How to apply for a Bluestone Home Loan?
To apply for a Bluestone Home Loan online, visit the Bluestone website and click the ‘Connect’ tab; it is placed at the top-left side of the website page. There, you can choose to request a call back from a Bluestone specialist or submit an online enquiry form with your details and loan requirements. Your dedicated loan officer will promptly get in touch with you via phone or email, ensuring a seamless and efficient application process.
Who is Eligible for a Bluestone Home Loan?
The following are the eligibility criteria for a Bluestone Home Loan:
- Income: The applicant must have a stable monthly income. Notably, self-employed, part-time/contract workers, or other income such as pensions, investments, and rent is also considerable.
- Credit History: Typically, a credit score ranging from 650 to 700 is considered favourable. However, a slight short of this range is also considerable/negotiable but may need to face unfavourable interest rates and terms.
- Assets/property: Assets can take many forms, including apartments, houses, land, deposits in savings accounts, investment properties, vehicles, shares and superannuation.
- Loan Purpose: The purpose of the loan ideally includes owner-occupied properties, building a house, investment properties, or refinance existing loans.
Documents Required for Bluestone Home Loan
To apply for a Bluestone Home Loan, you require to submit the following documents along with your application form:
- Proof of identification: Passport, driving licence, medicare card or other authorities-issued identification.
- Proof of income: If you are PAYG, you must submit 2 most recent payslips and bank statements with salary credits. Self-Employed, you must submit 2 years' tax return, NOA, and 6 months business bank statements.
- Loan-Specific Documents: Proof of mortgage conduct (6 months of mortgage statements) and evidence of your living expenses (3 months of personal bank statements).
Enhance chances for Bluestone Home Loan approval.
Improve your loan approval chances, suppose your eligibility falls short, by considering these actionable tips:
Ensuring timely payment/repayment of bills and existing loans, as well as reducing credit card utilisation, you can exhibit responsible repayment behaviour. This, in turn, significantly increases the likelihood of securing loan approval, often accompanied by lower interest rates and favourable terms. Typically, lenders consider a credit score of 650 to 700 or above as favourable.
Live within your means
Lenders meticulously scrutinise your bank statements and living expenses during the application process to assess your affordability and spending habits. So, it's advisable to cut down on unnecessary or excessive costs of lifestyle for at least three to six months before applying for loans.
Reduce Your Debt-To-Income Ratio
The DTI ratio shows the lender how much your monthly income goes towards paying your debts. A higher DTI means you have fewer funds to repay the loan, potentially leading lenders to reject your loan application. Ideally, one can reduce his/her DTI ratio by either increasing their income or reducing their debts.
Adding your spouse, brother, or any other family members as a co-borrower in your personal loan application can also help to enhance your chances of loan approval. Because in such cases, lenders assess the credit scores and repayment capacity of both applicants, which ultimately strengthens the overall loan qualification.
Present All Your Income Sources
Disclose all your income sources in addition to your monthly salary/income. This may entail various passive incomes such as investments, rental properties, retail businesses, income-generating hobbies, and so on. By doing so, lenders become more confident about their ability to repay the loan, ultimately enriching the chances of loan approval.
Avoid Multiple Loan Applications
Impede yourself from applying multiple loan applications. Because each loan application you have applied for would be recorded on your credit report and can lower your credit score. So too many loan applications in a short period can raise concerns in lenders, as it indicates that you are credit-hungry and may have difficulty repaying your debts. Therefore, it is advisable to do your research and compare different loan options before applying for a loan.