Bluestone boosts support for near-prime lending

Credit coaches ready to help

Bluestone boosts support for near-prime lending

Bluestone Home Loans is boosting support to brokers submitting applications for near-prime and specialist lending.

The non-bank lender said senior underwriters are expanding their service to brokers, taking on the role of “broker credit coach” to help with applications that fall outside of standard lending criteria.

Brokers can access one-on-one sessions providing support with non-prime loan application scenarios. Bluestone senior underwriters will increase their skills and knowledge by assessing and responding to different credit scenarios provided by BDMs and state managers on behalf of brokers across the country.

Brokers will also be able to access non-prime lending webinars and training sessions, along with BDMs and underwriters.

Bluestone Home Loans chief customer officer James Angus (pictured above) said Bluestone was doubling down on efforts to support brokers, in its pursuit of being easy to do business with.

“We want to be known as one of the easiest lenders to work with and for brokers to genuinely feel we’ve got their back. Part of that process is ensuring that brokers can submit a deal – no matter how complex –  with the confidence that we will approve the deal – and approve it quickly,” Angus said.

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He said its senior underwriting team had an in-depth knowledge of the near-prime market, and Bluestone’s risk appetite, enabling it to deliver an “exceptional level of service” to brokers.

“While we’ve invested heavily in our technology over the last few years, we fundamentally take a human approach to lending. We are constantly challenging ourselves to find more ways for our brokers to talk with a person and this role is a great example of our commitment to that approach,” Angus said.

Near-prime loans were a big part of Bluestone’s DNA, and using its combined experience in specialist loans, Angus said the team was ready to collaborate with brokers to put deals together.

“This role will help brokers who are new to specialist loans, give certainty to experienced brokers who are writing these types of deals and remove bottlenecks to speed up the approvals process,” Angus said.

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Through its specialist product, for which the interest rate charged was 5.49%, Bluestone said it was able to help a customer refinance their owner-occupier property, consolidating four unsecured debts and overdue council rates.

Due to COVID-19, the customer was unemployed for four months, causing them to fall behind on their debt repayments which the customer was unable to pay on top of $5,400 in monthly repayments and supporting a family, Bluestone said.

Subsequently re-employed, the customer found it difficult to get back on track.

“With the customer now with their current employer for more than three months we were able to consolidate their home loan, two personal loans, two credit cards and their outstanding rates arrears,” Bluestone said. “We were even able to provide an additional cash out of $8,000 to help with non-structural improvements to their home. Once all the debts were consolidated the customer’s overall repayments each month were reduced by $1,000.”

Brokers can access the coaching facility by talking to their BDM.