Fri, 2008-04-04 20:52 — Guest

Product Changes Bluestone recently sent out a communication regarding its positioning in light of conditions in the credit and securitisation markets. As part of Bluestone’s ongoing review process, they have simplified their Residential Mortgage offering. These changes will take effect on Monday 7 April 2008.

• Reduced Deferred Establishment Fee - 2/2/1.5 percent
• Maximum LVRs now capped at 80 perecent
• Maximum single loan amount is $1m
• Maximum exposure to any one customer is $3m
• Loan Completion Fee has been amended to $990 + 0.80 percent
• New Valuation Fee:
• Valuation Fee for loans <= $500k is $300 (payable at settlement)
• Valuation Fee for loans > $500k is ordered and paid upfront by borrower

Bluestone is committed to being open and transparent about any impact that the current market has on the business and will continue to maintain this position through regular communication. Bluestone reiterates that the above changes will not impact Bluestone Equity Release.