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In this latest update, Bluestone has implemented six key modifications to its lending policy, specifically focusing on its SMSF (self-managed super fund) product.
Notable changes include the elimination of the minimum liquidity requirement in the SMSF fund after settlement.
This particular alteration grants brokers more freedom in structuring deals and, in turn, reduces interest costs for customers.
Additionally, the policy adjustments extend beyond the removal of minimum requirements.
They also encompass changes to height limits, debt clearance procedures, loan terms and financial verification requirements, all of which empower brokers to better align customers with Bluestone’s lending offerings.
Newly appointed chief sales officer at Bluestone Home Loans, Tony MacRae, said the team had been working hard to deliver another round of policy improvements to “make a difference for non-standard customers”.
“In particular, with our SMSF residential loan now having no minimum requirement for liquidity, it’s the perfect time for brokers to see how Bluestone can help their customers with SMSF loans,” Mr MacRae said.
“We see a good number of SMSF loans being charged interest in excess of 10 per cent, that are then refinanced over to us at a rate as low as 6.89 per cent, saving them thousands in interest each year.
“We’re constantly reviewing our policies and listening to feedback from brokers, so there’s also some good common sense changes around pay slip requirements as well – simplifying processes for brokers and customers.”
Effective as of 24 October, the key changes to Bluestone’s lending policy are as follows:
- Removal of the minimum liquidity requirement in SMSF loans, previously set at 5 per cent.
- Elimination of the building storey limit in inner-city areas, formerly capped at 10 storeys.
- Acceptance of Part IX & X debt agreements on Specialist loans.
- Extension of the maximum loan term to 40 years, with servicing calculated over 30 years for loans lasting between 31 and 40 years; applicants aged 45-plus years must present an exit strategy.
- Revised income verification criteria, with two recent pay slips required, one of which must be dated within four weeks of the application date (replacing the requirement for the “most recent” pay slips).
- For pay slips with a valid ABN, there is no need to provide bank statements demonstrating salary credits.
Mr MacRae’s took the new role of chief sales officer in August and is responsible for leading broker sales and distribution activities.
Along with Mr MacRae’s appointment, Mark Jones took the helm as its new chief executive at the end of August.
[Related: Bluestone shake up executive team]
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