Non-bank announces broker cash bonus scheme

by Julia Corderoy08 Apr 2015
Non-bank lender Bluestone Mortgages has announced a broker bonus scheme to reward brokers who submit complete loan applications.

Bluestone will reward brokers with a $500 cash bonus for submitting an application with all the required documentation.

Royden D’Vaz, national sales manager at Bluestone Mortgages, said the lender receives many applications without all of the supporting documentation, which leads to extra man hours and unnecessary delays for all parties involved.

“One of the age old challenges to the industry is getting all the supporting documents at the time of submission. Our aim is to foster and encourage a 'one pass' application submission, to obtain a speedy approval,” he told Australian Broker.

According to D’Vaz, when an application is submitted with all supporting documentation, Bluestone can generally assess the request within hours and a decision provided back to the broker shortly after.

“Applying for a mortgage can be a stressful time for the people looking to borrow. We are striving to make the process as smooth, stress free and as fast as possible for our brokers and their customers.”

While all lenders have their idiosyncrasies in what they require to process an application, it is important for brokers to understand what each one is looking for, says D’Vaz. Bluestone assists its brokers by providing a checklist of documents needed for each type of loan they are helping their customers apply for.

“Our commission structure is already very strong and this is quite an easy way for our brokers to earn a nice bonus on every successful application they submit with Bluestone,” D’Vaz told Australian Broker

“We are rewarding them for taking the time upfront to familiarise themselves with our checklist of required documents and ensuring they have everything we ask for when they hand over the application to us. Ultimately, this will lead to applications being processed faster and a better experience for everyone involved.”

The broker bonus applies to all fully packaged applications submitted from Tuesday, 7 April to Friday, 5 June 2015, which settle prior to 1 December 2015.


  • by Patrick Marion 8/04/2015 11:32:43 AM

    I thought it was a given that a loan had to be submitted with complete supporting documentation. If brokers have to be rewarded specifically for that, it says something about the quality of these brokers.

  • by Broker 8/04/2015 12:37:33 PM

    Agree 100% with you Patrick - Do Bluestone really think that a Broker would be motivated by that?---if so , it is rather insulting.

  • by Michael Kent 8/04/2015 5:06:47 PM

    Boardroom meeting - Head of credit raises the issue about sloppy submissions from the broker channel.....ideas get tossed around until they come up with this gem!

    It won't improve the quality of submissions "once a sloppy broker ALWAYS a sloppy broker".

    A better idea would be to throw the dud loan submission back in the face of the broker/s in question with a note saying "once you submit everything we have requested we will assess this loan".

    Paying them $500 to do something that should be a given, especially if they have any pride in what they do, is just absurd!

    It's like saying to a child "We will pay you $500 if you do your homework".