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The non-bank lender has announced the launch of a new initiative designed to offer support to its brokers.
According to Bluestone, the new Scenario Hotline (13 BLUE) provides brokers with immediate and direct access to an experienced underwriter to discuss and workshop loan scenarios.
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The hotline was piloted with a small group of brokers in February and made available to all of the non-bank lender’s brokers as of 28 February 2023.
The hotline aims to provide support in areas such as workshop scenarios, 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 latest month evidence is provided”.
Another example could be: “What product would be suitable for clients with a low credit score” to which the hotline could answer: “We do not credit score, therefore Prime is still available depending on the reason”.
Bluestone’s chief customer officer, James Angus, stated in an unpredictable property market, the Scenario Hotline will help give brokers greater deal certainty.
“Brokers will be able to get direct feedback from an underwriter on precisely what they need for Bluestone to approve the loan,” Mr Angus said.
“In addition, being able to workshop complicated scenarios and get policy queries answered on the spot means that brokers can be confident when they lodge the loan application that there will be a smooth path to approval.”
Mr Angus added that they anticipate that the underwriter who provides the advice will be the person assessing the final loan application.
“At a challenging time in the industry, we’re confident that this new service will also help brokers to grow their business, as they can use the hotline to help them write more complex loans,” Mr Angus further stated.
In addition to the hotline, Bluestone has made a number of policy changes aimed at improving loan serviceability for borrowers.
Those changes include Investment Interest Only loans increased to <85 per cent LVR with loan amount restrictions being removed; Prime Alt Doc product now only requires customer declarations and one income verification document; commercial, Airbnb, and holiday rental income is now shaded to 80 per cent; and rental interest tax deductions now allowed on company/trust borrower applications.
Bluestone BDM takes home award at BBAs
Bluestone’s senior BDM Heidi Wayward received the Best Lender BDM (Non-Bank) award at this year’s Better Business Awards.
Judges hailed her results and her efforts to provide education and training that they said set her apart from her peers.
[RELATED: Top brokers in Qld revealed at Better Business Awards 2023]
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