Bluebay Home Loans Review for Australian Expats
Bluebay Home Loans is an Australian non-bank lender specialising in home loans for everyday borrowers who may not qualify with major banks. Established in 1998 and headquartered in Sydney, Bluebay takes a flexible approach to lending with over 20 years experience serving near-prime customers.
With products like low doc loans and alternative assessment methods, Bluebay aims to make borrowing more accessible. They focus on looking at each applicant’s unique situation and being open to alternative documentation for self-employed and contractors. Bluebay provides an important alternative source of home financing for underserved segments overlooked by banks.
- Borrow up to 80% LVR for owner-occupied loans
- Access competitive interest rates and flexible repayment options
- Get approval within a week with Bluebay’s fast approval process
Bluebay Home Loan Options
Bluebay offers a variety of home loan products for different needs. The basic options at Bluebay Home Loans includes the following.
Variable Rate Home Loan
Fixed Rate Home Loan
Introductory Home Loan
The Bluebay variable rate home loan provides flexible interest rates that move up and down with market conditions. There are no restrictions on making extra repayments, allowing borrowers to pay down the loan faster as able. This gives flexibility to manage the mortgage.
Bluebay's variable rates currently range from 5.79% to 8.99% based on individual applicant risk profiles. The exact variable rate offered will depend on factors like your financials, credit score, the property and loan purpose.
With a Bluebay variable rate loan, you can benefit from fluctuating rates and make lump sum payments whenever you want to reduce the principal owing and cut down on interest costs. This option is suited for borrowers who want flexibility in uncertain rate environments.
Bluebay's fixed rate home loans allow borrowers to lock in an interest rate for set terms of 1, 2, 3, 4 or 5 years. This gives certainty around what the repayment amount will be each month over the fixed rate period. It protects the borrower against variable interest rate rises that may occur.
However, fixed rate loans can carry break fees and penalties if the borrower needs to end the loan early or refinance during the fixed term.
Bluebay's current fixed rates range from 5.39% to 8.49% depending on your personal situation. Going with a Bluebay fixed rate loan provides stability in repayments but reduces flexibility. It is best suited for borrowers who expect to hold the mortgage long term.
The introductory home loan from Bluebay starts with a discounted variable rate for the first 12 months of the loan. This discounted rate is usually around 1% lower than Bluebay's standard variable pricing.
The purpose is to help reduce the borrower's initial interest costs and monthly repayments during the first year. After the 12 month intro period ends, the variable rate reverts to Bluebay's published standard owner-occupied and investment property variable rates.
The introductory discount gives new Bluebay customers savings on interest and repayments to start off. It provides an incentive to get started with their financing.
Borrowers should ensure they can manage potential rate and repayment increases once the intro rate ends and standard variable rates apply. This loan suits those wanting temporary discounts but with flexibility after the initial period.
Bluebay Home Loan Review
Bluebay offers competitive rates and flexible lending criteria aimed at near-prime and specialty borrowers underserved by major banks.
| Pros | Cons |
|---|---|
Fast approvals and pre-approvals in many cases | Interest rates can be higher for riskier borrowers |
Assess each applicant's unique situation | Smaller maximum loan amounts than major banks |
Lower documentation for self-employed with low doc loans | Limited physical branches across Australia |
Reasonable fees compared to other non-bank lenders | Early repayment costs on fixed rate loans |
Access to exception processing for unique cases |
Allow us to find you the perfect home loan.
Apply online to get expert recommendations with real interest rates and repayments.
Bluebay Home Loans Features
Bluebay Home Loans offers a variety of features available for potential borrowers looking to get a mortgage in Australia.
| Feature | Details |
|---|---|
Interest Only Payments | Make interest-only payments for flexibility |
100% Mortgage Offset | Link savings to offset interest costs |
Top Up | Use available equity for additional funds |
Portability | Transfer loan to a new property |
Pre-approvals | Confirm loan amount early in home buying process |
Expat Support | Bluebay cannot service offshore expat borrowers. We can help source expatriate lending solutions. |
Facts About Bluebay Home Loans
Bluebay Home Loans are an Australian non-bank lender which was founded in 2008.
Bluebay Home Loans have experience in lending to borrowers who are living and working overseas.
Bluebay Home Loans offers a range of expat home loan products, including fixed rate and variable rate loans, as well as loans with and without lenders mortgage insurance (LMI).
How Do I Apply?
To apply for a home loan with Bluebay, you will need to follow the following process.
- Check eligibility for pre-approval.
- Gather required documents for income and assets.
- Complete Bluebay home loan application form.
- Submit application and documents for assessment.
- Receive loan offer if approved.
- Finalise loan terms and mortgage documents.
Who is Eligible?
To be eligible for a mortgage, you will need to meet the following requirements.
- Australian citizens or permanent residents
- Minimum age of 18 years
- Steady income from employment or self-employment
- Good credit history with no recent defaults
- Foreign income is assessed case-by-case
What Documents Do I Require?
When applying for a Bluebay home loan, you will need to provide the following documents.
Proof of Identity
Identification documents such as your passport, driver's licence, or other government-issued ID.
Proof of Income
Documents confirming your income will also be required, including recent pay slips, tax returns, and employment contracts if applicable.
Assets & Liabilities Statement
A statement of your assets and liabilities, including property valuations, bank account balances, and details of any loans.
Budget Planner
A budget planner outlining your income, living expenses and financial commitments is necessary to assess your ability to meet repayments.
Credit Report
A credit report to verify your credit score and history.
Related Products from Bluebay Home Loans
Construction Home Loan
Bluebay offers construction loans tailored for borrowers looking to build a new property or complete major renovations on an existing one. The loan provides financing in stages that are paid out as agreed construction milestones are reached and inspected for completion. This gives the flexibility to only pay interest on the funds drawn during the building and renovation process, before full loan principal repayments start.
Bluebay’s construction loans allow work to be completed over an extended timeline without requiring full loan repayment immediately. Their experts help manage the drawdown and inspection process for successful project completion.
Construction loans are available for up to 80% loan-to-value ratio (LVR) with standard owner-occupied and investment lending criteria. This product suits those taking on major building projects.
Lo Doc Home Loan
The lo doc home loan from Bluebay requires less paperwork and documentation from applicants compared to standard home loans. It is designed to speed up the application process for certain borrowers like the self-employed, contractors, and other specialty situations.
With a lo doc loan, Bluebay focuses more on assessing serviceability based on bank statements rather than requiring extensive income documentation. Applicants still undergo credit checks and verification, but reduced paperwork can mean faster approvals.
Bluebay’s lo doc loans are available for up to 80% LVR with standard variable and fixed rate options. Loan amounts depend on the specific situation. This product suits self-employed borrowers who may not have all typical pay slips and tax docs.
Get Expert Help With Bluebay Home Loans
If you need assistance with obtaining a Bluebay home loan as an Australian expat or foreign income earner, our dedicated expat lending team can advise you. We understand Bluebay’s limitations with offshore borrowers and can find alternative lenders suited to your situation.
Contact us today to discuss your expat home loan options.
Other Australian Lender Reviews
Allow us to find you the perfect home loan.
Apply online to get expert recommendations with real interest rates and repayments.
FAQs About Bluebay Home Loans
Does Bluebay accept foreign income documents?
No, Bluebay requires Australian income documents for most loan types. However, they may be able to accept foreign income documents for borrowers who are living and working overseas and who have a good credit history in Australia.
What is Bluebay's maximum LVR for home loans?
Up to 90% for owner-occupied loans and 80% for investment loans, subject to meeting Bluebay’s lending criteria.
What credit score is needed for Bluebay approval?
Generally a minimum credit score of 600+ is required, but Bluebay will consider your application on a case-by-case basis.
Does Bluebay charge mortgage early repayment fees?
Yes, Bluebay charges break fees if you repay your loan early, depending on the loan type and the term of the loan.
How long do Bluebay home loan approvals take?
Bluebay targets a 1 week turnaround for home loan approvals, but it can vary depending on the complexity of your application.
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