Between the September 17th, 2018 and September 21st, 2018, Bluestone Mortgages is offering reviewers that take the time to write a review a $50 Westfield Gift Card. It is possible that the reviews below are written by reviewers that may have received this incentive. Previous incentives: September 3rd until September 10th 2018, each reviewer was offered a $50 Westfield Gift Card for ther review. June 6, 2018 until June 20, 2018 - 2 $200 Gift Cards distributed randomly.
Stay away from the this company big time! Shocking
My mother took out a reverse mortgage 12 years ago for $100K and has now decided to sell her property.
They have advised her the break free cost is $189K plus the interest on top of principal another $100K! So a total owing they quoted is $400K on a property worth around $460K. This is so wrong and day light robbery how can they can get away with this? Something has to be done. If she sells her property now she will have nothing left. Stay away from them, how can they legally get away with this? The public need to know about this. Don't do it.
Excellent Customer Service!
Moving my mortgage from one lender to another can be very daunting, but Jessica Wilson made the process easy and effortless. I appreciate the professional service and keeping me updated through the whole process. Jessica you are true professional with a true understanding for Customer service. You saved me many thousands of dollars and only happy to recommend you to anyone seeking to refinance. Thanks once again Jessica and keep up the good work you are a true asset to Bluestone .
Amazing staff great rates
Jessica from bluestone was amazing to deal with from start to finish I could not recommend a better company or better staff!!! Interest rates are great as well!!!! honestky the easiest process ever!!!
Modern day loan shark
This company approved our preapproval and conditional approval for 4.99% interest rate.
But cunningly increased final approval 9.14%. Monthly payment $5100, my monthly income $4900.
Matter with AFCA (ombasment) at the moment.
Person who incharge here, she is massive con artist.
Never ever go near this loan sharks.
Loan Sharks - Stay Away
I agree with Derek - they were quick to increase my interest rate yet despite numerous rate cuts from the RBA they have not been passed on - is this even legal - go elsewhere if you can they are relentless and non customer focused once they have your business. We will be going elsewhere as soon as possible.
You are lucky if you had a rate cut we have only had an increase
Very good service from a specialist Lender
Jessica Wilson is an champion when it comes to customer service and supporting her clients.
Lending process was smooth and efficient, if you need a loan in the specialist lender space we would recommend Bluestone.
Use someone else if you can!!!
While I appreciated getting a non conforming loan I was very dissatisfied when the failed to pass on any rate cut in the last 12 months. The had been 3 rate cuts from the RBA and the Rate has dropped from 1.5% to .75% but my rate remained the same.
They told me after 12 months of payment history they would review my rate. Upon doing so they cut it by .5% stating due to my loyalty and payment history. So actually it has gone up. The rate has dropped by more than this so I am actually paying more above the RBA rate now than I was 12 months ago. 6.34%.
A complete ripoff. I will be refinancing as soon as I can.
this company is extremely difficult to deal with you cannot get a straight answer for any enquiry they will not talk or negotiate any request really difficult when you want to speak to someone other than the person who answered the phone as they do not state what there role is they will not do that
Jess is a super star!!
I'm a new customer of Bluestone. I was a bit reluctant as I read other reviews which were not entirely positive and didn't portray a great image.
Jess was professional, efficient and allround fantastic. She has made the onboarding process hassle free and as simple as possible. At this stage, I have nothing but positives to say about Bluestone. Fingers crossed the upcoming years are to the same level I have experienced to date.
Jessica Wilson provided great customer service. From the beginning I always felt I was in very good hands in getting my mortgage over the line which did prove difficult. Again thanks for all support Jessica. cheers
Thankyou Jess Wilson
Jess Wilson was an absolute pleasure to work with. Helped me out with every little detail and made the experience an absolute breeze to get through. Could not recommend highly enough. Everything was clearly outlined and delivered and there were no nasty surprises at the end of it all. Thankyou Jess and Bluestone for everything.!!
The reviewer stated that an incentive was offered for this review
- Verified customer
Absolutely Disgusting Behaviour
Bluestone granted my grandfather a reverse mortgage 2007 - of which he would not be able to repay unless he sold his home, the so called 'rich equity' which allowed him to take out the loan. This is violates National Consumer Credit Protection Act 2009 - SECT 118.
My grandfather was a recorded gambler- his account statements were littered with over withdrawals and ATM transactions at TABs and the Brisbane casino- no great lengths were taken to hide his addiction, yet these predators allowed him to take out a high interest reverse mortgage. ...I am dragging these sharks through the Credit Ombudsman for their irresponsible loan practices and I encourage others to do the same. I am angered to see the original paperwork... pictures of elderly men and women... they have targeted our mothers and fathers. Preying on the old and vulnerable. You should be ashamed of yourselves.
Reverse mortgage an absolute disgrace & rip off of the elderly
My parents borrowed $100K on a fixed rate for life of 8.5% over 11 years it has now grown to $268K she is now 89 and living 450 km away from me. I want to bring her closer to me but Bluestone advised we cant transfer the mortgage to another property as previously advised because they will only go to 45% of the value of the new property. Because the debt is now $268K and properties in WA havent gobe up LVR is 72%. I cant afford to pay the loan out as I have no idea what break costs are but will be significant. So she is stuck there in a 4 bed 2 bath home which requires considerable maintenance. I am lodging a formal complaint to Bluestone and will be persuing this with the Ombudsman. This is a prime example of unconscionable lending.
- Verified customer
Bluestone - great for Self employed investors
As a self employed investor with several properties, Bluestone were the only bank to offer me an investment refinance loan to pull out equity. I spoke to over 5 banks directly and 4 mortgage Brokers and Bluestone were the only bank still willing to help out investors (other banks have changed their policies post the royal commission). Santosh Mani was absolutley brilliant. Thanks you Santosh for continually staying on top of my loan process regardless of the hurdles. Much appreciated.
CANNOT WAIT TO CHANGE “BANKS”
I have had nothing but trouble with this mortgage provider and I am counting down the days until we are able to switch banks. To be honest I wouldn’t consider this provider as any kind of bank because they hardly function as one, the banking system is always unavailable. But the best thing is that they have just “lost” our first home owners grant and have been incredibly unhelpful. The cheque has been cashed in on there side but they have not made the funds available to us. Every time I contact them they state there is nothing they can do on th...ere end as they have “looked” everywhere for it. So if you are after a provider that has very average customer service and will just lose your money and leave it to you to figure out who has cashed it and where the actual funds are (my name is not on the cheque, I’m a third party to the cheque as it is a first home owners and the funds need to be dispursed by Bluestone)...then they are the perfect provider for you.
Bluestone Equity Rip Off for Elderly
My parents took out a Bluestone Equity Loan approx 12 years ago for $30,000. THIRTY THOUSAND.
After my father's death mum wanted to sell up and move interstate.
Firstly they charged mum $800 to remove my fathers name from the deeds as they said mum couldn't sell her home with clear title with Dad's name on it and he couldn't sign the necessary paperwork. (Obviously as he is deceased!!)
A death certificate wasn't acceptable.
Mum asked for a payout figure for the loan and was told it was just over $100,000 repayment of loan 'PLUS BREAK FEES...
Questions & Answers
Not a question...
You people need to address you're previous dealings with elderly customers from 2006 and onwards.
Clean up your shameful service and apologise the distress you have caused so many elderly people in Australia. You're dealings have violated the National Consumer Credit Protection Act 2009 - SECT 118.
It will not be the last time you hear from families about these incidents.
My inlaws have a reverse mortgage with this " company " so we discovered when my wife and sisters got power of attorney to help manage their affairs
It was with great dismay and stress they found out there was a very large fee to pay out the amount owing ( which in itself is bad enough )
Yes it's not illegal, but it is morally corrupt preying on people that are sold a product that has these implications built in ( and obviously smoothed over in the sales pitch )
These people have no morals
With the ongoing Royal Commission, how have Bluestone's Reverse Mortgages escaped the spotlight?
If you are one of the many who have paid the unreasonable break fee or if you are thinking of terminating your reverse mortgage but can't due to the break fee, then I urge you to contact your local member or the Shadow Treasurer Chris Bowen so that the Royal Commission can look into the issue.
Hopefully with enough pressure, Bluestone will refund the break fee and not force others to pay the break fee if they are considering terminating the product.
Are you in need of a loan of any purpose?Are you tired of seeking loans and Mortgages,have you been turned down constantly By your banks and other financial institutions,We offer any form of loan. do not hesitate to contact us for possible business co-operation. for more information and contact: email@example.com
whatsapp room: +18033713267 for more details
I am currently considering bluestone. Is it true there is no end date on the loan? How quickly did interest hike up?
I’m ok with the 30 years. I’m young and can just save the extra repayments in the bank. But my fear is how long the loan term is (I assumed 30 years based on repayment information I was given) and I was under the impression the interest rate just wouldn’t hike repeatedly.
I can’t tell if the grievances are with those who didn’t understand the term (30 years) or planned to sell or refinance?
As self employed. I feel this is quite fair - for me. But these reviews have me wary. I would also only be in my 50s at the completion of 30 years.
Hi, I think Bluestone may be a good choice as you're self-employed.
The terms vary and you can take a term loan out less than 30 years depending what repayment you're comfortable with.
Many people don't understand the mortgage they're in and they end up blaming others and pushing the blame back to Bluestone etc.
I think you should contact me just to discuss the scenario just so you are directed to the right product, and are given all the information you need to make an intelligent decision. This can be mean you save thousands on your mortgage.
0405 022 688
Loan term can be for 30years or less. It depends on your goal and serviceability. Variable Interest may change . I guess it's up to the bank and RBA unless you choose fixed rate option. You welcome to call me on 0434685432:) Happy to assist. I have had an amazing experience with Blue stone and am very passionate about helping my clients.
Bluestone T.Bluestone Mortgages
We'd love to have a chat with you about your enquiry. Please get in touch with us by either emailing firstname.lastname@example.org or calling (02) 8115 5028, and one of our representatives will be with you shortly! Cheers, The Bluestone Team.
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