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Bluestone Home Loans today (10 November) expanded its lending portfolio with the launch of a new commercial property investment loan and a residential construction loan, as part of its strategy to support a wider range of borrower needs.
The commercial property investment loan is designed for investors purchasing or refinancing commercial properties, either directly or through their self-managed super fund (SMSF).
Covering a variety of asset types – including warehouses, retail, offices, and mixed-use premises – the product caters to borrowers with traditional income, flexible income (such as self-employed borrowers), and SMSF investors.
Borrowers can access up to $3 million with a maximum loan-to-value ratio (LVR) of 80 per cent.
The loan is available for up to 30 years on principal and interest (P&I) repayments or five years for interest-only.
P&I rates start from 7.09 per cent per annum for SMSF borrowers (7.37 per cent comparison), 7.29 per cent for traditional income borrowers (7.55 per cent comparison), and 7.89 per cent for flexible income borrowers (8.17 per cent comparison).
An offset subaccount is available for traditional and flexible income borrowers (i.e. excluding SMSF loans), and there is no clawback on the product.
Residential construction loan
Bluestone also today launched a new residential construction loan to support borrowers building new homes or undertaking major renovations, including those who may not have traditional proof of income.
The loan provides up to $3 million for new single dwellings or duplexes and also covers structural renovations or extensions. It has a maximum LVR of 80 per cent.
It is available for up to 30 years on P&I repayments, or five years for interest-only, including after the borrower moves in.
P&I rates start from 7.64 per cent per annum (8.02 per cent comparison rate).
There are no valuation fees for progress inspections, and a dedicated team manages progress payments throughout the build.
The loan requires only one form of income verification for Alt Doc loans, such as an accountant’s letter, six months of business activity statements or business bank statements, or tax returns.
Commenting on the launches, Tony MacRae, Bluestone’s chief commercial officer, said the new products reflect the lender’s ongoing push to broaden its suite for brokers and their clients.
“We’re continuing to evolve our product suite to meet the changing needs of brokers and their clients,” he said.
“These new solutions open the door for more Australians, who may not fit the traditional lending mould but have solid financial foundations and great opportunities ahead.”
The announcement follows Bluestone’s recent introduction of expat loans. As such, the non-bank lender’s portfolio now spans residential, construction, commercial, and expat lending.
MacRae said Bluestone’s goal is to give brokers greater flexibility to service a wider array of clients.
“Our aim is to make lending more accessible and transparent,” he said.
“Whether it’s helping Australians build, invest, or live abroad, Bluestone continues to back the brokers who make these outcomes possible.”
[Related: Bluestone unveils expat support and increases max loan amount]