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The non-bank lender has announced rate cuts of up to 105 bps across its home loan product suite.
Bluestone has announced mortgage rate reductions across its near-prime and specialist home loan products, effective from 2 September.
The rate changes are for variable and fixed rates.
Bluestone’s rate changes include:
- A reduction of 75 bps on its Crystal Blue Full Doc loan for borrowers with an LVR of 80 per cent or less, from 4.49 per cent to 3.74 per cent (4.17 per cent comparison rate)
- A reduction of 45 bps on its Crystal Blue Alt Doc* loan for borrowers with an LVR of 70 per cent or less, from 4.94 per cent to 4.49 per cent (4.79 per cent comparison rate)
- A reduction of 70 bps on its Clean Slate Clear Credit loan for borrowers with an LVR of 60 per cent or less, from 4.94 per cent to 4.24 per cent (4.62 per cent comparison rate)
- A reduction of 105 bps on its Lite Blue Clear Credit loan for borrowers with an LVR of 60 per cent or less, from 5.59 per cent to 4.54 per cent (4.92 per cent comparison rate)
Bluestone’s rate reductions have come amid a host of fixed rate cuts across the mortgage market, in response to the Reserve Bank of Australia’s back-to-back cuts to the official cash rate in June and July and a continued fall in wholesale funding costs.
However, according to new research from comparison site Canstar – which involved a survey of 1,105 borrowers – 14 per cent of mortgage-holders have not received a reduction in their mortgage rate, with a further 9 per cent stating they were unaware of the cash rate reductions.
An additional 31 per cent of respondents who received a rate decrease said they were not aware of the size of the reduction.
Canstar finance analyst Steve Mickenbecker said the results reflected a “high degree of complacency” among consumers.
“With so little awareness of the rate they are paying, borrowers need to be more engaged with their home loan to take advantage of the record-low interest rates available today,” he said.
*The story has been updated to reflect that Bluestone has reduced rates on its Crystal Blue Alt Doc loan. It was previously reported that Bluestone reduced rates on its Crystal Blue Full Doc loan.
[Related: TMB reprices fixed mortgage offerings]
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