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One of the country’s leading home loan providers has announced that it has added a near-prime lender to its panel, as the credit market continues to tighten in the wake of the damaging royal commission.
Mortgage Choice has added Bluestone, a non-bank specialising in near-prime residential lending, to its home loan lending panel.
Mortgage Choice CEO Susan Mitchell said that under the new partnership, Bluestone will be offering “flexible solutions at competitive rates” to Mortgage Choice borrowers who fall outside mainstream lending criteria.
She said that Bluestone is experienced in assessing (and meeting) the needs of customers with more complex financial structures.
“Our partnership with Bluestone aligns with our strategy to broaden our panel of lenders and cater to our creditworthy customers’ ever-evolving needs,” the CEO said.
“Bluestone’s product set also adds greater depth of choice to our near-prime residential lending offering at a time when mainstream lenders are tightening their appetite for lending.”
Through the partnership, Bluestone will expand its distribution network by enabling over 500 Mortgage Choice brokers across Australia to offer their clients Bluestone’s near-prime and specialist loan products.
Bluestone’s national head of sales and marketing, Royden D’Vaz, said that he was “proud and excited” to add Mortgage Choice to Bluestone’s list of partners.
“At Bluestone, we understand that some borrowers, such as the self-employed or those in regional Australia, have more complex financial structures and are unable to find a financial solution with mainstream banking,” Mr D’Vaz said.
“By working together with Mortgage Choice, we will be able to help a much wider range of Australian customers with their borrowing needs while significantly growing our distribution footprint.”
Bluestone loan products are now available through Mortgage Choice brokers.
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