Bluestone Home Loans is putting speed at the forefront of its latest tech push, launching a proprietary loan origination platform that slashes turnaround times from roughly five days down to just two days.
"Brokers are at the centre of Bluestone's distribution strategy, so investing in technology that helps them is a natural priority for the business," Tony MacRae, chief commercial officer of the non-bank, told Australian Broker. "Our goal is to make it easier for brokers to do business with us by simplifying processes and continuing to improve the experience over time."
Developed by Bluestone's in-house technology team, the new platform is designed to provide a secure, streamlined experience while reducing the administrative burden on brokers. The company said the system would also enable it to respond to broker enquiries faster and more effectively, while providing the flexibility to adapt to evolving market conditions.
MacRae added that brokers can still apply through their customer relationship management platforms (CRMs), with no change to their current processes. "The benefit comes from the faster processing times, which we will continue to innovate on," he explained.
For Bluestone, the technology upgrade is about more than shaving days off processing times. MacRae said improving the broker experience through smarter technology remains a core component of the business, particularly as fluctuating application volumes and complexities across the lending landscape can create speedbumps for turnaround times.
"Speed, certainty and simplicity are consistently important priorities for brokers, particularly when helping customers with more complex circumstances," MacRae said. "While turnaround times can fluctuate across the market depending on volumes and market conditions, our focus has been on creating a better experience by making applications easier to submit and assess.
The new platform was developed with those priorities in mind and enables us to sustain faster responses, even during high volume periods."
MacRae didn't offer an update on Bluestone's next move, but said the firm would continue to refine the new platform and invest in enhancements to its existing technology.
"Building our own platform gives us greater control over the experience we deliver and allows us to respond more quickly to what brokers need," he said. "The launch of our new originations platform provides a strong foundation for ongoing enhancements, and we'll continue to evolve functionality based on broker feedback and business priorities.
"The early results are extremely encouraging, with turnaround times reducing significantly," he added.
Meanwhile, Bluestone, which turned 25 last year, is continuing to build its presence in Australia's lending market, broadening its reach across an increasingly diverse range of borrowers.
Late last year, the non-bank strengthened its specialist lending offering with the introduction of commercial property investment, residential construction and expat loans, alongside further growth in segments including self-employed borrowers and self-managed super funds (SMSFs). The firm also continues to invest in its leadership team. The expansion appears to have gained traction, with Bluestone lodging more than $1.2 billion in new loan applications in a single month earlier this year.
All of this is happening against an increasingly challenging market backdrop, with five interest rate hikes this year, falling property prices, weakening consumer confidence, reduced tax incentives under the latest federal budget, persistent inflation and mounting cost-of-living pressures.
"For brokers, diversification has never been more important," MacRae said. "The brokers who are thriving today are the ones who can support a wider range of customer circumstances, whether that's self-employed borrowers, those with complex income streams, investors or customers recovering from a past credit event."
Bluestone took its "Adapt. Diversify. Win" roadshow across the country this winter. Then in September, Bluestone joined a growing list of non-bank lenders backing the Australian Finance Industry Association’s (AFIA) Finance Industry Code of Practice.
