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Bluestone targets prime lending growth

Non-bank lender Bluestone has announced a move into prime lending in Australia as it looks to ramp up its fledgling prime business in New Zealand.

Wednesday, November 6th 2019, 4:52PM

Across the Tasman, Bluestone has revamped its product suite and officially launched a new loan product for prime Australian borrowers.

The Aussie product, the lender's first prime product in Australia, features fixed loans at 2.99%, alt-doc options, and no risk fees.

Campbell Smyth, chief executive officer of Bluestone said the move represented "the evolution of Bluestone as a lender”.

Smyth added: “We have been operating in the near prime space for a number of years and over this time we’ve seen an increase in clear credit borrowers thanks to the tightening lending criteria of the banks.

“Moving into prime means we now offer home loan solutions for the full spectrum of borrowers and increase our relevance in this changing market.”

It comes after Bluestone launched its Select white label range with NZFSG earlier this year. The Select range spans prime and near-prime products. 

There have been more than $250 million in applications since Select's launch, and the group hopes to win more customers turned away by the major banks. This week, Bluestone and NZFSG revealed they had gone live with straight-through processing to cut down turnaround times.

Peter Wood, managing director of Bluestone New Zealand, said the Australian announcement would not affect any products over here, but said the lender was keen to grab more customers unable to access the major banks. 

"There are a low of borrowers out there that look and feel like prime customers but do not meet bank criteria for whatever reason. We're also catering heavily for investors as we are not bound by RBNZ restrictions. A lot of them are coming back to the market and we're starting to see an uptick in that."

 

 

 

Tags: Bluestone mortgages non-bank lenders prime lending

« Bluestone and NZFSG cut down turnaround timesOCR Preview Survey: Economists tip another cut »

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Lender Flt 1yr 2yr 3yr
ANZ 5.19 4.05 3.95 4.49
ANZ Special - 3.55 3.45 3.99
ASB Bank 5.20 4.05 3.95 4.39
ASB Bank Special - 3.55 3.45 3.89
BNZ - Classic - 3.55 3.45 3.99
BNZ - Mortgage One 5.90 - - -
BNZ - Rapid Repay 5.35 - - -
BNZ - Std, FlyBuys 5.30 4.45 4.35 4.55
BNZ - TotalMoney 5.30 - - -
China Construction Bank 5.50 4.70 4.80 4.95
China Construction Bank Special - 3.19 3.19 3.19
Lender Flt 1yr 2yr 3yr
Credit Union Auckland 5.95 - - -
Credit Union Baywide 6.15 4.95 4.95 -
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct - - - -
First Credit Union 5.85 3.99 4.49 -
Heartland 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
Heretaunga Building Society 5.75 4.80 4.95 -
HSBC Premier 5.24 3.35 3.35 3.35
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 5.15 3.18 3.18 3.20
Kainga Ora 5.18 4.04 3.95 4.39
Kiwibank 5.80 4.30 4.20 4.64
Kiwibank - Capped - - - -
Kiwibank - Offset 5.15 - - -
Kiwibank Special - 3.55 3.45 3.89
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 5.70 4.25 4.15 -
Pepper Money Near Prime 5.64 - 5.44 5.44
Lender Flt 1yr 2yr 3yr
Pepper Money Prime 5.18 - 4.98 4.98
Pepper Money Specialist 7.59 - 7.39 7.39
Resimac 4.50 4.86 3.89 3.94
RESIMAC Special - - - -
SBS Bank 5.29 4.85 5.05 5.49
SBS Bank Special - ▼3.55 3.39 3.89
Sovereign 5.30 4.15 4.29 4.55
Sovereign Special - 3.65 3.75 4.05
The Co-operative Bank - Owner Occ 5.15 3.49 3.59 3.89
The Co-operative Bank - Standard 5.15 3.99 4.09 4.39
TSB Bank 6.09 4.35 4.25 4.69
Lender Flt 1yr 2yr 3yr
TSB Special 5.29 3.55 3.45 3.89
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.34 4.15 4.09 4.49
Westpac - Offset 5.34 - - -
Westpac Special - 3.55 3.45 3.99
Median 5.34 4.04 4.09 4.39

Last updated: 11 November 2019 4:01pm

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