2. Borrowers

Acceptable Borrowers & Guarantors

Individuals

  • Australian citizen or permanent resident
  • New Zealand citizens or permanent resident
  • Other permanent visas acceptable providing at least one other party to the loan is a citizen or Permanent Resident
  • Minimum age of borrower is 18
  • Maximum of 4 borrowers per loan
  • Broker borrower applications acceptable.

Company Borrowers

  • Only 1 company borrower per loan
  • The company must have a valid ACN
  • Maximum of 3 directors
  • All directors must be guarantors of the borrowing entity
  • Guarantors will be required to obtain Independent Legal Advice prior to settlement
  • If income is being used then directors must be shareholders and the relevant income policies must be met.
  • All guarantors are required to be on title of the security property

Trust Borrowers

  • Loans to a trust must be in the name of the trustee in its/their own right and also in its/their capacity as trustee.
  • Only 1 trust borrower per loan
  • Discretionary, Unit or family trusts permitted
  • Full trust deed to be provided (stamped & signed)
  • All directors of the trustee company must be guarantors
  • Guarantors will be required to obtain Independent Legal Advice prior to settlement
  • Maximum of 3 directors
  • Adult beneficiaries are required to complete privacy forms and VOI

Unacceptable Borrowers/Guarantors

  • Guarantors on loans to an individual
  • Non-residents
  • Companies or trusts involving disqualified directors
  • Entities under external administration
  • Bankrupts
  • Public companies
  • Bluestone employees or family of employees
  • Borrowers of convenience for Investment Loans
  • Borrowers of convenience for those other than married/defacto.