Bluestone Awarded Best Mortgage Product At Property Investors Awards 2018
This week Bluestone celebrates its latest industry award after winning Best Mortgage Product at the inaugural Property Investors Awards 2018.
Bluestone is honoured to announce that it was awarded Gold in the Mortgage Product category of the inaugural Property Investors Awards 2018. These awards seeks to highlight Australia’s best property investment services and products.
This recognition comes off the back of a period characterised by substantial expansion in market penetration and profitability for the company as a result of mass rate cuts across its portfolio and introduction of a new near prime product in April 2018. Uptake of near prime loans increased 110% during FY17-18, reflecting the growing market need for solutions in this space.
Bluestone’s near prime offering allows home buyers and investors who do not meet mainstream lending criteria to access loans at competitive rates. A large percentage of these loans is used by self-employed Australians and those with multiple complicated income streams, such as property investors. Increasingly, following the tightening of lending criteria of traditional lenders, even fully verified PAYG and self-employed borrowers are relying on near prime products like Bluestone’s to secure funding.
To make it easier for investors, Bluestone does not charge a premium for investor loans on a P&I basis. Furthermore, if the borrower pays interest only on a number of investment properties, the group uses actual payments on those debts rather than using P&I payments for servicing the loan.
The award recognises some of the key business achievements Bluestone celebrated in the 12 months prior to June 2018, including the issuance of RMBS transactions Sapphire XVII 2017-2 and Sapphire XVIII 2018-1 with a combined value of $550 million, taking the group’s total issuance to over $800 million in 12 months. This growth trajectory has since continued, with Bluestone announcing its latest issuance for $300 million RMBS Sapphire XIX 2018-2 on 30 August 2018. Sapphire XIX takes the group’s total issuance to 1.1bn over 15 months.
Bluestone’s unwavering effort to meet and exceed broker expectations was another contributing factor for the accolades. As a result of the commitment and expertise of the company’s team, this award is the latest in a series of awards and recognitions, particularly within the BDM team. The group enjoyed 3 finalist nominations in the Women in Finance Awards for BDMs Denya Dean and Lauren Severino, as well as legal counsel Marj Bhatty, with winners announced later in September 2018. Denya Dean further won MFAA BDM Lender Support Service Provider for NSW/ACT.