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In a bid to help mortgage brokers grow their businesses, two non-bank lenders have announced a partnership.
Non-bank lenders Bluestone Home Loans (Bluestone) and Angle Finance have announced a new partnership aimed at helping brokers expand their businesses with asset finance, while making it “as easy as possible” for mortgage brokers to use their Bluestone accreditation with Angle Finance.
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Based in Australia, Angle Finance specialises in finance for commercial assets and is able to assist brokers with customers who are seeking to finance commercial vehicles or equipment.
Bluestone and Angle Finance operate under the same parent company, global investment firm Cerberus, which allows easy accreditation for brokers, only requiring brokers to fill out an Angle Finance form to receive accreditation within 24 hours.
Chief sales officer at Bluestone, Tony MacRae, commented on the new partnership: Over 50 per cent of Bluestone’s customers are self-employed, so it made sense to provide our brokers with the opportunity to grow their businesses by offering an asset finance solution to their self-employed clients – even if you haven’t written asset finance before.”
Angle Finance chief executive Craig Edwards emphasised that a “user-friendly process” has attracted mortgage brokers to select the non-bank lender as their asset finance partner.
“Once accredited brokers are trained by our new Concierge Team, the ‘My Angle’ portal qualifies your customer, and our team takes care of the contracts and paperwork,” Mr Edwards said.
“We provide faster, easier finance to help you grow and diversify your business.”
Bluestone announces policy changes
The partnership with Angle Finance followed Bluestone recently announcing that it has made a range of over 20 policy changes designed to mitigate market challenges faced by both brokers and customers and to improve lending flexibility and serviceability.
The policy overhaul included increases to loan-to-value ratio (LVR) and loan amounts across the country (up to a maximum of $3 million in some states), along with a reduced serviceability buffer of 2 per cent.
Additionally, LVR on near prime loans has increased to 90 per cent, up from 85 per cent, along with no cash out limits on loans; up to 90 per cent LVR for prime and near prime; and 80 per cent LVR for Specialist and Specialist+.
Furthermore, some of the changes aimed at helping customers include no debt consolidation limit on prime loans; six months’ minimum ABN for Specialist and Specialist+ Alt Doc loans; an unlimited line of credit up to 50 per cent of total loan amount and refinancing of private lenders with monthly repayments on prime loans or where interest has been capitalised on near prime loans.
[RELATED: Bluestone lowers serviceability buffers]
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