The non-bank lender has announced two new products, including a residential construction loan, as it continues to broaden its offering.
Bluestone Home Loans this week (starting 10 November) expanded its lending portfolio with the launch of a new residential construction loan and a new commercial property investment loan.
The residential construction loan has been launched to support borrowers building new homes or undertaking major renovations, including for those who do not have traditional proof of income.
The loan provides up to $3 million for those wishing to finance the build of a new single dwelling or duplex and also covers structural renovations or extensions. It has a maximum loan-to-value ratio (LVR) of 80 per cent.
The residential construction loan is available for up to 30 years on principal and interest repayments, or five years for interest-only, including after the borrower moves in.
Rates start from 7.64 per cent per annum for principal and interest (P&I) repayments (8.02 per cent comparison rate).
There are no valuation fees for progress inspections, and a dedicated team manages progress payments.
The residential construction loan only requires one form of income verification for Alt Doc loans, such as an accountant’s letter, six-month business activity statements or business bank statements, or tax returns.
Commercial property investment loan
As well as the residential construction loan, Bluestone has also launched a new commercial property investment loan.
Built for investors purchasing or refinancing commercial properties, this loan enables investors to either purchase directly or through their self-managed super fund (SMSF).
Covering a range of assets – including warehouses, retail, offices, and mixed-use premises – the commercial mortgages cover those with traditional income, flexible income (such as self-employed borrowers), and SMSF investment.
Borrowers can access up to $3 million with a maximum LVR of 80 per cent.
It is available for up to 30 years on principal and interest repayments or five years for interest-only loans.
P&I repayment rates start from 7.09 per cent for those investing through their SMSF (7.37 per cent comparison), 7.29 per cent for those on traditional income (7.55 per cent comparison), and 7.89 per cent for those on flexible income (8.17 per cent comparison).
An offset subaccount is also available for traditional and flexible income borrowers (excluding SMSF loans).
The commercial property investment loan has no clawback.
Speaking of the new products, Tony MacRae, Bluestone’s chief commercial officer, commented: “We’re continuing to evolve our product suite to meet the changing needs of brokers and their clients.
“These new solutions open the door for more Australians, who may not fit the traditional lending mould but have solid financial foundations and great opportunities ahead.”
The announcement follows the recent introduction of expat loans and means the non-bank lender’s portfolio now spans residential, construction, commercial, and expat lending.
MacRae said the lender was broadening its offering to help give brokers greater flexibility to support clients across a broader range of scenarios.
“Our aim is to make lending more accessible and transparent,” he said.
“Whether it’s helping Australians build, invest, or live abroad, Bluestone continues to back the brokers who make these outcomes possible.”
Bluestone also recently bolstered its leadership team, welcoming Paul Bakker as its head of strategic partnerships to focus on strengthening aggregator partnerships, improving education initiatives, and capitalising on new market opportunities.
He is also tasked with working closely with Bluestone’s leadership and distribution teams to deepen aggregator and white label relationships.
The non-bank lender said the appointment reinforced its commitment to brokers.
[Related: Bluestone Home Loans expands range with new expat loans]
