Bluestone Moves Into Prime With Revamped Product Suite
Leading lender Bluestone announces its move into the prime lending space, launching a new product suite aimed at mainstream borrowers, with fixed rates starting from 2.99%.
Bluestone has replaced its entire product suite with a streamlined offering of four products – Prime, Near Prime, Specialist and Specialist+.
With the introduction of a Prime home loan product targeting everyday borrowers with good credit histories, Bluestone has moved away from its previous status as a specialist lender.
“This is the evolution of Bluestone as a lender. We have been operating in the near prime space for a number of years and over this time we’ve seen an increase in clear credit borrowers thanks to the tightening lending criteria of the banks. Moving into prime means we now offer home loan solutions for the full spectrum of borrowers and increase our relevance in this changing market, ” said CEO Campbell Smyth.
Prime and Near Prime offer a competitive, flexible solution for clear credit borrowers who are looking for an alternative to a bank home loan. Bluestone will still cater to non-conforming and credit impaired borrowers with its Specialist and Specialist+ products.
Designed with simplicity in mind, these new products will allow brokers to effortlessly find the right solution for borrowers in various financial and employment circumstances.
The new products will have a number of features designed to appeal to borrowers who are looking for a more flexible solution than many banks can provide, including:
- No risk fees or LMI on it’s full doc Prime product
- Alt doc option available across all products, including Prime
- Simpler documentation requirements for self-employed borrowers
- Wider range of income accepted including child support, overtime and commissions (conditions apply)
- Streamlined credit impairment criteria
- No automated credit scoring
While the products are changing, Bluestone’s foundation of excellent customer service, flexibility and a more individualised approach to assessment will be staying the same. The lender is focused on providing a smooth experience for brokers and customers alike, from application to settlement and beyond.
“By offering a wide range of products to suit varying personal and financial circumstances, we aim to support more borrowers across the lifetime of their loan,” said CEO Campbell Smyth.