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About Bluestone

Bluestone is a specialist, non-bank home loan provider founded in Sydney in 2000. Bluestone positions itself as an alternative to conventional home lenders, focusing less on credit scores in favour of a case-by-case approach to assessing each application it receives.

Bluestone home loans at a glance

Offset accounts available
Redraw facilities available
Line of credit available
Split rate option available
Green loan available
Ability to make extra repayments
Internet banking available
Salary crediting
Choice of repayment flexibility
Refinance available
Services first home buyers

What types of home loans does Bluestone offer?

Bluestone’s range of home loan products on offer currently includes:

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Who does Bluestone lend to?

Bluestone offers home loans that may be appropriate for first home buyers, refinancers, property investors, and more. However, Bluestone has a focus on borrowers with non-conventional borrowing circumstances: the self-employed, those with poor credit, low-deposit borrowers, and borrowers in generally unideal circumstances.

Prospective borrowers should keep in mind that Bluestone has a minimum required loan-to-value ratio (LVR) of 90%, meaning itwill be unlikely that you will be approved for a home loan with Bluestone if your saved deposit is less than 10% of your total proposed loan size.

Can I get a Bluestone home loan as a first home buyer?

Yes, Bluestone lends to first home buyers, but it doesn’t accept the first home owners grant or offer a specific home loan product designed for first home buyers. However, they have resources available to help first home buyers navigate the process of buying a home for the first time.

Does Bluestone offer the Home Guarantee Scheme?

No, Bluestone is not one of the 33 participating lenders chosen by the Federal Government to offer the Home Guarantee Scheme. Subsequently, you may want to find a different lender to work with if you’re interested in applying for the Home Guarantee Scheme.

The Home Guarantee Scheme helps certain home buyers secure a home loan with a deposit smaller than 20%, without having to pay lenders mortgage insurance (LMI).

The Home Guarantee Scheme is made up of three separate initiatives:

  • The First Home Guarantee, which allows eligible first home buyers to purchase a home with a deposit of as little as five percent.
  • The Family Home Guarantee, which allows eligible single parents to purchase a home with a deposit of as little as two percent, regardless of whether they’re a first home buyer or not.
  • The Regional First Home Buyer Guarantee, which allows eligible first home buyers to purchase homes in regional areas with a deposit of as little as five percent.

Applications for one of these schemes can only be made through a participating lender or a mortgage broker acting as an authorised representative of a participating lender.

Can you refinance your home loan with Bluestone?

Yes, you can switch your home loan to Bluestone from another bank by refinancing. Borrowers refinancing their loan with Bluestone may be eligible to consolidate other debts into their home loan, including ATO debt and business loans. Bluestone allows refinancers to borrow up to $2.5 million when refinancing.

Does Bluestone charge Lenders Mortgage Insurance (LMI)?

Bluestone does not charge LMI on its home loan, however it may charge a risk fee on some of its home loan products. This risk fee varies from 0.5% to 3% of the value of the loan, depending on the type of loan being taken out and the borrower’s LVR.

What home loan fees does Bluestone charge?

As of 14 May 2024, Bluestone charges the following fees on its home loans:

  • Loan settlement fee ($120)
  • Legal fees (from $400)
  • Establishment fee ($590 for Prime product, $990 for all other products)
  • Account keeping fee ($15 per month on all split accounts)
  • Switching/variation loan fee ($250)
  • Discharge fee ($500)

Please note that not all of these fees will be payable on all of Bluestone’s home loan products, and are subject to change without warning. Check the Key Facts Sheet for any home loan you’re looking at before applying.

Interested in a Bluestone home loan? Compare with us today!

If you want to learn more about Bluestone home loans, you can use our home loan comparison tool to compare them against a wide range of other loan products from nearly 20 other lenders!

Comparing home loans with us means only being shown home loans you’re eligible to apply for, and having a dedicated team of Home Loan Specialists to help you with any questions you may have. And if you find a home loan that you think might be appropriate for you, you can apply for it then and there – entirely online, with no physical paperwork.

So, if you’re in the market for a home loan, compare your options today with Compare the Market.

Meet our home loans expert, Stephen Zeller

Stephen has more than 30 years of experience in the financial services industry and holds a Certificate IV in Finance and Mortgage Broking. He’s also a member of both the Australian and New Zealand Institute of Insurance and Finance (ANZIIF) and the Mortgage and Finance Association of Australia (MFAA).

Stephen leads our team of Home Loan Specialists, and reviews and contributes to Compare the Market’s banking-relating content to ensure it’s as helpful and empowering as possible for our readers.

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