Non-bank expands into prime space

by Duffie Osental06 Nov 2019

A leading non-bank lender has moved into the prime lending space.

The new product suite from Bluestone is aimed at mainstream borrowers, with fixed rates starting from 2.99%.

With the launch, Bluestone has replaced its entire product suite with a streamlined offering of four products – prime, near prime, specialist, and specialist+.

“This is the evolution of Bluestone as a lender,” said Campbell Smyth, chief executive officer of Bluestone.

“We have been operating in the near prime space for a number of years and over this time we’ve seen an increase in clear credit borrowers thanks to the tightening lending criteria of the banks.

“Moving into prime means we now offer home loan solutions for the full spectrum of borrowers and increase our relevance in this changing market.”

The lender said its prime and near prime products offer a “competitive, flexible solution” for clear credit borrowers who are looking for an alternative to a bank home loan. Meanwhile, Bluestone will still cater to non-conforming and credit-impaired borrowers with its specialist and specialist+ products.

“By offering a wide range of products to suit varying personal and financial circumstances, we aim to support more borrowers across the lifetime of their loan,” said Smyth.