White label partnership growing
Specialist mortgage lender Bluestone Home Loans has extended its partnership with NZ Financial Services Group (NZFSG), providing home loans under the Select Home Loans NZ brand.
The partnership between the lender and aggregator began in July 2019, offering products that are unique in the marketplace, particularly for non-standard customers.
Since then, over $1 billion in loans have been settled.
NZFSG CEO Baden Martin (pictured above left) said: “To be able to continue this partnership with Bluestone and offer the NZFSG advisor network non-standard solutions for their clients is fantastic, particularly in today’s market.”
“We appreciate Bluestone’s commitment to the market and NZFSG,” said Baden who was appointed as CEO in January.
White label partnership growing
Exclusively available to NZ Financial Services Group advisers, Bluestone’s Select Home Loans white-label product comprises a range of loan products which span the prime, near prime, and specialist niches.
It aims to provide a suitable solution for borrowers who fall outside bank lending criteria – including self-employed borrowers, property investors, and those struggling with a chequered credit history.
It also helps NZFSG advisers to diversify their businesses and grow long-term value through the loan products.
“Bluestone is delighted to continue the strong partnership we have formed with NZFSG to help meet the non-standard needs of New Zealand customers,” said Tony MacRae (pictured above right), chief commercial officer at Bluestone Home Loans.
With Resimac’s exit from the home loan market, some have questioned the viability and strength of non-banks in New Zealand.
However, MacRae said there is a “real need” for non-banks in the market right now.
“They are an integral part of the market, and we play a vital part for clients that are overlooked by the banks,” MacRae said. “Select has the ability to utilise both offshore and domestic funders.
“Coming off the biggest settlement quarter for 18 months it shows the demand and need for solution-based lenders.”
Martin agreed, saying the non-bank market and out-of-the-box home loan options available seem to be growing.
“As interest rates remain high, borrowers with diverse financial backgrounds or self-employed income, are seeking lenders with flexible and tailored financial solutions that better suit their circumstances,” Martin said.
“Consequently, advisers are increasingly turning to non-banks for clients who don’t meet the standard criteria preferred by banks.”
How are NZFSG and Bluestone helping advisers?
The latest announcement comes after Bluestone implemented over 20 policy optimisations late last year.
This included 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 its 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 boost for advisers and their clients.
The lender has also bolstered its adviser support over the year as it looks to optimise its network.
Meanwhile, NZFSG has strengthened its board with the appointment of non-executive directors Nicole Riordan and Thérèse Singleton in recent months.
In April, NZFSG, New Zealand’s largest financial services support group, also developed a new tool within its MyCRM platform—the Mortgage Recommendation Engine.
This feature enables a one-click transfer of client data from MyCRM, aiming to reduce the time advisors spend on manual data entry and duplication of efforts.
