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.
do not touch this lender
Don't waste your time, for a rate review of the loan, it took this offshore teams [Names Removed] - complaints manager, [Name Removed] variations manager, almost 5 hours waiting time on the phone, no outcome, customer experience in handling this was poor. highly recommend that they do not get businesss!
Little slow to get over the line but great now
Hi all I have had a home loan with bluestone for 8 months now I am just glad to have one at all I have found that as long as you pay your loan they leave you alone I have had no problems with them I did get worried when this virus thing happened and I was new so I called to talk if life gets tough they seemed great and said they could make payment arrangements if I needed but I got through so far I have always found them good to deal with as I don't like online much so I call by phone because I pay before my monthly payments come out and I ne...ed to tell them not to take my direct debit payment out again or if I dont have the money it would be a $50 fee my rate was 3.39 I think that's fair so no problems they aren't a big bank there I am fixed for 2 years I was happy for that so I understand everyone has a different situation this is only my experience with bluestone I just wanted to write this because there's so many bad reviews and I did have a good experience
Prepare to be absolutely ripped off.
Absolutely horrific with the fact that they’re able to take advantage of their customers with abhorrent interest rates - regardless of loyalty or clear payment history. Highly recommend exploring every single other option before you sign with these people. Unfortunately they’re not a bank so do not pass along the interest rate cuts - rather, they increase them without being able to complain any further as no one is able to hold them accountable.
Poor Customer Service
Very Poor communication, very quick to chase people for money and would not help customers. threatening to sell my house due to covid19 . Do not get a mortgage with nonsense.
Dont go near them!
I just rang to see if i could get a rate review and they have advised that due to COVID 19 that they wont be doing any reviews for the rest of the year and possibly next year...WTH?
As soon as i can get my partner on my mortgage i am dropping these sharks and never going near them again! they cant review any rates because of a pandemic , absolutely nonsense!
Will bleed you dry and then some
Interest rates never go down, only up.
Charge ripoff fees for whatever they can
Better of burning your house down then refinancing with these dogs
Helpful and Supportive
I sincerely recommend Jessica Wilson from Bluestone Mortgages. She was extremely helpful and supportive every step of the way. This was my first experience and I was feeling very anxious and uncertain about the whole process. Jessica's knowledge and clarity in explaining and guiding me through the application process up to and including settlement was efficient and conscientious. She found me the best possible rate and time frame. She explained all the costs and was always upfront and honest. She responded promptly to all my emails and phone ca...lls. Given the current climate with all of the uncertainty, Jessica's attention to detail and resourcefulness made me feel comfortable and supported. I am deeply grateful for all she has done and highly recommend Jessica. Thank you!!!
And the worst lender of the year award goes to....
I have never felt so strung along in my life!
I have applied for a refinance through Bluestone via my broker who I have used for years. It has taken more than 7 months with no formal offer or definite answer! All I want to know is if I can get the loan or not- pretty damn simple one would think.
Every time the broker calls up the BDM or creditor I am advised that everything looks good and once the formal is offered it should only take another 3 weeks!! It’s been more than seven months, and my patience has run out.
This issue has been escala...ted but that hasn’t seemed to have done a damn thing. While I understand that legislation has changed for loan approvals but honestly more seven months is lunacy. Don’t apply with this company if you’re buying a home you will end up with late fees coz they take too long to approve anything and don’t have any care for the applicants offering them business.
Helpful and supportive
I sincerely recommend Jessica Wilson from Bluestone Mortgages. She was extremely helpful and supportive every step of the way. This was my first experience and I was feeling very anxious and uncertain about the whole process. Jessica's knowledge and clarity in explaining and guiding me through the application process up to and including settlement was efficient and conscientious. She found me the best possible rate and time frame. She explained all the costs and was always upfront and honest. She responded promptly to all my emails and ph...one calls. Given the current climate with all of the uncertainty, Jessica's attention to detail and resourcefulness made me feel comfortable and supported. I am deeply grateful for all she has done and highly recommend Jessica. Thank you!!!
Last resort - Stay away
Stay away - If your interest rate doesn't start with a 2 or at worst a 3, Please try try try to refinance.
Unsympathetic , uncaring and socially abhorrent - Cashing in on COVID 19 !!!!!!!!!!-
Pass on the interest rate cuts ,PLEASE DO THE RIGHT THING BLUESTONE !!!!!!!!
Never mind what is wrong with this company. What is right - SHAME ON YOU.... PASS on your reduced borrowing Costs
Don't hide behind saying we are not a bank AND it is not mandated,.....PLEASE DO THE RIGHT THING BLUESTONE.
RANDOM ACTS OF KINDNESS they are not mandated either -
By the way, Passing on your reduced borrowing costs is NOT a act of Kindness - it is only Fair, just and socially responsible. WAKE UP!
Steer clear of this money grabbing low life lender!+
I have a variable rate and asked for a rate reduction based on the massive reduction in interest rates across the market. In addition I was told that as my payment history improves I will also be provided a better rate to reflect this. Since my rate was adjusted there have been several cuts to the Reserve Bank rate and in addition I have made over 18 months worth a payments with perfect payment history. I was told I could not get a rate reduction at this time. I made several other calls and exchanged many emails and was eventually offered a rat...e reduction of just 0.25%. My rate is now 5.19%. I explained that there has been over a 0.75% rate reduction by the Reserve Bank during this time but they said as they are not a bank they don't have to pass on Reserve Bank rate reductions. They have sent me a letter stating that during the uncertainty of the current Covid19 crisis they are not reviewing any rates. They said I can apply for hardship but I don't want to plus I don't think I would qualify as I am still employed and maintaining about 80% of my previous income. I feel it is immoral for them to blame the Covid19 pandemic for a reason not to legitimately review interest rates. Since I took out my loan there has been a huge reduction in rates and I would be lucky to have seen less than half of the rate reductions in that time
I wish I could give 0 stars
Don't use these loan sharks! When i contacted Bluestone to seek a review of our interest rate in light of of the Covid-19 situation they claimed that unlike most other companies they would not be reviewing their interest rates BECAUSE of Covid-19. They directed us to the hardship department which we clearly indicated we did want want to do as our priority is to keep paying our mortgage and not freeze our payments which would increase the total amount we owe and not help us in the long run. When most other companies are trying to assist their clients Bluestone just want to continue to gouge its clients. An absolute disgrace in the current environment when their rates are already significantly higher than a normal bank.
Not Passing on RBA Interest Rate Cuts
With Bluestone reduced borrowing costs, Back to Back RBA rate cuts- that have not been forwarded to the customer base, Bluestone could have a PR reversal ( positive light ) and negate those rampant thoughts from their customer base of lack of Empathy and Perceived Profiteering from this global pandamemic, which can only be seen in shameful and abhorrent light. Why not pass on of the Bluestones reduced borrowing costs ? It would be for the Customers and Bluestone's image benefit
As my husband passed away 12 yrs ago I wish to downsize, I was advised the break fee will be large ie thousands of dollars. Cannot list to sell until I have final figure. Wont be able to afford alternate housing.
Lets join for class action. Update $20,000 loan 8 yrs ago will cost $122,025 to pay out today.
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.
My wages did not cover my mortgage.I withdrew all my super and was forced 12 yrs later to sell and owed almost the same amount I borrowed due to interest
Questions & Answers
my father in law just died and has one of this terrible reverse loans can someone tell me do you pay a break fee if the person dies or is it only if the borrower is wanting to sell the property and get out of the loan
Bluestone T.Bluestone Mortgages
Hi there. We are sorry for your loss. Please use the following link to contact our team, who will assist you with your question -> https://bluestone.com.au/borrower/contact-us/. Thanks, Sophie.
Hello -Can you please explain why you are not passing on the RBA Rate Cuts
They sent me a letter outlining a few things. They claim because they are not a bank they are not required to and that they have higher costs than banks as they source their money from elsewhere. They also say during this Covid19 situation they are not reviewing rates. Which is just an excuse to not pass on any rate cuts and maximise their profits. There have been 3 rate cuts not during Covid19 since I took out my loan with them and they haven't passed on any of them. Complete and uettwr thieves. I urge everyone to steer clear of these unscrupulous lenders.
They hide behind saying - we are not a bank AND it is not mandated,.....
They source their funds from the Banks, which themselves have lower Borrowing costs
RANDOM ACTS OF KINDNESS they are not mandated either -
By the way, Passing on their reduced borrowing costs is NOT a act of Kindness - it is only Fair, just and socially responsible. Shame on them
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
My parents also got a reverse mortgage 15 years ago with Bluestone and they were told the exorbitant amount of money that they will have to pay out to have the reverse mortgage released. I find this absolutely appalling that a company would take such advantage of elderly customers who don’t read the fine print as they trust the person explaining the mortgage to them. They are now stuck as they can’t afford to get out of the mortgage as they are pensioners.
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