Bluestone Group Home Loan

About Bluestone Home Loan

Bluestone Home Loan is a full-service mortgage lender with over 20 years of experience in the industry, established in 2000, offering an array of exceptional home financing options. At Bluestone Home Loans, they always prioritise putting the customer first and foremost, and this commitment is evident through their strategic collaborations with carefully selected wholesale lenders. As a result, they tirelessly strive to uncover the lowest rates, best terms, and diverse loan options that cater to the unique needs of every customer.

Moreover, their dedicated team of loan officers, processors, and underwriters will be by your side throughout the entire process, from application to closing, with prompt attention to detail and personalized care. This commitment to customer service ultimately makes your homeownership journey extremely smoother and more delightful.

So, if you are someone who is longing for a home, seeking for, or ready to purchase, look no further than Bluestone Home Loan. Their unparalleled dedication and expertise make them the ideal partner to accompany you on this important journey. Hence, don't let your dream home slip away; reach out to Bluestone Home Loan today and let them show you how they fulfil your homeownership aspirations.

Pros & Cons of Bluestone Home Loan

Pros:

• Bluestone offers personalised solutions for borrowers who may not fit the standard criteria of traditional lenders, such as self-employed, credit impaired, irregular income patterns, or cash flow needs.
• Bluestone has a simple process, a personal specialist for each borrower, and speedy loan approvals.
• Bluestone offers a range of products to suit different needs and situations, such as prime, near prime, specialist, and SMSF loans.
• Bluestone home loan rates are highly competitive and affordable. Particularly, its prime and near-prime products start from 6.94% p.a. for full-doc loans and 7.19% p.a. for alt-doc loans.

Cons:

• Bluestone’s specialist and specialist+ products have higher interest rates and risk fees than its prime and near-prime products, ranging from 8.14% p.a. to 9.69% p.a. for full doc loans and 8.444% p.a. to 10.29% p.a. for alt doc loans.
• Bluestone may not be suitable for borrowers who have a strong credit history and employment stability, as they may find better deals with other lenders.
• Bluestone may have stricter lending criteria for some types of properties, such as rural properties, high-density apartments, or commercial properties.

Features of a Bluestone Home Loan

• Diverse Financial Solutions: Whether you are looking to refinance, purchase homes, or invest in residential property, Bluestone has the expertise and resources to guide you towards your unique financial objective.
• Versatile Loan Options: Bluestone boasts a plethora of loan options to suit different kinds of customers. It includes FHA, VA, USDA, conventional, jumbo, reverse mortgages, and more. Besides, whether you need a low down payment, a fixed or adjustable rate, or even a cash-out option, Bluestone has the perfect loan solution to suit your requirements — regardless of full doc or alt doc options.
• Personalised Solution: Bluestone Home Loan solutions are appealing not only to PAYG borrowers but also to self-employed borrowers who require alternative ways to prove their income and residential property investors with complex/irregular income streams. So, whether you fall into one of these categories or have unique financial circumstances, Bluestone Home Loan is an excellent choice for you.
• Accessible Customer Care: At Bluestone Home Loan, you can expect customer care support precisely when you need it. They ultimately remove the confusion and hassle, enabling you to achieve your home ownership aspiration with confidence, ease, and joy.
• Quick Loan Approvals: The entire loan process for a Bluestone Home Loan can be completely digital, simple, and prompt. So that you can eliminate the hassle of visiting a bank branch, filling out physical forms, submitting documents, and so on.

Benefits of Choosing a Bluestone Home Loan

Some of the benefits of choosing a Bluestone Home Loan are:

• They have a simple and fast application process.
• They have a personal specialist who will guide you through the loan journey.
• They have flexible repayment options and features, such as redraw and offset.
• They have a variety of loan products to suit your needs, such as prime, near prime, specialist, and SMSF.

Drawbacks

• They may not accept borrowers with very low credit scores or recent defaults.
• They may require a higher deposit or equity than other lenders.
• They may charge higher interest rates and fees than mainstream banks for some borrowers.
• They may not offer some loan types or features that other lenders do, such as construction loans and medical professionals.

How to apply for a Bluestone Home Loan?

To apply for a Bluestone Home Loan online, visit the Bluestone website and click the ‘Connect’ tab; it is placed at the top-left side of the website page. There, you can choose to request a call back from a Bluestone specialist or submit an online enquiry form with your details and loan requirements. Your dedicated loan officer will promptly get in touch with you via phone or email, ensuring a seamless and efficient application process.

Who is Eligible for a Bluestone Home Loan?

The following are the eligibility criteria for a Bluestone Home Loan:

• Income: The applicant must have a stable monthly income. Notably, self-employed, part-time/contract workers, or other income such as pensions, investments, and rent is also considerable.
• Credit History: Typically, a credit score ranging from 650 to 700 is considered favourable. However, a slight short of this range is also considerable/negotiable but may need to face unfavourable interest rates and terms.
• Assets/property: Assets can take many forms, including apartments, houses, land, deposits in savings accounts, investment properties, vehicles, shares and superannuation.
• Loan Purpose: The purpose of the loan ideally includes owner-occupied properties, building a house, investment properties, or refinance existing loans.

Documents Required for Bluestone Home Loan

To apply for a Bluestone Home Loan, you require to submit the following documents along with your application form:

• Proof of identification: Passport, driving licence, medicare card or other authorities-issued identification.
• Proof of income: If you are PAYG, you must submit 2 most recent payslips and bank statements with salary credits. Self-Employed, you must submit 2 years' tax return, NOA, and 6 months business bank statements.
• Loan-Specific Documents: Proof of mortgage conduct (6 months of mortgage statements) and evidence of your living expenses (3 months of personal bank statements).

Enhance chances for Bluestone Home Loan approval.

Improve your loan approval chances, suppose your eligibility falls short, by considering these actionable tips:

Credit Score

Ensuring timely payment/repayment of bills and existing loans, as well as reducing credit card utilisation, you can exhibit responsible repayment behaviour. This, in turn, significantly increases the likelihood of securing loan approval, often accompanied by lower interest rates and favourable terms. Typically, lenders consider a credit score of 650 to 700 or above as favourable.

Live within your means

Lenders meticulously scrutinise your bank statements and living expenses during the application process to assess your affordability and spending habits. So, it's advisable to cut down on unnecessary or excessive costs of lifestyle for at least three to six months before applying for loans.

Reduce Your Debt-To-Income Ratio

The DTI ratio shows the lender how much your monthly income goes towards paying your debts. A higher DTI means you have fewer funds to repay the loan, potentially leading lenders to reject your loan application. Ideally, one can reduce his/her DTI ratio by either increasing their income or reducing their debts.

Affix Co-applicant

Adding your spouse, brother, or any other family members as a co-borrower in your personal loan application can also help to enhance your chances of loan approval. Because in such cases, lenders assess the credit scores and repayment capacity of both applicants, which ultimately strengthens the overall loan qualification.

Present All Your Income Sources

Disclose all your income sources in addition to your monthly salary/income. This may entail various passive incomes such as investments, rental properties, retail businesses, income-generating hobbies, and so on. By doing so, lenders become more confident about their ability to repay the loan, ultimately enriching the chances of loan approval.

Avoid Multiple Loan Applications

Impede yourself from applying multiple loan applications. Because each loan application you have applied for would be recorded on your credit report and can lower your credit score. So too many loan applications in a short period can raise concerns in lenders, as it indicates that you are credit-hungry and may have difficulty repaying your debts. Therefore, it is advisable to do your research and compare different loan options before applying for a loan.

 

Customer Service for Bluestone Home Loan

Bluestone Home Loan provides multiple communication channels for customer service; you can contact them by phone, email or online. Here are the available options:

• If you are in Australia, you can dial 13 BLUE (13 25 83) or email [email protected]
• If you are calling from overseas, you can dial +64 995 65200

Bluestone Home Loan Calculator

A Bluestone Home Loan Calculator is an online tool that allows you to assess your monthly repayments, interest rate, and the maximum capital you can borrow. To use the Bluestone Home Loan Calculator, you need to follow these simple steps:

• Visit the official website of Bluestone Home Loan
• Scroll down a little, and there you will find a column titled "Find out your repayments."
• Enter the required information, such as the capital amount, interest rate, loan term, repayment frequency, etc.
• Instantly, the result will be displayed.

Notably, these calculators are for indicative purposes only; the actual repayments, interest rate, and cost of borrowing may vary depending on your financial circumstances, as well as the type of loan, the fees and charges applicable, and the market conditions.