Bluestone Home Loans Review for Expats
As a leading non-bank lender in Australia, Bluestone Home Loans has earned a stellar reputation for providing tailored solutions to home loan seekers. With their extensive experience and customer-centric approach, they cater to the unique needs of those living abroad and aiming to invest in the Australian property market.
Find out if you qualify for a home loan with Bluestone.
- Borrow up to 80% of the purchase price
- Options available for borrowers with credit challenges
- No Lenders Mortgage Insurance (LMI) premium
Bluestone Home Loans Home Loan Options
Here are the primary home loan options Bluestone Home Loans have on offer.
Prime
Near Prime
Specialist
This is the most competitive option for borrowers with good credit scores (740+) and a history of making on-time payments. Prime loans typically have the lowest interest rates and the fewest restrictions.
This option is for borrowers with slightly lower credit scores (720-739) than those who qualify for prime loans. Near prime loans typically have slightly higher interest rates than prime loans, but they may still be a good option for borrowers who are looking for a competitive rate.
This option is for borrowers with credit challenges (credit score of 680-719), such as a history of late payments or defaults. Specialist loans typically have higher interest rates than prime or near prime loans, but they may be the only option for borrowers who have been turned down for a loan from a traditional lender.
This option is for borrowers with very serious credit challenges (credit score of 620-679), such as bankruptcy or foreclosure. Specialist Plus loans typically have the highest interest rates of all the Bluestone Home Loans options, but they may be the only option for borrowers who have been turned down for a loan from any other lender.
Bluestone Home Loans Review
Check out the pros and cons of a Bluestone Home Loans below.
| Pros | Cons |
|---|---|
Solutions available for those with credit challenges. | Generally higher rates and fees. |
Self employed home loans and low doc loans available. | Higher rates incurred with lower deposits. |
Mixed-use commercial property can be accepted. | Loan-to-value Ratio (LVR) restrictions on non-metro locations. |
Credit card and ATO debt consolidation and refinancing available. | Do not accept off the plan purchases and land and construction loans. |
Allow us to find you the perfect home loan.
Apply online to get expert recommendations with real interest rates and repayments.
Bluestone Home Loan Features
The home loan features you get from Bluestone Home Loans include the following.
| Feature | Details |
|---|---|
Currency Choice | Borrow in foreign currencies like USD, GBP, EUR, HKD, and SGD, to avoid exchange rate risk. |
Interest Only Payments | Make interest-only payments for a set period (1-5 years) to reduce initial repayments. |
Redraw Facility | Access extra repayments if required, provides flexibility. |
Offset Account | Link a savings account to offset interest payments and reduce loan principal faster. |
Facts About Bluestone Home Loans
Bluestone Home Loans was established in Australia in 2000. They have continued to grow their market share in Australia, now having managed over $11 billion in home loans for their clients.
Cerberus Capital Management, a private equity firm that specialises in acquiring and managing distressed assets, officially acquired Bluestone Asia Pacific on February 27, 2018.
Bluestone changed its name from Bluestone Mortgages to Bluestone Home Loans in Australia in 2021. The name change was part of a rebranding exercise that the company undertook to reflect its focus on providing home loans to borrowers with credit challenges.
How Do I Apply for an Expat Mortgage with Bluestone Home Loans?
Here is a brief overview of the loan application process for an expat mortgage with Bluestone Home Loans.
- Determine Eligibility: Confirm you meet expat borrower requirements like minimum income, deposit funds etc.
- Gather Documents: Have documents ready like passport, visa, employment contract, bank statements etc.
- Complete Application Form: Fill in the overseas expat loan application form online.
- Submit Documents: Upload/email all required documents for income and identity verification.
- Property Purchase: Have a property selected to finance with the loan pre-approval.
- Valuation and Approval: Bluestone will assess property valuation, verify documents, and make the approval decision.
- Loan Offer: You will receive a formal loan offer outlining the interest rate, fees, loan amount and terms.
- Accept Offer: Sign and accept the loan offer once you are satisfied with the terms.
- Finalise Loan: After acceptance, Bluestone will arrange mortgage documentation and loan settlement.
- Make Repayments: Once the loan is settled, begin making the monthly repayments as per the repayment schedule.
We can help and guide you throughout the loan application process and beyond.
Who is Eligible?
The eligibility criteria for Australian expats and permanent residents living overseas are as follows.
- You must be an Australian citizen or permanent resident.
- You must have a valid Australian passport.
- You must have a steady income from your overseas employment.
- You must have a good credit history in Australia.
- You must be able to provide proof of your overseas income and assets.
The eligibility criteria for foreign buyers (non-residents) living overseas are as follows.
- You must be a citizen of a country that has a reciprocal investment arrangement with Australia.
- You must have a valid passport from your home country.
- You must have a steady income from your home country.
- You must have a good credit history in your home country.
- You must be able to provide proof of your income and assets from your home country.
The maximum loan-to-value ratio (LVR) for foreign buyers is 60%, which means that you can borrow up to 60% of the purchase price of the property, with a 40% deposit.
What Documents Do I Require?
Here are the documents you need to provide Bluestone Home Loans as an Australian expat living overseas on a home loan to buy property in Australia.
- Your Australian passport
- Your visa status
- Your employment details
- Your income statement
- Your bank statements
- Your tax returns
- Proof of your overseas income
- Proof of your overseas assets
You may also need to provide other documents, such as a letter from your employer verifying your employment, or a letter from your bank verifying your account balance.
It is important to note that the specific documents required may vary depending on your individual circumstances. Speaking with a specialist mortgage broker who can help you determine which documents you need to provide is recommended.
Other Related Products from Bluestone Home Loans
Top Up Loan
The Top Up Loan allows existing Bluestone mortgage customers to get a further loan using equity in their property. This is useful for renovations, building extensions, purchasing an investment property, etc. It undergoes standard credit assessment, but you often get faster approval than for a new loan. Note that the interest rate may be different than the original mortgage, although repayments will be structured together with your original mortgage.
Construction Loan
Bluestone’s Construction Loan provides financing to build a new property from scratch. The construction loan is disbursed in stages based on completed construction milestones and requires a deposit first, then progressive drawdowns as building completes. You are required to submit receipts/invoices to get each stage payment. Once complete, the construction loan converts to a standard variable loan.
Migration Support
Bluestone’s Migration Support provides guidance for Australians returning permanently from overseas. This includes reviewing your current expat mortgage & suitability for domestic living. It helps transfer your home loan to a local Australian mortgage account if needed. This also lets you refinance your expat loan to a local currency like AUD if required. Overall, it assists in ensuring a smooth transition for residency status change.
Need a Mortgage with Bluestone Home Loans?
Bluestone Home Loans stands as a beacon of hope for Australian expats with challenging credit situations looking to own property in their homeland. With their expat-friendly solutions and personalised approach, they make the dream of owning a home in Australia a reality for many. Embrace the possibilities that Bluestone offers and take the step towards making your property ownership dreams come true.
If you need an expat home loan with Bluestone, we are here to help! Our mortgage brokers specialise in mortgages for Aussie expats, permanent residents, and non-residents living overseas looking to buy Australian property. Our specialists can help you choose the best lender and deal based on your unique circumstances.
Contact Odin Mortgage today to speak in detail with one of our experts.
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 Bluestone Home Loans Home Loans
Is Bluestone Home Loans only for Australian expats living overseas?
No, while Bluestone Home Loans is renowned for their tailored solutions for expats, they also cater to a wide range of borrowers, including self-employed individuals and those who may not meet the criteria of traditional lenders.
How can I contact Bluestone Home Loans for more information?
You can reach out to them through their website or contact their customer support team directly. They are responsive and will gladly assist with any queries you may have.
Are there any hidden fees associated with Bluestone Home Loans?
Bluestone Home Loans is committed to transparency. They will provide a breakdown of all fees and charges upfront, ensuring you have a clear understanding of the costs involved.
Can I use Bluestone Home Loans for investment properties?
Absolutely! Bluestone Home Loans extends their services to not only owner-occupied properties but also investment properties. They understand the unique needs of investors and provide tailored solutions.
What if I'm unsure about the loan terms and conditions?
Bluestone’s customer support team is readily available to address any concerns you may have about the loan terms and conditions. They aim to ensure you have complete clarity before proceeding.
Is there a maximum age limit for borrowers with Bluestone Home Loans?
Bluestone Home Loans considers individual circumstances, and while they do not have a strict maximum age limit, they assess each application on a case-by-case basis.
Can I apply for a Bluestone home loan from any country?
Yes, Bluestone caters to Australian expats living across the globe. Regardless of your current country of residence, you can apply for a home loan with them to purchase property in Australia.
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