Bluestone Group

Welcome to Bluestone Mortgages. Our existing clients are very important to us. Our experienced staff will continue to assist you with your enquiries. For all enquiries please contact 13BLUE and our staff will be happy to assist you.

If you are looking to increase your existing loan with us (conditions apply), or if you are wishing to take your loan to a new security property (conditions apply), please do not hesitate to contact us.

FAQs

Loan Options

• What is a Variable Rate Loan and how does it work?

• You can choose a variable rate loan as a standalone loan or as part of a split-loan. The interest rates on these types of loans moves up or down according to market forces. For example if rates go up your repayments will increase and when rates go down, your repayments decrease. This type of loan allows you to make additional repayments without penalty and redraw extra funds for any reason where your repayments are running ahead of the prescribed schedule.

  This type of loan allows you to make additional repayments without penalty and redraw extra funds for any reason where your repayments are running ahead of the prescribed schedule.

  With Variable Rate Loans a Bluestone Card is automatically issued. It is not a credit card but does carry the MasterCard logo. It provides EFTPOS purchases at 21 million merchant locations in 219 countries and territories and cash withdrawals from your account through 892,000 ATM locations in 10 countries, 24 hours a day, 7 days a week

• What is a Fixed Rate Loan and how does it work?

• You can select a 3 year fixed rate loan as a standalone loan or as part of a split-loan. This option allows you to fix the interest rate and repayment amount on your loan for 3 years - regardless of what happens to interest rates generally.

  By choosing a fixed rate home loan you lose the opportunity to make additional repayments to the loan or increase your repayments above the minimum monthly amount without cost. You will incur a 'break cost fee' if you make additional payments, reduce or pay out a fixed rate loan.

  At the end of the fixed rate period, the interest rate will automatically revert to a variable rate incurring no fee.

• What is a Line of Credit and how does it work?

• You can select a Line of Credit as a standalone loan or as part of a split-loan. Our Line of Credit gives you the flexibility to turn the equity in your home into a ready source of funds up to an approved limit, depositing sums and drawing on them when required. In addition, it can assist small businesses with cashflow fluctuations in place of a standard overdraft. With a Line of Credit a Bluestone Card is automatically issued.

  After 5 years the Line of Credit will revert to a variable rate loan and repayments will altar from interest only to principal and interest. All Line of Credit features will cease at this time and any unused available balance will be cancelled.

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Loan Repayments

• Can I make additional repayments on my loan?

• Yes. Additional repayments can be made on our variable rate loans using the options shown below:

  • Direct debit
  • Phone-based service - Loan Service Line
  • Internet-based service - Loan Service Net
  • Inter-account payments (transfer of funds between accounts in a split-loan)
  • No ATM or over the counter services are available

• Can my salary be paid into my loan account?

• Yes, except for fixed rate accounts. You organise your salary deduction via your employer. This allows you to choose a number of ways to meet your monthly repayments:

  • Payment by direct debit, from your nominated account
  • Payment by salary crediting only
  • Payment by a combination of the two options.

• How long does it take for funds going into my loan account to clear?

• All rental income from a real estate agent, child support, pension, Centrelink payments and direct electronic salary credits are treated as cleared funds and available immediately. All other methods of transfers to your loan account i.e. transfer from all personal accounts via direct debit require five days to clear.

• Are periodical payments allowed from my loan account?

• No. Periodical payments to another institution are not available from your loan account e.g. insurance payments.

• Can I make repayments fortnightly?

• After the first monthly repayment has been received you can contact the Loan Service Line to alter payments to weekly, fortnightly or monthly to better suit you needs.

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Key Features

• What is a Split-loan?

• You can borrow all your finances through the one account, or have your loan split into a maximum of four accounts depending on your loan purpose or product preference. For example, you may have one variable rate loan and a Line of Credit. Minimum split-loan combination must total $50,000. Each account has its own statement allowing you to better manage your finances.

• What is redraw?

• Redraw is the ability to access excess funds that have been paid into your loan account in advance of normal repayment requirements. These funds may be taken from your loan account and credited to your bank account. Redraw is only available on our Variable Rate Loans and Line of Credit and is only available if you are up to date on your payments.

• How do I organise to redraw money from my loan account?

• You can use Phone Banking or Internet Banking services. The funds will be credited to your nominated bank account and you can access these funds through your Bluestone Card. The minimum redraw amount is $50.

• What is a Bluestone Card?

• The Bluestone Card is available on all of Bluestone's Variable Rate Loans and Line of Credit. It is not a credit card but does carry the MasterCard logo. It provides EFTPOS purchases at 21 million merchant locations in 219 countries and territories and cash withdrawals from your account through 892,000 ATM locations in 190 countries, 24 hours a day, 7 days a week.

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Telephone & Internet Banking

• How do I access my loan account via the phone or internet?

• To access Telephone Banking please call 1300 888 215 or to access Internet Banking log on at www.bluestone.com.au. You will require both an Access Number and Passcode. Both services are available between 6 a.m. and midnight (EST) seven days a week.

• How is my Access Number and Passcode issued?

• Each borrower receives their personal codes in the mail within ten working days. The Access Number and Passcode are sent separately for security reasons.

• What functions can I perform if I access my account via the phone or internet?

• Our Telephone Banking and Internet Banking ensures you get secure access to information and assistance with your account. Take advantage of these services to:

  • obtain your loan balance
  • obtain recent transactions on your account
  • obtain payment information
  • transfer funds between accounts in a split-loan
  • access interest rate information
  • access general information
  • make additional payments to your loan
  • redraw available funds

• Do I pay any fees for using Telephone or Internet Banking?

• There are no fees associated with either service.

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Loan Application

• Can I transfer my Bluestone loan to another property?

• Yes. If the new property is at least equal in value and quality of the existing security property and meets Bluestone's policy as an acceptable security, your mortgage can be transferred to the new one. Fees and charges may apply.

• Is a valuation necessary before a purchase?

• Yes. In all instances, Bluestone requires a valuation from one of our accredited panel valuers. The value of the property will be taken as the lesser of the purchase price or the valuation. A valuation fee applies for each security.

• What if I already have a valuation?

• If the valuer is on the Bluestone panel and complies with our requirements, the valuation report may be re-assigned to Bluestone (conditions apply). A fee to re-assign a valuation report may also be charged by the valuer.

• Will Bluestone consider rural properties/lifestyle properties?

• Bluestone will allow properties zoned residential and rural/residential/lifestyle properties (up to 40 acres) which are not used to generate commercial income. Any properties more than 40 acres cannot be considered.

• Will you look at my credit file?

• Yes. If your application meets our lending criteria we will have to look at your credit history. To protect your privacy we will ask you to sign and date a Bluestone Privacy Authority first, before we proceed further.

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