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The non-bank lender has announced it will be increasing the upfront commission paid to brokers for more multifaceted loans.
Bluestone Home Loans confirmed new commission rates for Specialist, Specialist+, and SMSF loans. As of 1 May 2023, the new upfront commission rates for new applications are 0.80 per cent from 0.65 per cent for Specialist and Specialist+ loans, and 0.70 per cent from 0.65 per cent for SMSF loans.
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Bluestone’s chief customer officer, James Angus, stated the non-bank lender was committed to supporting brokers and acknowledged the importance of their work in assisting borrowers in a wide range of circumstances.
“We recognise that more complex loans often require more work.
“To ensure brokers are fairly compensated for the time they spend on a loan, we are increasing the upfront commission paid on our Specialist, Specialist+, and SMSF loans,” Mr Angus said.
In addition, Bluestone has encouraged brokers in need of assistance with clients with more complex loan circumstances to reach out to the recently launched Scenario Hotline.
The hotline was piloted with a small group of brokers in February before being made available to all of Bluestone’s brokers as of 28 February 2023.
The Scenario Hotline (13 BLUE) aims to provide brokers with immediate and direct access to an experienced underwriter to discuss and workshop various loan scenarios, along with support for policy queries, exception requests, servicing calculations and loan submission support.
In an example provided by Bluestone, some of the typical questions that brokers could ask include: “My client has overlimit or missed payments on unsecured debts from the last month” to which an answer would be: “Prime or Near Prime product is available if brought up to date and only the latest month evidence is provided”.
“We are dedicated to supporting brokers in their efforts to diversify their business and serve their customers’ needs,” Mr Angus added.
“We encourage brokers to take advantage of these increased commission rates and our Scenario Hotline to help them better serve their customers.”
Broker support team bolstered
Bluestone recently appointed three new business development managers (two for NSW and one for Queensland) and added to its broker success team.
Jodie McNicol joined as the non-bank lender’s business development manager (BDM), looking after brokers across Brisbane; Natalie Cannizzaro rejoined Bluestone from Finsure, where she was an aggregator BDM; and Kelly Wright joined the NSW BDM team after an internal promotion from her role as a broker success manager.
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