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Bluestone Reducing Rates For New and Existing Customers

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Bluestone Reducing Rates For New and Existing Customers

In response to the RBA cutting the cash rate to 0.50%, Bluestone is reducing their home loan interest rates for all new and existing customers.

Effective Monday, 9 March 2020, home loan interest rates for new customers will reduce by 0.60% for all Specialist products, and between 0.25% and 0.30% on all Prime, Near Prime and Specialist+ products. Variable Home loan interest rates will now start at 2.79% (3.06% comparison rate*) for Prime full doc with an LVR of <= 60%. A further 0.10% reduction applies to all 2 and 3 year fixed home loan rates.

Interest rate reductions for existing customers will come into effect on Wednesday, 1 April 2020. Existing customers with a Prime, Near Prime, Specialist, Specialist+ and Crystal Blue full doc home loan will see a rate reduction of 0.25%. For all other existing customers, home loan interest rates will reduce by 0.15%.

Chief Customer Officer James Angus said, “We are pleased to offer our new and existing customers these lower rates. In making these interest rates decisions, we have considered the RBA cash rate decrease, the current state of the wholesale funding costs, and the risk profile of our customers.”

“Our new rates are as much a result of the RBA’s move to lower the cash rate to an unprecedented 0.50%, as they are a response to broker feedback received since relaunching our products in November last year. We hope our new rates create more opportunities for our broker partners,” he said.

Bluestone’s commitment to ongoing improvement and evolution has already seen the lender introduce several product and policy updates in the four months following the new product launch. These changes include the introduction of no-cost upfront ordering of valuations, digitisation of settlement processes, and reducing the ABN requirement for self-employed Near Prime customers from 24 months to 12 months. Watch this space, as Bluestone plans to announce further changes over the coming weeks.

 

*3.06% p.a. comparison rate is based on secured credit of $150,000 and a term of 25 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.