Bluestone home loans

My mother refinanced her mortgage with Bluestone and during this time of Covid-19 they did not reduce the interest rate which is close to 7% interest on her home loan. I called on behalf of my mother as my name is on as a 3rd party contact and I was told it was not what they do - disgusting especially at this time when rates are less than 1%. My mother is a pensioner and I am assisting to pay her loan which is about $600/week. Also because she is a pensioner we cannot refinance this Bluestone loan. Stay clear away from Bluestone there are plenty of other more reasonable and fairer lenders.

As others have said stay clear of this company for mortgages. Interest rates are not competitive. Customer service is appalling. Refused to discuss rendering any assistance and put me through to the hardship department when I was reporting my payment would be 2 days late. I have been bullied repeatedly by this mob. I sold my beloved house to get rid of this noose around my neck!

If I had of been around when my father took out a reverse mortgage from these guys I would have done my research. Unfortunately for a company like this they thrive on the people that don't understand a hell of a lot. When my father borrowed against the home $15000 turned into $111,000 over 5 years that he had to pay. Instead of this company taking his house, we decided to sell the house and pay out the balance. They then decided they wanted another $20,000 on top of the $111,000 to exit. This company is nothing but a money hungry company that everyone needs to stay clear off. They are disrespectful to say the least and its immoral and unethical to offer a person a loan on their home and charge such an exorbitant interest rate.

I had a tax debt that our then mortgager(NAB) would not refinance. I approached my long term broker who recommended Bluestone. I must add that my credit score through Equifax is 1080 and I have a near clear mortgage repayment history with NAB. I have owned my business for 30 years. I employ 5 people and thankfully we don't require any government help, yet at least. Anyway, the low doc loan ended up being an every doc loan, the process took 3 months and the original offer of 6% became 8.09% at settlement. I was promised that my variable interest rate would be revised after proving I could repay the loan in the following months. I must also add that I was charged over $9500.00 fees for the loan plus $25.00 per month. I have now worked out that I am paying an additional $6000.00 per year that I don't know what for? It isn't coming off the mortgage. My LVR is 80% too. I have emailed them numerous times and asked for a rate review without success. The latest was back in February, Covid was just picking up and after numerous emails their official reply was that due to Covid 19 Bluestone were not in the position to review rates. Plus the usual we are not a bank and therefore are not dictated to by the reserve bank. They then had the audacity to mention their covid relief measures that may be available? How dare they use this pandemic to gouge hard working Australians! So basically, steer clear. If your broker suggests Bluestone get a new broker. I am now trapped because other financial institutions are not loaning money in these uncertain times. Stay clear of Bluestone!

Don't use these loan sharks! When I contacted Bluestone to seek a review of our interest rate in light of of the Covid-19 situation they claimed that unlike most other companies they would not be reviewing their interest rates because of Covid-19. They directed us to the hardship department which we clearly indicated we did want want to do as our priority is to keep paying our mortgage and not freeze our payments which would increase the total amount we owe and not help us in the long run. When most other companies are trying to assist their clients Bluestone just want to continue to gouge its clients. An absolute disgrace in the current environment when their rates are already significantly higher than a normal bank.