Move empowers advisers to assist non-standard clients
In a move aimed at bolstering its support for Kiwi advisers dealing with non-standard clients, Bluestone Home Loans has introduced significant policy enhancements.
From Dec. 8, Bluestone has revamped its lending criteria, making it easier for advisers to assist clients in diverse financial situations.
One major change includes lowering the minimum New Zealand Business Number (NZBN) requirement to just six months for self-employed and small business customers applying for the Specialist Alt Doc loan product. This adjustment expands lending opportunities for those with a relatively shorter business history.
Bluestone has also raised the maximum loan amounts, with figures now standing at $2.5 million in Auckland metro, $2 million in Wellington, Christchurch, and Dunedin, and $1.5 million in Hamilton, Tauranga, and Queenstown. These adjustments cater to the specific needs of each key market, providing a substantial boost for advisers and their clients.
For advisers dealing with self-employed customers, Bluestone has also revised its stance on defaults and judgments. The company will now accept defaults and judgments up to the value of $2,000 for Near Prime and Specialist loans, and unlimited value for Specialist+ loans. This policy shift represents a significant improvement, offering more flexibility for advisers working with clients facing financial challenges.
Bluestone’s proactive approach to policy improvements is a direct response to feedback from advisers who have grappled with challenges when servicing non-standard clients through major banks and traditional lenders.
The goal, according to Tony MacRae (pictured above), Bluestone’s chief commercial officer, is to be the top-of-mind choice for advisers dealing with clients outside the standard lending criteria.
“The market for these customers in New Zealand is only growing, but it is becoming more and more difficult to find lenders who are able to adapt to their needs,” MacRae said.
“Our policy changes were arrived upon as a result of constant conversation with the channel, and we hope that they strengthen our advisers’ ability to help their customers to achieve their goals.”
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