unchanged, excluding fees and offsets. Amounts can vary by month because lenders may calculate interest daily; later repayments may differ.
Interest
7.34%p.a.
Comparison*
Not available
Est. interest only / month
$3,058
LVR ≤55%
Based on a $500,000 balance
Average monthly interest assuming that balance and rate stay unchanged, excluding fees and offsets. Amounts can vary by month because lenders may calculate interest daily; later repayments may differ.
Interest
7.24%p.a.
Comparison*
7.39%p.a.
Est. repayment
$3,407
LVR 65 to 70%
Interest
7.29%p.a.
Comparison*
7.44%p.a.
Est. repayment
$3,424
LVR 55 to 65%
Interest
7.29%p.a.
Comparison*
7.44%p.a.
Est. repayment
$3,424
LVR 65 to 70%
Interest
7.29%p.a.
Comparison*
7.44%p.a.
Est. repayment
$3,424
LVR 55 to 65%
Interest
7.29%p.a.
Comparison*
7.44%p.a.
Est. repayment
$3,424
LVR 65 to 70%
Interest
7.29%p.a.
Comparison*
7.44%p.a.
Est. repayment
$3,424
LVR 55 to 65%
Interest
7.29%p.a.
Comparison*
7.44%p.a.
Est. repayment
$3,424
LVR 65 to 70%
Interest
7.29%p.a.
Comparison*
7.44%p.a.
Est. repayment
$3,424
LVR 55 to 65%
Interest
7.29%p.a.
Comparison*
7.44%p.a.
Est. repayment
$3,424
LVR 65 to 70%
Interest
7.29%p.a.
Comparison*
7.44%p.a.
Est. repayment
$3,424
LVR ≤65%
Interest
7.29%p.a.
Comparison*
7.44%p.a.
Est. repayment
$3,424
LVR 65 to 70%
Interest
7.29%p.a.
Comparison*
7.44%p.a.
Est. repayment
$3,424
LVR 55 to 65%
Interest
7.29%p.a.
Comparison*
7.44%p.a.
Est. repayment
$3,424
LVR 65 to 70%
Interest
7.44%p.a.
Comparison*
Not available
Est. interest only / month
$3,100
LVR 55 to 65%
Based on a $500,000 balance
Average monthly interest assuming that balance and rate stay unchanged, excluding fees and offsets. Amounts can vary by month because lenders may calculate interest daily; later repayments may differ.
Interest
7.44%p.a.
Comparison*
Not available
Est. interest only / month
$3,100
LVR 65 to 70%
Based on a $500,000 balance
Average monthly interest assuming that balance and rate stay unchanged, excluding fees and offsets. Amounts can vary by month because lenders may calculate interest daily; later repayments may differ.
Interest
7.44%p.a.
Comparison*
Not available
Est. interest only / month
$3,100
LVR 55 to 65%
Based on a $500,000 balance
Average monthly interest assuming that balance and rate stay unchanged, excluding fees and offsets. Amounts can vary by month because lenders may calculate interest daily; later repayments may differ.
Interest
7.44%p.a.
Comparison*
Not available
Est. interest only / month
$3,100
LVR 65 to 70%
Based on a $500,000 balance
Average monthly interest assuming that balance and rate stay unchanged, excluding fees and offsets. Amounts can vary by month because lenders may calculate interest daily; later repayments may differ.
Interest
7.44%p.a.
Comparison*
Not available
Est. interest only / month
$3,100
LVR 55 to 65%
Based on a $500,000 balance
Average monthly interest assuming that balance and rate stay unchanged, excluding fees and offsets. Amounts can vary by month because lenders may calculate interest daily; later repayments may differ.
Interest
7.44%p.a.
Comparison*
Not available
Est. interest only / month
$3,100
LVR 65 to 70%
Based on a $500,000 balance
Average monthly interest assuming that balance and rate stay unchanged, excluding fees and offsets. Amounts can vary by month because lenders may calculate interest daily; later repayments may differ.
Interest
7.44%p.a.
Comparison*
Not available
Est. interest only / month
$3,100
LVR 55 to 65%
Based on a $500,000 balance
Average monthly interest assuming that balance and rate stay unchanged, excluding fees and offsets. Amounts can vary by month because lenders may calculate interest daily; later repayments may differ.
Interest
7.44%p.a.
Comparison*
Not available
Est. interest only / month
$3,100
LVR 65 to 70%
Based on a $500,000 balance
Average monthly interest assuming that balance and rate stay unchanged, excluding fees and offsets. Amounts can vary by month because lenders may calculate interest daily; later repayments may differ.
Interest
7.34%p.a.
Comparison*
7.49%p.a.
Est. repayment
$3,441
LVR ≤65%
Interest
7.34%p.a.
Comparison*
7.49%p.a.
Est. repayment
$3,441
LVR ≤70%
Interest
7.34%p.a.
Comparison*
7.49%p.a.
Est. repayment
$3,441
LVR ≤75%
Interest
7.34%p.a.
Comparison*
7.49%p.a.
Est. repayment
$3,441
LVR ≤80%
Interest
7.34%p.a.
Comparison*
7.49%p.a.
Est. repayment
$3,441
LVR ≤85%
Interest
7.34%p.a.
Comparison*
7.49%p.a.
Est. repayment
$3,441
LVR ≤90%
Interest
7.34%p.a.
Comparison*
7.49%p.a.
Est. repayment
$3,441
LVR ≤95%
Interest
7.34%p.a.
Comparison*
7.49%p.a.
Est. repayment
$3,441
LVR ≤65%
Interest
7.34%p.a.
Comparison*
7.49%p.a.
Est. repayment
$3,441
LVR ≤70%
Interest
7.34%p.a.
Comparison*
7.49%p.a.
Est. repayment
$3,441
LVR ≤75%
Interest
7.34%p.a.
Comparison*
7.49%p.a.
Est. repayment
$3,441
LVR ≤80%
Interest
7.34%p.a.
Comparison*
7.49%p.a.
Est. repayment
$3,441
LVR ≤85%
Interest
7.34%p.a.
Comparison*
7.49%p.a.
Est. repayment
$3,441
LVR ≤90%
Interest
7.34%p.a.
Comparison*
7.49%p.a.
Est. repayment
$3,441
LVR ≤95%
Interest
7.34%p.a.
Comparison*
7.49%p.a.
Est. repayment
$3,441
LVR 70 to 75%
Interest
7.34%p.a.
Comparison*
7.49%p.a.
Est. repayment
$3,441
LVR 75 to 80%
Interest
7.34%p.a.
Comparison*
7.49%p.a.
Est. repayment
$3,441
LVR ≤65%
*Important Information and Comparison Rate Warning
WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is based on a loan of $150,000 over a term of 25 years.
The information provided on this site is general in nature and does not take into account your objectives, financial situation or needs. Before acting on any information, consider whether it is appropriate for you and read the relevant Credit Guide and lender disclosures.
Pepper Money home loan repayment calculator
The starting interest input uses this selected Pepper Money product example: Pepper Essential Full Doc 75% - 80% LVR <$2.5m Owner Occupied P&I: 7.34% p.a. (7.49% comparison rate), variable, for an owner-occupier principal-and-interest loan at 80% LVR (listed LVR band 75% to 80%), as of 20 October 2026. Change the loan amount, rate or term to model your own mortgage. Repayments are principal and interest estimates, assume the entered rate remains unchanged, and exclude fees. Changes to these inputs do not establish product eligibility or approval.
WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is based on a loan of $150,000 over a term of 25 years.
The amount you want to borrow.
Use the interest rate, not the comparison rate. Change it to model an actual offer or your own scenario.
Use the term in your offer or choose the number of years to model.
Monthly repayment
$3,441
Fortnightly repayment
$1,588
Total interest
$738,924
30 years at 7.34% (P&I)
For a fuller model, use the repayment calculator, see how extra payments change the balance with the extra repayments calculator, or check what you can borrow with the borrowing power calculator.
Who is Pepper Money?
Pepper Money is one of Australia's best-known specialist non-bank lenders, ASX-listed since 2021 (after an earlier 2015 listing and private-equity ownership in between). It built its name on 'real-life' lending: borrowers the banks' standard criteria don't fit.
That means self-employed applicants with alt-doc income evidence, borrowers with past credit events, and complex scenarios, priced across prime, near-prime and specialist tiers rather than a single one-size rate.
Who suits a Pepper Money home loan?
Pepper tends to suit self-employed borrowers, applicants with a credit blemish that time has healed, and anyone the major banks have declined on paperwork rather than capacity. Specialist tiers price above bank rates, so treat Pepper as a bridge: take the loan, rebuild the file, then refinance sharper, and compare its prime tier against the table above.
Background facts checked 21 July 2026. Rates above refresh independently.
Pepper Money fees, offset and limits at a glance
- Application or establishment fee
- $599 Essential & $995 Clear, Easy and Advantage
- Discharge fee
- $500
- Settlement fee
- $0
- Additional valuation fee
- $300
- Loan portability
- Yes
- Offset account
- 100% Offset sub-account available on all products
- Capitalising LMI
- Max LVR is inclusive of Lender Protection Fee
- Maximum total lending
- $2m on Prime and $2.5m on Near Prime Clear/Near Prime/Specialist
Checked 8 Oct 2026. Lender fees and policy change without notice, so confirm the detail with the lender before you apply.
Pepper Money home loans: frequently asked questions
What are Pepper Money home loan rates?
Pepper Money home loan rates are the owner-occupier and investor products in the Ratesniffers live rate table. A verified Pepper Money variable product example in that 80% LVR owner-occupier principal-and-interest slot is Pepper Essential Full Doc 75% - 80% LVR <$2.5m Owner Occupied P&I: 7.34% p.a. (7.49% comparison rate), variable, for an owner-occupier principal-and-interest loan at 80% LVR (listed LVR band 75% to 80%), as of 20 October 2026. Compare Pepper against the wider market at /home-loans. This is a selected product example, not every product or a personalised offer. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is based on a loan of $150,000 over a term of 25 years.
What are Pepper rates?
Pepper Money home loan rates include this selected product example: Pepper Essential Full Doc 75% - 80% LVR <$2.5m Owner Occupied P&I: 7.34% p.a. (7.49% comparison rate), variable, for an owner-occupier principal-and-interest loan at 80% LVR (listed LVR band 75% to 80%), as of 20 October 2026. Compare Pepper against the wider market at /home-loans. This is general information, not a recommendation to borrow. This is a selected product example, not every product or a personalised offer. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is based on a loan of $150,000 over a term of 25 years.
What are Pepper Money rates?
Pepper Money home loan rates include this selected product example: Pepper Essential Full Doc 75% - 80% LVR <$2.5m Owner Occupied P&I: 7.34% p.a. (7.49% comparison rate), variable, for an owner-occupier principal-and-interest loan at 80% LVR (listed LVR band 75% to 80%), as of 20 October 2026. Compare Pepper against the wider market at /home-loans. This is general information, not a recommendation to borrow. This is a selected product example, not every product or a personalised offer. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is based on a loan of $150,000 over a term of 25 years.
What is the lowest Pepper Money home loan rate?
A verified Pepper Money product example is Pepper Essential Full Doc 75% - 80% LVR <$2.5m Owner Occupied P&I: 7.34% p.a. (7.49% comparison rate), variable, for an owner-occupier principal-and-interest loan at 80% LVR (listed LVR band 75% to 80%), as of 20 October 2026. This is a selected example, not every product or a personalised offer. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is based on a loan of $150,000 over a term of 25 years. These selected examples do not establish the lowest rate across every product or borrower scenario.
What is the monthly repayment on a $600,000 Pepper Money home loan?
For a hypothetical $600,000 principal-and-interest loan over 30 years, keeping this variable interest rate unchanged gives about $4,130 a month before fees. The selected source example is Pepper Essential Full Doc 75% - 80% LVR <$2.5m Owner Occupied P&I: 7.34% p.a. (7.49% comparison rate), variable, for an owner-occupier principal-and-interest loan at 80% LVR (listed LVR band 75% to 80%), as of 20 October 2026. Variable rates can change; this calculation does not establish eligibility or approval. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is based on a loan of $150,000 over a term of 25 years. Use /calculators/repayment to model your own amount and term.
How much do you need to earn for a $500,000 Pepper Money home loan?
There is no single salary requirement for a Pepper Money home loan. The lender assesses income, expenses, debts and repayment capacity. APRA's residential mortgage framework generally requires governed authorised deposit-taking institutions to apply a minimum 3 percentage point buffer above the payable interest rate, ignoring temporary introductory discounts, with prudent limited policy exceptions. This does not establish Pepper Money's actual assessment rate or approval criteria. Confirm the applicable lender policy and use /calculators/income-required for an illustrative estimate, not approval.
How does Pepper Money's home loan rate compare to the market?
Compare Pepper Money's product conditions and comparison rates with /home-loans. The available table does not establish a whole-market ranking or a personalised offer.
How many home loan products does Pepper Money offer?
Ratesniffers currently tracks 1805 Pepper Money home loan products across variable, fixed and interest-only options for owner-occupiers and investors, and ranks the 60 that pass our data-quality checks on this page. Every rate is checked daily against each lender's current published pricing and ranked by comparison rate, the ASIC-mandated figure that folds in most fees, so the genuinely cheapest loans sit at the top.
Is Pepper Money competitive for refinancing?
Compare Pepper Money's available product conditions and total costs with your existing loan. A listed rate does not establish refinance eligibility. Allow for discharge, establishment and any fixed-loan early repayment costs, and confirm applicable lender terms before switching. Compare the table with /home-loans/refinance.
How often are Pepper Money's home loan rates updated?
Ratesniffers refreshes Pepper Money's home loan rates daily; this page was last updated 1 November 2026. Rates can change whenever Pepper Money reprices or the RBA moves the cash rate, so the figures shown reflect the most recent data we hold rather than a static snapshot.