Powered by MOMENTUM MEDIA
subscribe to our newsletter

Bluestone reinstates 90% LVR product

The non-bank lender has recommenced offering prime home loan products to borrowers with a 90 per cent LVR.

Bluestone has informed brokers that, effective immediately, it has reinstated its prime home loan product with a 90 per cent loan-to-value ratio (LVR) for borrowers in Sydney and Melbourne.

The full doc product, which was temporarily withdrawn in response to credit quality concerns off the back of the COVID-19 crisis, will be offered with an interest rate of 3.59 per cent (3.60 per cent comparison rate).

The product has no risk fees and does not include a lender’s mortgage insurance (LMI) premium.  

“We think it’s a very compelling offer, hopefully it assists [brokers] with a lot of customers, particularly first home buyers (FHBs),” Bluestone’s chief customer officer, James Angus, said.

Advertisement
Advertisement

This latest announcement comes just a month after Bluestone resumed lending to some of the industries hardest hit by COVID-19, following a six-month hiatus.

These industries include retail, tourism, entertainment and hospitality, with the policy changes applying to borrowers in all states except Victoria.

Bluestone also recently reduced rates for existing prime customers by up to 25 bps in response to lower funding costs.

“The rationale behind that is the funding environment for Bluestone has improved over the last few months, and we wanted to share that where we can with our existing prime customers,” Mr Angus added.

“We’ve been pleased to demonstrate that we value our existing customers and will maintain their rates as low as possible.”

PROMOTED CONTENT


[Related: Lender resumes lending to hardest-hit industries]

Bluestone reinstates 90% LVR product
Bluestone reinstates 90% LVR product
mortgagebusiness

Latest News

The chief of Australia’s largest bank has said lenders should act pre-emptively and shift their floor rates for mortgage serviceability am...

Total household wealth reached a high of $13.4 trillion in the June quarter, primarily due to rising property prices, according to the Aust...

The property exchange settlement platform has been granted approval to establish an Electronic Lodgement Network in the ACT.  ...

Join Australia's most informed brokers

Do you know which lenders are providing brokers and their customers with the best service?

Use this monthly data to make informed decisions about which lenders to use. Simply contribute to the survey and we'll send you the results directly to your inbox - completely free!

How long do you think it should take to discharge a mortgage?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.