Non-bank capitalises on major bank retreat

Bluestone stated that it has capitalised on the decreased risk appetite from major lenders in response to the financial services royal commission.

Royden D’Vaz, Bluestone’s national head of sales and marketing, said: “The non-bank proposition has become increasingly attractive to many borrowers recently, as our individual approach to credit assessment means we can facilitate loans that don’t fit into the cookie-cutter approach of the big banks with their credit scorecards.

“Most of these borrowers don’t pose any more risk than your average vanilla deal; they just need a little bit of personal attention to fully understand their situation. Non-banks like Bluestone provide that.”

Bluestone CEO Campbell Smyth also noted that its acquisition by Cerberus Capital Management in April 2018 provided the lender with greater access to capital to help fund its operations.

“[The] business was able to broaden its offering and reduce rates, allowing access to a broader consumer market,” he said.

Mr Smyth added that Bluestone’s investment in staff growth and improvements of systems and processes have “increased efficiency and enabled smoother workflows”.

“Our staff are our greatest asset, and our recent achievement would not have been possible without a highly skilled, engaged and enthusiastic team,” the CEO added.

“From our [business development managers] constantly on the road forging relationships, to our lending team making sure every loan is assessed with care, we are committed to providing the best value proposition in the market for our broker partners and a great experience for their customers.”

Bluestone also stated that it expects continued growth in the 2019, with “strong growth targets” and “strategic plans for product and process innovations”.

[Related: Bluestone enters near-prime market]