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Bluestone has eased its lending rules and extended its $0 application fee offer in response to an “increased demand for specialist loans”.
The non-bank lender will now ignore all defaults older than 24 months and defaults less than $1,000.
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It will also consider applications in which a borrower has defaulted in the last six months.
Brokers will now be able to offer self-employed and credit-restricted borrowers loans of up to $1.25 million, with LVRs increased to 85 per cent on flagship products.
Bluestone has also extended its $0 application fee plus one free valuation promotion until September 30.
Chief operating officer Peter Wood said Bluestone had averaged month-on-month settlement volume growth of 50 per cent since re-entering the specialist loan market in 2013.
“June 2014 has been our strongest month yet with month-on-month growth of 54 per cent,” he said.
“Each month our loan volumes reaffirm why it is essential to offer simple and fair finance to borrowers who may be overlooked by traditional lenders because of their employment status or past credit history.”
More than two thirds of Bluestone’s borrowers are self-employed or small business owners, according to Mr Wood.
[Related: Bluestone launches pre-qualification tool]
