Bluestone's loan book up nearly a quarter YOY

by Madison Utley11 Sep 2020

A non-bank achieved loan book growth of 23% over FY20, despite the challenging conditions created by COVID-19, a result the lender has partially attributed to its successful expansion into the prime space in late 2019.

Bluestone also reported profitability increased by 57% from FY19, a trend expected to continue as improved funding costs hold into the next financial year.

Additionally, the lender recorded an NPS score of +50, reflecting a “high level of satisfaction” among its broker partners and confirming the group has maintained its high level of service even as loan volumes increased.

“This fantastic score is the result of a year of delivering genuine value for brokers and customers through initiatives like our online credit policy and one-day turnarounds,” said James Angus, Bluestone chief customer officer.

“It’s particularly significant that we received consistently high levels of praise for the high level of knowledge and proactive support of our BDM team.”

In the new financial year, Bluestone plans to renew its commitment to educating brokers while also “taking responsibility to ensure they are working in the best interests of borrowers”.

According to the group, its recent accreditation refresher campaign received positive feedback from both aggregators and brokers, with a total of 4,600 brokers registering and 2,850 attending across four online training sessions; over 2,500 accreditations were successfully renewed.

“We are overwhelmed by the response to this initiative and number of brokers who attended our webinars,” said Angus.

“We believe as a lender we have an obligation to keep brokers abreast of changes to processes and policies and to provide ongoing broker training. This is something that we see as particularly important moving into the new era of the Best Interest Duty.”

Brokers who did not complete the process will still be able to submit loans, although they will be required to meet with their BDM first.