Bluestone Mortgages are a non bank lender who provide home loans for self employed Kiwis who may find it hard to get loans with the banks.
While they offer home loans to both self employed and employees, mortgage brokers say they have a real niche for providing affordable long-term home loans for self employed.
They have a range of options priced differently to suit self employed who may be;
Business Easy – for people that are new to business so cannot yet “prove” income with business financial, but where they have been in business for 3-months and can show income through bank statements. This is ideal for people that are contractors.
Lite Blue – for people that have been in business or self employed for 12-months or more but may not have financials completed to “prove” income. These applications are supported with bank statements or GST returns to show trading income, or can be supported with a letter from the accountant.
Clean Slate – where the business income can be proved with financials for at least 1-year.
As you can see the criteria for “proving income” is quite different to how a bank assesses things.
But Bluestone Mortgages also can help provide home loans for self employed who may have some credit defaults, bad debts or even those who are discharged bankrupts. They will provide home loans for people who may have a mortgage in arrears or other loan arrears including financing tax arrears.
They say that “Bluestone can do what others can’t” – and as a non-bank broker I can put together applications that get approved.
Who Are Bluestone Mortgages?
Bluestone was established in Australia in 2000 and then in New Zealand in 2002 as a residential non bank mortgage lender.
They offer long-term home loans for terms of up to 30-years and will finance both homes and residential investment properties.
Being a non bank lender they are not restricted to the same degree as banks and so can offer loans of up to 85% on owner occupied properties (on residential homes) and up to 80% on investment property.
Home loan interest rates start from 6.39% with the interest rate scaled on the loan to value (LVR) for the property and risk profile of the borrower. They are more expensive than a bank, but often the loans that they can do are loans that a bank cannot do, and therefore as a non bank broker its a great option to be able to offer.