This to ensure brokers are fairly compensated
Bluestone Home Loans has increased the upfront commission paid to brokers for Specialist, Specialist+, and SMSF loans, as part of the non-bank’s commitment to supporting and acknowledging their role in helping borrowers in a broad range of circumstances.
The new commission rates for new applications of Specialist and Specialist+ loans were lifted from 0.65% to 0.8%, while upfront commissions for new applications of SMSF loans were increased from 0.65% to 0.7%.
“More complex loans like Specialist and SMSF often require more work, so at Bluestone, we have made it a priority to ensure brokers are well-compensated for the time they spend on a loan,” said James Angus (pictured above), Bluestone’s chief customer officer.
“Our hope is that these changes will mobilise brokers to start servicing these customers and choose Bluestone because of the support we provide them.”
Since launching its SMSF product in October 2022, Bluestone has experienced a very positive response from brokers, with loan volumes increasing every month. Specialist volumes are increasing too, although not as quickly as SMSF, mainly due to the impact higher interest rates have had on borrowing power.
Angus said Bluestone is seeing more and more Specialist and SMSF opportunities.
“Bluestone is enabling brokers to service more kinds of customers, including those who are credit impaired (Specialist) and those with a self-managed super fund,” he said. “These two products provide brokers with a great growth opportunity because they are segments overlooked and underserved by the banks.
“Brokers should reach out to a Bluestone BDM if they want to learn more about specialist and SMSF lending. Our BDMs can help brokers grow their business, identify new opportunities, and get brokers the resources and support they need to convert more opportunities.”
Bluestone is also encouraging brokers to contact their recently launched Scenario Hotline for assistance with customers who have more complex loan situations. The hotline, 13 BLUE, provides brokers direct and immediate access to a senior underwriter, so they can navigate the application process and obtain quick loan approvals.
“We are dedicated to supporting brokers in their efforts to diversify their business and serve their customers' needs,” Angus said. “We encourage brokers to take advantage of these increased commission rates and our Scenario Hotline to help them better serve their customers.”
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