Home loans, mortgages, SMSF, LMI… we get it, the whole home loan thing can be confusing so we’ve answered the most common questions here.
Bluestone is a non-bank. This means we don’t offer transaction accounts or credit cards. Our home loans are funded in a different way to the banks, which gives us flexibility to offer a wider range of home loan products to fit our customers’ needs.
Bluestone has offices spread across Australia, New Zealand and the Philippines. We’re not a bank, so we don’t have branches.
Bluestone is funded by warehouse funding facilities. These warehouses are like a huge overdraft that we negotiate with major banks. For each loan we settle, we draw out money to pay our customers.
Bluestone is owned by Cerberus Capital Management, L.P. Cerberus is a global leader in alternative investing with over US$53 billion in assets.
A valuation is an estimation of how much your property is worth. When you apply for a home loan, refinance or loan increase you will need to get a valuation of your security property to find out how much you can borrow.
A risk fee is a one-off fee that’s designed to protect the lender in the case of applications that are considered to be higher risk. Your application might be considered high risk because you don’t have enough documentation to prove your income, or you have a history of bad credit.
A comparison rate is there to help you understand the true cost of a home loan, including fees and charges, so you can easily compare different products and lenders.
When you apply for a home loan, you need to show your lender documentation to prove your income. Full doc, alt doc and low doc home loans refer to the type of income verification you use:
Full doc is when you have access to fully verified forms of evidence to prove your income (tax returns, notice of assessments, income statements).
Alt doc (also called low doc) is an alternative way to prove your income when you don’t have access to fully verified means. At Bluestone we have a number of flexible alt doc options for borrowers including business activity statements, business bank statements and/or accountants letters.
Read more about the differences between full doc, alt doc and low doc home loans here.
An interest-only home loan is when you only pay the interest on your loan, rather than repaying the principal (amount you’ve borrowed) as well as the interest. While an interest-only loan can be a good option in some circumstances, there are downsides so make sure you do your homework before making a decision.
Pre-approval is something many home buyers or investors get before they start house hunting. With pre-approval the lender has given you an estimation of how much you can borrow. Pre-approval isn’t a guarantee that you will be approved for a loan, but it gives you an idea what you can borrow so you can budget.
Conditional approval is when approval has been provided on the basis that certain outstanding conditions are met before formal approval can be given.
Unconditional approval is when you have applied and been approved for a loan. Unlike pre-approval, unconditional approval is a guarantee that you will be able to borrow a certain amount.
Home loan repayments are typically calculated daily and paid monthly, based on the interest rate for the chosen term for the interest portion of your repayment. For your principal repayment, your initial borrowing rate is divided by the months or fortnights in your loan term. These two amounts are then added and repayed on your chosen schedule. Bluestone’s repayment calculator is only a guide, particularly because we assume your interest rate will remain fixed through the whole term of the mortgage, which is often not the case in Australia.
We have a range of resources to help you understand your mortgages options in our insights section. We’re also working on a few more useful calculators for you in the background.
At the moment, no, our calculator does not consider the impact of an offset account on interest accrued. So if you have an offset, assume you’ll be a little bit quicker to pay off your mortgage than the projections we share in the graph. For accurate repayment insights that consider strategies like paying lump sums and utilising an offset account, we recommend speaking to your broker or seeking professional financial advice.
If you’re using our new internet banking platform, you can access your account here. You should have received your login details in your welcome email but if you didn’t please contact customer service on 13 25 83.
If you have not yet been migrated over to our new internet banking platform, you can access your account here.
For help with internet banking please call customer support on 13 25 83.
If you’re dealing with financial hardship due to COVID-19, we may be able to help with reduced repayments, or a temporary suspension of your repayments. You can connect with our hardship team here.
There are a few ways to make extra repayments on the principal balance of your loan. You can set up an additional direct debit, use electronic transfer or even make a payment by cheque. Please be aware that fixed rate loans have a limit on extra repayments – contact customer service on 13 25 83 if you’d like to know more.
Contact customer service on 13 25 83 to discuss any changes to your loan.
If you have a Bluestone home loan and you’re looking to borrow more, you may be eligible to apply for an increase. Whether or not you will be approved depends on a number of different factors including your income, repayment history and the value of your security property.
Contact our customer service team on 13 25 83 and choose option 3 or 4.
You can check your available funds in redraw via internet banking or give our customer service team a call on 13 25 83.
We offer a range of home loans for owner-occupiers and property investors, including borrowers who are self-employed or need an alternative way to prove their income.
To be eligible for a Bluestone home loan you need to be:
At Bluestone, we don’t charge lender’s mortgage insurance (LMI), however we do charge a risk fee on some of our products.
Yes, it is! You can find more information about our offset account here.
Yes. We offer a line of credit of up to $500,000 on Prime and and Near Prime full doc and $200,000 on other products except for Specialist +.
Absolutely! Many of our customers are self-employed and we offer a few different ways for you to prove your income for a self-employed home loan using tax returns, BAS statements, business bank statements and more.
It is possible to get a home loan with bad credit, depending on the circumstances. At Bluestone we have loans designed specifically for borrowers who are recovering from previous financial difficulties. Get in touch with our friendly team to chat about your situation and find out if we can help.
Depending on your circumstances you may be able to get a home loan if you have a previous bankruptcy. Our Specialist and Specialist+ products are intended to help borrowers who are recovering from previous difficulties. Find out more here or call us on 13 25 83 to talk to a loan specialist about your individual situation.
Currently we only offer variable rates. Find out what rate you’d likely get by chatting to your broker.
As a non-bank lender, we generally have more flexible eligibility criteria than the traditional big banks.
Being a non-bank lender, we have the opportunity to provide flexible lending solutions that suit people who are self-employed, have low-documentation or alternative income, as well as those who may even have an imperfect credit history.
Yes, unconditional approval is when you have applied and been approved for a loan. Unlike pre-approval, unconditional approval is a guarantee that you will be able to borrow a certain amount.
We sure do! You can choose between principal and interest or interest only repayments. Check with your broker or adviser for which option is best for you.
Bluestone does not currently offer second mortgages.
The best way to apply is to take our Find your Fit journey. Answer a few questions to get an indicative idea of your rate and repayments, and leave your contact details so one of our team can get in touch and arrange a time to chat.
Our friendly loan specialists are on hand to help you with your loan application every step of the way. You can get in touch on 1300 608 658, contactus@bluestone.com.au or by filling out our enquiry form here.
We take a number of different factors into account when deciding how much you’re eligible to borrow. These include your income, expenses, any other debts and your financial history. We also look at the value of your security property and where it’s located.
Yes. Many of our borrowers are first home buyers. However, we don’t accept the first home buyer’s grant.
Unfortunately at this time we are not offering construction or off the plan loans.
No – at Bluestone we don’t accept guarantors on home loans for individuals.
Yes – we don’t require what’s known as genuine savings at Bluestone. This means you can use gifted funds for your purchase.
Yes, you can apply for a home loan in a company name or a discretionary, unit or family trust. We allow a maximum of four applicants on a loan. If there is a company or trust involved, each director will need to be a guarantor on the application.
Generally speaking, yes, investment home loan rates are commonly higher than rates for homes you live in. This is mainly because there’s more risk for lenders with investment properties.
At Bluestone, you can have up to a 90% LVR, if you meet our lending criteria for that threshold.
To determine what you can and cannot claim on your tax return, it’s best if you seek advice from a financial advisor.
Yes! Like our owner occupier loans, Borrowers can choose between interest only and principal + interest repayment options for their investment loans also. We recommend speaking to your broker about which option is best for you.
Bluestone does not currently offer any home equity loans.
Yes, of course! Reach out to our customer team here to request the change https://bluestone.com.au/contact-us/
To be eligible for a Bluestone home loan you need to be:
At Bluestone, we don’t charge lender’s mortgage insurance (LMI), however we do charge a risk fee on some of our products.
Yes. We offer a line of credit of up to $500,000 on Prime and and Near Prime full doc and $200,000 on other products except for Specialist +.
Depending on your circumstances you may be able to get a home loan if you have a previous bankruptcy. Our Specialist and Specialist+ products are intended to help borrowers who are recovering from previous difficulties. Find out more here or call us on 13 25 83 to talk to a loan specialist about your individual situation.
Our SMSF loan is available for rural residential properties up to 2 hectares. Other criteria may apply, so we recommend speaking to your broker for advice on your eligibility.
The capital gains tax is aligned to the broader capital gains tax rules within superannuation. We recommend you speak with your financial adviser to consider your personal circumstances.
There are loan creation and ongoing fees related to the SMSF residential investment loans product. You can see the more common fees at https://bluestone.com.au/our-rates/. Refer to your loan documentation for confirmation on the fees that relate to you.
Our loans can only be used for Australian domiciled properties.
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