The moves will help brokers grow their business and improve loan serviceability for borrowers
Bluestone Home Loans has introduced Scenario Hotline to offer outstanding support to its brokers, as well as some policy changes to improve loan serviceability.
The Scenario Hotline, 13 BLUE, provides brokers with direct and immediate access to an experienced underwriter, so they can get expert help in the areas of workshop scenarios, policy queries, exception requests, servicing calculations, and loan submission support.
Here are some questions brokers could typically ask:
|
Question |
Answer |
|---|---|
|
My client has overlimit or missed payments |
Prime or Near Prime product is available if brought up to date and only latest month evidence provided. |
|
My client has a company and trust income with several entities. |
Whether Alt or Full Doc, we can help trace the source of income and advise what is used in servicing or minimum docs required |
|
My client has been in their role for less than one month and has a gap in employment. |
With a reasonable explanation and mitigating evidence, we can write an exception. |
|
What product would be suitable for clients with a low credit score? |
We do not credit score, therefore Prime is still available depending on the reason. |
James Angus (pictured above), Bluestone’s chief customer officer, said the Scenario Hotline will give brokers a great deal of certainty in an unpredictable property market.
“Brokers will be able to get direct feedback from an underwriter on precisely what they need to for Bluestone to approve the loan,” Angus said. “In addition, being able to workshop complicated scenarios and get policy queries answered on the spot means that brokers can be confident when they lodge the loan application that there will be a smooth path to approval. In most cases, we anticipate that the underwriter who provides the advice will be the person assessing the final loan application. At a challenging time in the industry, we’re confident that this new service will also help brokers to grow their business, as they can use the hotline to help them write more complex loans.”
Bluestone has also made the following policy changes:
- Company/trust borrowers can now use rental interest tax deductions. Previously, only individual borrowers could consider this in servicing.
- Investment interest-only loans are now increased to <85% LVR and loan amount restrictions are now scrapped. Previously, interest-only loans were restricted to <80% LVR and loan amount of <$1.5m.
- Commercial, Airbnb, and holiday rental income is now shaded to 80%. Previously, commercial rent was shaded to 70% and Airbnb and holiday rent was shaded to 50%.
- Prime Alt Doc product now only requires a customer declaration and one income verification document, which can either be six months’ business bank statements, six months’ BAS, or an accountant's letter. Previously, two of these documents were required.
Have a thought about these new moves from BlueStone? Include it in the comments below.
