Bluestone builds on a profitable FY20 in anticipation of a strong FY21

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Bluestone builds on a profitable FY20 in anticipation of a strong FY21

In spite of the upheaval of COVID-19 across the industry, Bluestone is very pleased to announce it had a strong year in FY20 with its loan book up 23% thanks to a highly successful Prime launch in November 2019. Profitability also increased by 57% from FY19, and with improved funding costs this increase looks set to continue into the next financial year.

It’s not only Bluestone’s financials that are doing well. After its recent transition to customer satisfaction targets, Bluestone announced an excellent result with an NPS score of +50. This reflects a high level of satisfaction among its brokers across Australia and demonstrates Bluestone’s commitment to maintaining the exceptional level of service its brokers have come to expect, even while loan volumes increase.

Chief Customer Officer James Angus: “This fantastic score is the result of a year of delivering genuine value for brokers and customers through initiatives like our online credit policy and one-day turnarounds. It’s particularly significant that we received consistently high levels of praise for the high level of knowledge and proactive support of our BDM team.”

Off to a strong start in the new financial year

Earlier this month, Bluestone completed the second of two RMBS deals within two months. As a result of strong interest from investors, the transaction was almost three times oversubscribed, placing Bluestone in an excellent position for the FY20 financial year, with extra warehouse space providing plenty of lending capacity. Bluestone’s borrowers and brokers are also set to benefit as stability in the funding market has a positive impact on pricing.

FY21 will see Bluestone renew its long-term commitment to educating brokers and taking responsibility to ensure they are working in the best interests of borrowers. Its recent accreditation refresher campaign received very positive feedback from aggregators and brokers. A total of 4600 brokers registered and 2850 attended across 4 online training sessions with over 2500 accreditations successfully renewed. Those who did not complete the process will still be able to submit loans, although they will be required to meet with their BDM first.

Angus said, “We are overwhelmed by the response to this initiative and number of brokers who attended our webinars. We believe as a lender we have an obligation to keep brokers abreast of changes to processes and policies and to provide ongoing broker training. This is something that we see as particularly important moving into the new era of the Best Interest Duty.”