Bluestone Enters Near Prime Lending With Mass Rate Cuts Across Its Portfolio
We’ve reduced rates across our product suite, expanding our operations into the near prime space as a natural extension of our specialist lending focus.
We’re thrilled to announce that Bluestone has now entered the near prime space! We’ve reduced rates across our product suite by up to 225 basis points, with our Crystal Blue portfolio being particularly ambitious (comprising of full and alt doc products geared to support established self-employed borrowers [with greater than 24 months trading history], and PAYG borrowers with a clear credit history).
The recent acquisition of our business by Cerberus Capital Management has enabled a number of immediate opportunities to be realised – most notably the assessment of our full range of products and to ensure they fully address market demands. We’re now in an ideal position to aggressively sharpen our rates based on the new line of funding, and pass on the considerable net benefit to brokers and end-users alike.
The rate reductions have significant strategic implications as they place our company in a position to expand operations into the near prime space as a natural extension of our specialist lending focus. This comes at an opportune time as a growing volume of self-employed, PAYG and credit impaired customers are affected by the tightening criteria of traditional lenders.
Unlike big banks, we don’t have credit scorecards, which means we’re able to assess every borrower based on their merits and individual circumstances. We’re not one-size-fits-all by any means, which is increasingly appreciated.
We’re actively supporting our move into this space by extending our BDM, credit assessor and support teams. This will enhance access to decision makers, to help brokers get more deals done, more often.
We are now focussed on actualising a number of imminent opportunities that address current market demands. The series of rate reductions are the beginning of many initiatives that will enhance or expand our portfolio.