Bluestone adds to long list of policy improvements, with 6 more changes

Bluestone Home Loans is excited to announce further changes to their lending policy, with key expansions to the level of flexibility they can offer brokers and their customers.

The changes target their SMSF product, with the minimum requirement for liquidity in the SMSF fund after settlement removed, giving brokers more options in how they structure deals and, crucially, lowering interest costs for customers.

These improvements have been long desired by brokers, and now help to position Bluestone as the go-to non-standard lender for the channel, with easier access to products and a greater ability to find solutions for customers.

Alongside the removal of the minimum requirements, there are also changes to height limits, debt clearance, loan terms and financial proofs that will empower brokers to match customers to Bluestone’s lending products.

Bluestone’s policy changes, as of October 24, include:

1. No minimum requirement for liquidity in an SMSF (removing previous 5% liquidity requirement).

2. No building storey limit in inner city areas (removing previous 10 storey limit).

3. Clearing of Part IX & X Debt Agreements on Specialist loans now accepted

4. Maximum loan term increased to 40 years (for loans 31-40 years, servicing will be calculated over 30 years and an exit strategy required for applicants aged 45+ years).

5. 2 recent payslips with 1 dated within 4 weeks of the application date now required for PAYG income verification (changed from requiring the 2 ‘most recent’ payslips).

6. For payslips with a valid ABN, there’s no requirement to provide bank statements showing salary credits.
    

“The team has been working hard to deliver another round of policy improvements that can really make a difference for non-standard customers,” said Tony MacRae, Chief Sales Officer at Bluestone Home Loans.

“In particular, with our SMSF residential loan now having no minimum requirement for liquidity, it’s the perfect time for brokers to see how Bluestone can help their customers with SMSF loans. 

“We see a good number of SMSF loans being charged interest in excess of 10%, that are then refinanced over to us at a rate as low as 6.89%, saving them thousands in interest each year. 

“We’re constantly reviewing our policies and listening to feedback from brokers, so there’s also some good common sense changes around payslip requirements as well - simplifying processes for brokers and customers.”

“I want to emphasise our commitment to be the ‘go-to’ lender for non-standard customers, and how much help Bluestone's Scenario Hotline can be to brokers. 

“Give 13 BLUE a try - straight away you’ll speak to a senior underwriter who is there to give you certainty of a deal and save you time.”

Find out more at Bluestone’s broker website here or call the Scenario Hotline on 13 BLUE (13 2583).