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Non-bank cuts rates by up to 105bps

Non-bank cuts rates by up to 105bps

Bluestone Mortgages has announced rate cuts of 75 to 105 basis points across its Crystal Blue product suite.

The portfolio includes a range of full and alt doc products that provide lending solutions to established self-employed borrowers (with greater than 24 months trading history) and PAYG borrowers with a clear credit history.

The rate reduction is the company’s first initiative following Cerberus Capital Management’s recent acquisition of its Asia-Pacific operations, as announced on 27 February.

“As expected, the Cerberus transaction is already enabling the company to actualise a number of imminent opportunities that address current market demand,” Bluestone’s head of sales and marketing, Royden D’Vaz, said.

“The rate reduction is the beginning of many initiatives that will be implemented to enhance or expand the company’s current portfolio. This will equate to more options and greater solutions that will benefit brokers and borrowers alike.”

Mr D’Vaz said that the lender’s Crystal Blue offering aligns with a maturing SME market and is expected to resonate well with a growing number of established self-employed borrowers.

He added that the rate reduction, coupled with the 85 per cent low doc option, is expected to be a significant driver in the uptake of the portfolio.

“Self-employed borrowers are becoming increasingly savvy and more open to alternative funding,” Mr D’Vaz said.

“The sector is also becoming more proactive about seeking advice about the common challenges of managing working capital and/or obtaining financing. Equally, PAYG borrowers with clear credit history will now have more choice at highly competitive rates.”

[Related: US investment firm acquires Bluestone APAC business]

Non-bank cuts rates by up to 105bps
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