We’re excited to announce that effective from 25 August 2023, we’ve dropped our variable rates across several of our key products.
The revised rates are applicable to new customers who apply between 25 August and 31 October 2023:
For full details of the rate decreases, view our Product Matrix.
These rate decreases will provide you with more opportunities for your customers with out of the box needs, including those who are self-employed, with credit impairments or have different forms of income.
We’ve made another change to our policy to help brokers service more clients. We’ve increased the maximum LVR to 90% for Prime Alt Doc Owner Occupied loans! Self-employed clients in Sydney, Melbourne and Brisbane metro can borrow up to 90% of the value of their property, with no LMI (for Prime OO P&I loans). View our Product Matrix for more information.
Since launching in February, our Scenario Hotline has received nearly 2,000 calls. That's 2,000 times we've been able to connect our broker network directly with an experienced Bluestone underwriter to workshop their customer scenarios. Each time, the broker walks away with deal certainty before they submit their application.
A father and son client were looking to refinance their owner-occupied property to consolidate debt and seeking $20k cash out to purchase a new car.
While using the son’s PAYG income would be no issue, his father’s aged pension income would be more difficult to service.
The father’s age also made things a little more complicated. At 74, a standard loan term wouldn’t work in this situation – the maximum term could only be 15 years.
Taking the complex nature of the scenario into account, the underwriter advised the broker to submit the application under our Near Prime Full Doc product. They were able to confirm that a 15-year term would be possible and that the exit strategy would fall to the son’s responsibility.
We were able to workshop a solution on the call with the broker and provide a likely ‘yes’ on the call with the broker, along with documentation to submit with the loan – all of which would likely not have been possible with a mainstream lender.
Remember to call 13 25 83 to speak directly to an Underwriter for your clients’ home loan scenarios.
Your Connective Elevate Home Loan is administered by Bluestone Servicing Pty Ltd (Bluestone) ACN 122 698 328 (Australian Credit Licence No. 390183) on behalf of the Credit Provider, Permanent Custodians Limited ACN 001 426 384. Distributed by Connective Credit Services Pty Ltd ACN 143 651 496 (Australian Credit Licence No. 389328) trading as Connective Home Loans. T&Cs apply.
