The Bluestone Group Lite Blue Home Loan is aimed at those with good and poor credit who are self-employed, or companies and trusts looking to finance the purchase of a new home.
The Bluestone Group Lite Blue Home Loan caters for the home financing needs of the self-employed, companies and trusts with the required documentation to prove their income. The loan offers a wide range of features including a redraw and split loan facility, plus it also has flexible repayment options designed for those with an irregular income. Applicants with credit impairments can apply and there is an option to make interest-only repayments.
Things to consider about the Bluestone Group Lite Blue Home Loan
The Bluestone Group Lite Blue Home Loan is designed for self-employed individuals who have been trading for a period of at least 12 months. The loan offers flexible repayment options with further advances available during the course of the loan. You have to be able to prove your income with bank statements before applying and you must have had a registered Australian Business Number (ABN) for at least a year.
Bluestone considers factors such as your credit impairments, funding costs and your current mortgage repayments to determine your interest rate. Borrowers with current rental or mortgage arrears as well as those with credit impairments can apply.
Features of the Bluestone Group Lite Blue Home Loan
- Loan amount and term. The Bluestone Group Lite Blue Home Loan has a minimum loan term of and a maximum term of . You can borrow a minimum limit of and a maximum amount of .
- Split loan. A split loan allows you to borrow part of your Bluestone Group Lite Blue Home Loan on a variable rate and the rest on a fixed rate basis. This gives you the certainty of knowing your monthly repayments while still allowing you to benefit from drops in ongoing home loan rates.
- Redraw. You are allowed to redraw your additional repayments on a Bluestone Group Lite Blue Home Loan whenever you need some extra cash flow.
- No LMI (Lenders Mortgage Insurance) required. LMI is usually paid on a home loan to cover the lender against any potential loss should you default. The insurance is payable if you finance a large part of your home purchase, which increases the risk of loss to the lender. With the Bluestone Group Lite Blue Home Loan, you will not be required to pay any LMI.
- Interest-only repayments. You can opt to make repayments on your interest charges alone for a period of three to five years, after which your repayments will revert to interest and principal payments. This can free up your cash flow during the interest-only period.
- Flexible payment options. This loan allows you to make fortnightly, weekly or monthly repayments according to your income.
- Further advances. You can borrow a further advance on your Bluestone Group Lite Blue Home Loan if your home increases in value during the repayment period.
Fees you can avoid
- LMI (Lenders Mortgage Insurance). This is the insurance fee payable on some home loans if your loan to value ratio is high. The Bluestone Group Lite Blue Home Loan does not have this fee no matter how much you borrow for your home purchase.
Fees you can’t avoid
- Loan establishment fee. Bluestone charges an application fee on your home loan to cover the cost of setting up your loan. This fee covers all costs involved in establishing your home loan including property appraisals, administrative costs and all credit checks required. The indicative fees on your loan are determined according to your specific lending scenario.
- Government fees. Expect to pay government fees when you take out a Bluestone Group Lite Blue Home Loan, just as you would with all other home loans. The fees cover loan registration costs and stamp duty.
How to apply for the Bluestone Group Lite Blue Home Loan
A maximum of four borrowers are allowed per loan and there is no maximum age limit at the time of application. Bluestone will consider your income and regular spending habits before granting you loan approval. Please note that you will also have to satisfy the following eligibility criteria before you can be approved for the loan:
- You must be a permanent Australian resident
- You must be at least 18 years old
The following documents will also be required:
- You must have an ABN that has been registered for at least 12 months.
- You have to be able to provide evidence of your income, for example, bank statements
The Bluestone Group Lite Blue Home Loan could help you finance a home purchase if you are self-employed and can show regular trading income. The loan offers a competitive rate and a variety of features that make repayment easier. Compare this loan with a range of other products to find out if it could be suited to you.