ALA 19 - Winner Seals (Outlined)_Best Non-Bank

ALA 19 - Winner Seals (Outlined)_Best Non-Bank

Bluestone
Online Credit Policy

All the information you need, at your fingertips

Welcome to Bluestone's Online Credit Policy.

This comprehensive, fully searchable portal contains all the information our underwriters use to assess your applications.

What's new?

21 September 2021

Discharged bankruptcy update

We have updated the discharged bankruptcy section for Near Prime, Specialist and Specialist+. 

See Full Policy

3 September 2021

Increased loan amounts for Specialist & Specialist+

We have increased the amount we can lend for Specialist across 85 - 70% LVRs and for Specialist+ from 80 - 70% LVR.

See Full Policy

Change to loans > $1,500,000

We only permit one security per loan for loans >$1,500,000.

See Full Policy

Increased our max LVRs for Specialist & Specialist+

We now accept up to 85% LVR for Specialist and up to 80% for Specialist+.

See Full Policy

Unconditional approvals now valid for 90 days

We've increased unconditional approvals to now be valid for 90 days, up from 60 days.

See Full Policy

25 August 2021

Credit card arrears excludes latest months interest charge

We exclude the latest months interest charges for credit card arrears greater than 14 days, no default fees or overlimit balances for our Prime product. 

See Full Policy

9 July 2021

Expanded guidance on stressed repayments

We have expanded guidance on how we calculate stressed repayments on other mortgage debt when determining serviceability. 

See Full Policy

26 March 2021

Acceptable mortgage arrears increased

We have increased the maximum mortgage arrears allowable on our Near Prime and Specialist applications to 1 month and 2 months respectively.

See Full Policy

11 March 2021

85% LVR for investments

We now offer Prime and Near Prime investment loans up to 85% LVR on fully verified loans with P&I repayments.

See Full Policy

2 February 2021

WA metro loan limits increased

We can now lend up to $1.5m in selected WA metro locations. Please refer to our ASL calculator for more information.

See Full Policy

15 January 2021

VOI Guidance expanded

We have expanded our online policy to provide more details on identity verification requirements, and acceptable and unacceptable forms of ID.

See Full Policy

90% LVR in Brisbane

Our 90% LVR product is now available in Brisbane Metro.

See Full Policy

Casual income on Prime

We now accept Prime applicants with casual income who have been with their current employer for at least 6 months and in the same industry for at least 12 months, with no employment gaps.

See Full Policy

Residential rent shading

Residential rent is now shaded at 80% before tax, up from 70%.

See Full Policy

Max property cap removed

We have removed the 4-property cap for residential investors. Existing rules continue for max of 50% application income from rental sources, as well as all other mortgages being stressed.

See Full Policy

18 December 2020

Cash-out limits

We’ve increased the cash out limits to $500K for Prime and Near Prime full doc, and $200k for all other products excluding Specialist+.

See Full Polcy

Near Prime Credit Impairments

We have changed allowable conduct on personal loans and credit cards for Near Prime borrowers. Applications are accepted as long as payments are up to date at time of assessment.

See Full Policy

Maximum Loan Amount

We have adjusted the maximum loan amount across several LVR tiers on Prime and Near Prime loans. Maximum loan amount is now $2,500,000. Additional limits apply per product and LVR.

See Full Policy

15 December 2020

Aggregate Exposure Limits

Aggregate exposure limits across all products have increased. Maximum aggregate exposure on full doc loans is now $3,000,000, alt doc loans $2,500,000, and Specialist+ loans $1,500,000.

See Full Policy

Self-employed Income Servicing

We have changed the way we calculate servicing on fully verified self-employed income. We now use the latest year's income if it's up to 20% greater than previous year. If it is greater than 20%, we will use 120% of previous year, subject to review of 3 months' BAS or business bank statements.

See Full Policy

Child Maintenance Income Verification

To prove child maintenance income on all products other than prime, borrowers can now use either a Child Support Agreement (CSA) dated within the last 6 months, or at least 3 months' corresponding credit to a personal bank account. Prime applicants need to provide both of these forms of evidence.

See Full Policy

30 November 2020

Self-employed Income Verification

We have changed income verification requirements for self-employed borrowers. Full doc borrowers now have to supply 3 months business bank statements or BAS in addition to their tax records, down from the previously required 6 months. Alt doc borrowers under Near Prime to Specialist+ now have the choice to supply either 6 months Business Bank Statements or 6 months BAS.

See Full Policy

23 November 2020

Rental Income

We now accept rental income from Holiday lets/AirBnB and commercial properties. This income will be shaded at 50% and then taxed appropriately.

See Full Policy

Investment Income

We now accept interest and dividend income on investments held for a minimum of 24 months for Prime, and a minimum of 12 months for all other products.

See Full Policy

Serviceability

We have adjusted shading on residential rental income from 60% to 70%.

See Full Policy

28 October 2020

Industry Restrictions

We now accept income from the Construction industry in all states, across all products, subject to our normal means of assessment. We have also removed all industry restrictions in Victoria.

See Full Policy

16 October 2020

90% LVR in Sydney and Melbourne Metro

We have re-introduced our 90%LVR product in Sydney and Melbourne metro, with a maximum loan amount of $1,250,000.

See Full Policy

28 September 2020

Maximum Loan Amount

We have increased the max loan amount to $1m in hundreds of non-metro locations across Australia.

See Full Policy

LVR Restrictions

We have introduced an 85% LVR tier for Prime full doc in hundreds of non-metro locations across Australia.

See Full Policy

Rental Income

Rental income is now assessed at 70% of gross rent, minus appropriate taxes.

See Full Policy

22 September 2020

Bonus Income

We once again accept bonus income when provided with 2 years’ employer evidence. Bonus income is calculated using the lower of the two annual figures shaded at 80%.

See Full Policy

14 September 2020

COVID Hardships

Borrowers who were in a COVID-related hardship arrangements can be considered clear credit if the most recent 3 months were paid in full at submission and proof is provided the agreement has been met.

See Full Policy

JobKeeper Income

We can accept income for both PAYG and self-employed where JobKeeper is evident, but we will remove any JobKeeper amount.

See Full Policy

27 August 2020

LVR Restrictions

We have extended the 85% LVR tier to our Near Prime product. 85% LVR is now available across Metro locations (excluding WA) for Prime and Near Prime applications.

See Full Policy

Maximum Loan Amount

We have adjusted the maximum loan amounts in metro locations to reflect the new Near Prime 85% LVR tier.

See Full Policy

20 August 2020

Cash-out Limits

We have increased cash-out and Line of Credit limits across all our products. New limits are:

  • $200k on Prime and Near Prime full doc
  • $100k on Specialist
  • $100k cash-out on Specialist+ (no Line of Credit)

See Full Policy

Industry Restrictions

Restrictions on income from the construction industry are removed, other than for those customers working for, or operating, a business responsible for new residential or commercial developments/buildings.

See Full Policy

6 August 2020

Industry Restrictions

For Prime full doc applications in all states and territories other than Victoria, we have resumed lending to PAYG borrowers working in the following industries:

  • tourism
  • hospitality
  • entertainment/arts
  • retail.

See Full Policy

23 July 2020

LVR Restrictions

We have re-introduced our 85% LVR tier in Sydney and Melbourne metro areas on our Prime full doc product at a 3.24% rate (3.47% comparison). No risk fees or LMI apply.

LVR restrictions have also changed in certain non-metro locations across Australia. Use the ASL calculator on our website for LVR restrictions in your area.

See Full Policy

Maximum Loan Amount

We have reviewed and increased maximum loan amounts in certain non-metro areas across Australia. Use the ASL calculator on our website to see how much we can lend in your area.

See Full Policy

6 July 2020

Industry Restrictions

We have resumed lending to self-employed borrowers working in the following industries - tourism, hospitality, entertainment/arts, and retail.

See Full Policy

Rental Income

On a case-by-case basis we will now accept future rental income for investment properties purchased with Bluestone. Please discuss any scenarios with your BDM.

See Full Policy

Overtime

We now accept 100% overtime across all Near Prime, Specialist and Specialist+ applications.

For Prime, we can accept 100% if overtime is a condition of employment and evidenced for 2 years; all other applications will be assessed at 50% overtime, regardless of industry.

See Full Policy