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.
Biggest mistake of our lives. We have been living a financial nightmare with them for 3 years. Our interest rate has gone up to 7.12% if not more and they also decided they wanted us to pay interest and principal on both our home and investment property. My husbands whole wage goes to them and we are still short. Also now due to the COVID-19 I've lost my job. Husband still works but until I'm making money again we have no hope. They say they can give us 3 months hardship but once thats done we have to pay more interest. These people make my stomach turn. I actually get anxiety speaking to them. Reading all these reviews makes me feel like theres no hope with this company.
Jacqueline, New South Wales, reviewed 3 months ago
Bluestone Mortgages Home Loan review
Overall rating 5 / 10
A very disturbing company to deal with.
This company has high interest and will not talk to you about anything, they do not answer phone calls. You cannot negotiate to reduce your interest. You cannot pay extra off your loan without complaining to them and having to report them. You go through a lot to do any form of business with them. If they tell you something that is wrong they will not own it and the error will not get fixed.
This is the single most worst organisation I have ever dealt with. They have the worst customer service, after numerous calls to update contact numbers, mailing address and contact persons they still managed to screw this up and then have the cheek to charge me interest when they haven't even sent me statements. The last incident after numerous dramas has been that I cannot even ask for information regarding my account ie, how much would loan repayments be if I paid a lump some on my account? I was informed I had to get my Lawyer to send them a letter before they could answer that question! Go figure! Stay well away from this Company they are a major rip off
Kamaia, South Australia, reviewed almost 6 years ago
Bluestone Mortgages Home Loan review
Overall rating 1 / 10
Okay loaning institute as a last resort
Charge high interest rates. Say they will drop their rates if you prove you are reliable but never do (we have been with them for more than 7 years). Charge $25 for printouts, should be free! Flexible and prompt with changing loan repayment dates.
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