18. Variations and Increases

Bluestone can consider an increase of loan amount for an existing loan, provided the following guidelines are met:

  • We must observe at least 6 months of loan repayments (i.e. loan is > 6 months in age).
  • Minimum increase amount is $50,000
  • Repayments on the Mortgage must be up to date across this period, with no arrears/hardship arrangements.
  • One increase is permitted in a 12 month period.
  • For favourable purchases loans must be 12 months old prior to any increase.
  • All increases are to be a paper application only. Do NOT lodge on AOL as this will create a new loan.
  • All existing product features are to remain - if any changes are required (i.e. product) we will need a new application.
  • New valuation(s) would be required and paid for by the borrower, with the updated report used for LVR determination.
  • If VOI has been completed within the last 2 years of the increase date, this won\'t be required again.
  • If ILA was a condition of the original loan, it will be required for the increase.
  • Servicing is to be completed on the remaining loan term
  • No structural changes (i.e. adding/removing borrowers - this would require a refinance).

Subdivisions

This refers to the separating or splitting an existing property/parcel of land into multiple, separate titles. For an existing Bluestone security to be subdivided, the appropriate approval is required from the Customer Retention Manager (or delegate) and the associated Lending Manager. This process initiates in the Retention team.

Substitutions

This refers to the replacement of an existing security, with another and securing this to the same, existing Bluestone loan (increases would require a new application). The appropriate approval is required from the Customer Retention Manager (or delegate) and the associated Lending Manager. A valuation review will also take place, as per the standard process, to ensure the proposed replacement security adheres to Lending criteria. This process initiates in the Retention team.