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Bluestone actively managing loans

Former specialist lender Bluestone is still active in the financial markets, albeit in a different guise to when it originated loans.

Tuesday, March 31st 2009, 7:17AM 1 Comment

Chief executive Peter Woods, who has shifted from Sydney to Christchurch says the business is now managing loan books and has a total of $2.5 billion in Australia and New Zealand.

Bluestone Servicing looks after the company’s own loan book, as well as providing third-party servicing options to generate revenue by acquiring and servicing non-performing loan portfolios.

Bluestone is looking to manage more loan books and believes there are opportunities with finance companies and mortgage funds.

One deal it did late last year was to buy part of the Provincial Finance book and manage that.

Woods says that was done with the help of its, unnamed, equity partner.

The company stopped lending and its home equity release business after the capital markets shut down.

However, Woods believes the company will start lending again when some normality returns to financial markets.

He doesn’t predict when or what sort of lending the company will do, but suggests it could include new areas such as vehicle finance.

There are now opportunities in that market as other lenders, particularly GE and GMAC have pulled out of the market.

Bluestone is one of the only residential loan servicing companies to have ratings from Standard and Poor’s and Fitch.

Fitch has recently upgraded Bluestone from 3+ to 2- while S&P gives it an “above average” rating.

« Tasman Mortgages placed in liquidationSBS profit jumps in Dec Qtr despite rising mortgage arrears »

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Comments from our readers

On 23 March 2012 at 4:48 pm J Grose said:
Our experience has been that Bluestone charge nearly double the amount borrowed in 'break fees'on their reverse mortgage agreements.
Furthermore, in 2010, The Commerce Commission filed civil proceedings in the High Court against Bluestone Mortgages NZ Limited, Trustees Executors Limited and TEA Custodians (Bluestone) Limited under the Credit Contracts and Consumer Finance Act 2004 in relation to the reasonableness of the Deferred Establish Fee charged to some of Bluestone's debtors.
Borrowers are advised to obtain at least TWO separate legal opinions on the 'small print' before signing up with Bluestone.
Commenting is closed

 

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 7.24 6.79 6.65
ANZ 8.64 7.84 7.39 7.25
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 7.24 6.79 6.65
ASB Bank 8.64 7.24 6.79 6.65
ASB Better Homes Top Up - - - 1.00
Avanti Finance 9.15 - - -
Basecorp Finance 9.60 - - -
Bluestone 9.24 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Classic - 7.24 6.79 6.65
BNZ - Green Home Loan top-ups - - - 1.00
BNZ - Mortgage One 8.69 - - -
BNZ - Rapid Repay 8.69 - - -
BNZ - Std, FlyBuys 8.69 7.84 7.39 7.25
BNZ - TotalMoney 8.69 - - -
CFML Loans 9.45 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 7.04 - -
Co-operative Bank - Owner Occ 8.40 7.24 6.79 6.65
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.74 7.29 7.15
Credit Union Auckland 7.70 - - -
First Credit Union Special - 7.45 7.35 -
First Credit Union Standard 8.50 7.99 7.85 -
Heartland Bank - Online 7.99 6.69 6.45 6.19
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.60 7.40 -
HSBC Premier 8.59 - - -
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 7.85 7.05 6.75 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.79 7.39 7.25
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 8.25 7.79 7.55
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 7.25 6.79 6.65
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 7.75 7.35 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
Resimac - LVR < 80% 8.84 ▼8.09 ▼7.59 ▼7.29
Lender Flt 1yr 2yr 3yr
Resimac - LVR < 90% 9.84 ▼9.09 ▼8.59 ▼8.29
Resimac - Specialist Clear (Alt Doc) - - 8.99 -
Resimac - Specialist Clear (Full Doc) - - 9.49 -
SBS Bank 8.74 7.84 7.45 7.25
SBS Bank Special - 7.24 6.85 6.65
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 6.74 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 8.04 7.55 7.45
Lender Flt 1yr 2yr 3yr
TSB Special 8.64 7.24 6.75 6.65
Unity 8.64 6.99 6.79 -
Unity First Home Buyer special - - 6.45 -
Wairarapa Building Society 8.60 6.95 6.85 -
Westpac 8.64 7.89 7.49 7.25
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - 7.29 6.89 6.65
Median 8.64 7.29 7.32 6.65

Last updated: 28 March 2024 9:42am

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