Bluestone News

Lender identifies lucrative gap in the market

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Bluestone just wrapped up a national roadshow during which the group educated hundreds of brokers about an untapped segment of the market. Giving a presentation before a roomful of brokers in Sydney on Tuesday, Bluestone’s CEO for Asia Pacific, Campbell Smyth, said that Australia’s major banks have dramatically and increasingly ignored self-employed borrowers since the GFC, presenting the perfect opportunity for brokers to service the segment.

“In the June quarter of this year, low-doc loans made up just 0.5 per cent of loans approved by the banks,” Mr Smyth said. “That figure was 12 per cent in June 2008.

“Bluestone is providing an evolving suite of innovative and flexible solutions to Australia’s self-employed and other borrowers not being serviced by the banks. “We are providing brokers with the easiest, most transparent and on-time service in the market.”

Highlighting the recent price growth in residential property, Mr Smyth said brokers are in the perfect position to help self-employed borrowers access the equity in their homes and investment properties to fund their businesses through capital expansion and refinancing of other expensive debts. “There are a large number of self-employed borrowers who are not being serviced by the banks and who want broker assistance,” he said.

Bluestone's national sales manager, Royden D’Vaz, explained the lender’s new range of products that have been designed to meet the needs of self-employed borrowers. Bluestone will look to expand its product suite over the coming months, he said.

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