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!
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