Non-conforming lender Bluestone today announced that it had successfully concluded a renewal discussion with Westpac, guaranteeing a $500 million warehouse facility for the next 12 months.
“Westpac is standing firmly behind us and doing a great job,” Bluestone chairman Alistair Jeffery told Mortgage Business.
Only last week Bluestone announced “material reductions” to its origination in light of the deterioration of global credit markets as well as a number of redundancies as the business downsized in line with volume expectations for the year ahead.
But Mr Jeffery said Bluestone is still active in residential non-conforming lending and will continue to offer loans via the third-party channel.
“We’ll be transparent and candid with our partners. The days of 95% LVR credit impaired loans are long gone. However there’s a market for moderate risk 80 to a maximum of 85 per cent LVR loans of under $1 million for the moderately credit impaired,” Mr Jeffery said.