Wider borrowing options for both investors and homebuyers are expected after non-bank lender Bluestone and Mortgage Choice recently announced their partnership.
This new agreement is focused on providing borrowers who do not meet major banks’ lending criteria with competitive rates.
Apart from offering near prime and specialist home loans to customers, Bluestone caters to the needs of investors. In an emailed statement sent to Your Investment Property (YIP), the lender shared its readiness to offer residential property investors borrowing selections that include interest-only periods, fixed rates and the opportunity to cash out equity or set up a line of credit to support their property portfolio expansion and maintenance.
“We are proud and excited to add Mortgage Choice to our list of aggregator partners. By working together we will be able to offer solutions to a much wider audience of Australian borrowers, and help Mortgage Choice franchisees grow their business and help customers they may not have considered previously,” said Bluestone’s National Head of Sales and Marketing Royden D’Vaz.
To further aid investors, Bluestone does not charge a premium for investor loans on a P&I basis. It was also highlighted that if the borrower pays interest only on a number of investment properties, the firm uses actual payments on those debts rather than using the P&I payments for servicing the loan.
Given this, Mortgage CEO Choice Susan Mitchell is confident that the needs of customers will be met with more complex financial structures.
“Our partnership with Bluestone aligns with our strategy to broaden our panel of lenders and cater to our creditworthy customers’ ever evolving needs.”
