By Mina Martin
Bluestone Home Loans has further enhanced its lending policy, particularly for its SMSF product, to provide increased flexibility for brokers and their clients.
The non-bank scrapped the minimum requirement for liquidity in the SMSF fund post-settlement, giving brokers more options in how they structure deals and, importantly, reducing interest costs for customers.
In a media release, Bluestone Home Loans noted that brokers have long desired these changes, which now help position the company as the go-to non-standard lender for the channel, providing customers with easier access to products and a greater ability to find solutions.
In addition to eliminating the minimum requirements, Bluestone also introduced changes to height limits, debt clearance, loan terms, and financial proofs, empowering brokers to match customers to Bluestone's lending products.
Effective today, Bluestone’s policy changes include:
“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 (pictured above), 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.”
MacRae said Bluestone is constantly reviewing its policies and listening to broker feedback.
“So, there’s also some good common-sense changes around payslip requirements as well – simplifying processes for brokers and customers,” he said.
Last month, Bluestone launched more than 20 policy changes, including reduced buffers, increased LVR and loan amounts, and increased maximum exposure limits, in a bid to address market challenges for brokers and customers, including around serviceability.
MacRae reiterated Bluestone’s commitment to be the “go-to” lender for non-standard customers and urged brokers to seek help from Bluestone's Scenario Hotline.
“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,” he said.
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