Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Bluestone replaces suite, breaks into prime

campbell smyth campbell smyth
Annie Kane 5 minute read

The non-bank lender has replaced its entire product suite with four products and announced its official move into prime lending.

Bluestone has today (6 November) replaced its entire product suite with a “streamlined” offering of four product streams and broken out of its traditional segment of specialist lending by launching a new product stream aimed at prime borrowers. 

As such, Bluestone will now have four product streams: Prime, Near Prime, Specialist and Specialist+. 

The new prime product suite for mainstream borrowers includes fixed rate loans starting from 2.99 per cent, alt doc options, and no risk fees or lender’s mortgage insurance (LMI) on full doc loans. 

Advertisement
Advertisement

Bluestone revealed that the new product streams will include “a number of features designed to appeal to borrowers who are looking for a more flexible solution than many banks can provide”, such as simpler documentation requirements for self-employed borrowers, a wider range of accepted income streams (including child support, overtime and commissions [however, conditions apply]), and no automated credit scoring. 

Speaking of the move into prime lending, Bluestone CEO Campbell Smyth commented: “This is the evolution of Bluestone as a lender. We have been operating in the near-prime space for a number of years and, over this time, we’ve seen an increase in clear credit borrowers, thanks to the tightening lending criteria of the banks.  

“Moving into prime means we now offer home loan solutions for the full spectrum of borrowers and increase our relevance in this changing market,” he said. 

Bluestone will continue to cater to non-conforming and credit-impaired borrowers with its Specialist and Specialist+ products. 

The lender said that the new product streams have been “designed with simplicity in mind” and to enable brokers to “effortlessly find the right solution for borrowers in various financial and employment circumstances”. 

PROMOTED CONTENT


It added that, while its products would be changing, it would continue to offer “a more individualised approach to assessment” and “[be] focused on providing a smooth experience for brokers and customers alike, from application to settlement and beyond”. 

“By offering a wide range of products to suit varying personal and financial circumstances, we aim to support more borrowers across the lifetime of their loan,” Mr Smyth concluded.

The overhaul of the products offered and move into prime lending come hot on the heels of the appointment of Bluestone’s first chief customer officer.

Last week, Bluestone announced that its head of sales Royden D’Vaz had left his role as head of sales after five years of service with the non-bank, with his responsibilities assumed by its new chief customer officer, James Angus, who was Macquarie Bank’s former co-head of personal banking intermediaries.

[Related: Rise of the non-banks]

Bluestone replaces suite, breaks into prime
campbell smyth
TheAdviser logo

If you’re feeling overworked and overwhelmed in this fast-paced mortgage market, it’s time to make some changes, and the Business Accelerator Program can help! Tickets are on sale now. Work smarter, not harder, this year.

campbell smyth
Annie Kane

Annie Kane

Annie Kane is the editor of The Adviser and Mortgage Business.

As well as writing about the Australian broking industry, the mortgage market, financial regulation, fintechs and the wider lending landscape – Annie is also the host of the Elite Broker and In Focus podcasts and The Adviser Live webcasts. 

Email Annie at: This email address is being protected from spambots. You need JavaScript enabled to view it.

 

 

more from the adviser
merger puzzle Joust launches broker-borrower matching service

The online home loan auction platform has launched a new matching...

uptick graph Prospa boosted by business sentiment rise

Prospa managed a personal best of $182.7 million in loan originat...

Peter White Brokers must vaccinate: FBAA

The Finance Brokers Association of Australia has urged brokers to...