Bluebay Home Loans has announced that it will not be accepting new applications for some of its Line of Credit products until further notice.
As of Monday, 11 December, Bluebay will not accept new applications for Bluebay Adelaide Bank Home Loans Line of Credit products and the linked Secured Visa product. The suspension applies to both interest-only and principal and interest (P&I).
The lender said: “Following regulatory changes to interest only requirements, it has become necessary to suspend new application [of the affected products] until further notice.
“This is needed to allow the funder to make the necessary system and contractual amendments to meet the new requirements.”
Bluebay has not made comment on why the P&I line of credit product is also affected.
[Related: Interest-only loans plummet]