Bluestone Home Loans Questions & Answers

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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

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.

Hi there, did this gain any traction?

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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

Hi there, 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.

Regards,

Susan

Hi there,

We'd love to have a chat with you about your enquiry. Please get in touch with us by either emailing direct@bluestone.com.au or calling (02) 8115 5028, and one of our representatives will be with you shortly! Cheers, The Bluestone Team.

Hi everyone and thank you. I am in talks with Jessica about doing the refinance now. It has all been explained to me and i am completely happy and understand... Just a waiting game now on how long it takes to go through all my info. Hopefully i will know soon. But so far so good. Just the few on here had me worried. I feel quite confident with Bluestone now.

Don't do it. They are sharks and will take your home.

Do Not Deal With These People . This Page Was Previously Choco Block With Horrendous Stories. They Have Clearly Paid All These Assistant Broker Sharks To Post Positive Reviews. Please Feel Free To Contact Me To Hear The Full Story. Absolutely Disgusting Oxygen Thieves And This Lot That Are Promoting Them.

Dont....go there Read all these comments below.Highway robbery sharks

I have exhausted many avenues of enquiry or help. Basically my complaint was that a $71000 break fee on a $101000 loan was unreasonable, unconscionable or even immoral . I submitted my case to the Financial & Credit Ombudsman in October 2016. By the time I received a comprehensive report from them the opportunity to do what I wanted had passed so my complaint was largely academic by the time the findings were given. The key factor in the whole thing was the document signed by us in our interview with our solicitor. This document indicated that significant break costs could occur if the contract was broken early. The financial provider reinvests with a wholesale lender (in this case Barclays). After many on line and telephone discussions the Ombudsman closed my file indicating that there was nothing to indicate illegality in this instance.

Barclays provided a formula for the break costs based on current low interest rates. Their method of calculating was deemed to be "commercially sensitive" and I was not privy to this information. ???? The Ombudsman provided a contact for free legal advice (Caxton Legal Service) Basically all they did was provide me with a Fact Sheet from the Financial Ombudsman Service which I had previously obtained on own volition.

Regrettably I have decided to pursue the matter no further as I feel that the various ombudsmen etc have no teeth in regards to matters of moral or unreasonable conduct. Rather they are concerned only with legalities. Another factor which perturbed me was that much of my submissions could have been passed onto the Finance provider during the process.

My advice is to think carefully before you proceed on any complaint process.

So sad these sharks think that can get away with taking advantage of the elderly. My Parents who are quite frail and elderly, needed to reverse their mortgage and were given advice to go to BLUESTONE in 2006. I read previous dealings that are a total sham and immoral...Tom's above quoted break fee loan of $71,000 fee to break from a $101,000 loan is just highway robbery. But wait for it .....My parents were told on a $40,000 loan if you try to move to a retirement village and sell you're home in the future you will be penalised with a fee of over $100,000!!!!! What the hell?? How disgusting...My siblings and I are looking for assistance to take this mongrels to justice. How sad to her the above comment from Tom's experience with the Ombudsman. As previous customer mentions..Lexi Mckee..."This is violates National Consumer Credit Protection Act 2009 - SECT 118." I m after this company and the terrible stress they have put on my elderly parents.

Hi Lisa.... How did this go.... My mum has passed and Dad wants to move but the $70000 loans now $267000 if he sells... And itll only get bigger... Its disgusting particularly after his wife has now gone and wishes to move i to somewhere smaller. Lee

Hi Tracy I am in the same dilemna. Any advice? How did it go?

Hi Branchflower. Not so well. She has had to sell as she is in ill health and the break fees are enormous. she will be lucky to keep a third of the value of the house, but the alternative is to stay in the house and run out of money and eventually Bluestone takes the lot anyway. They are raising the fees even higher now that the interest rates are so low, but it is still hard to understand how these fees are calculated. At least selling now, she may have some money to live on for a few years. the other problem was that if she ran out of money the house still needs to be maintained and Bluestone makes the owner pay for house insurance which then of course is added to the principal and compound interest increases...the option was do we let Bluestone take the whole house or just 3/4 of it? We elected to sell so Mum would at least have some money to live on. She got free legal advice, but they advised that she had signed the contract saying that she had received legal advice at the time, and that she had understood the costs the lawyers had said that the break costs were reasonable. However, she would have had to pay a lot more to challenge these costs. we will see what happens after the sale is finalised. I am sorry you are in the same situation. you may have more luck if your loan was taken out after 2011 (I think that is the date) as there has been some legislation to protect reverse mortgagees as the lenders have to make all costs explicit. all the best.

Hi Tracy I am sorry to hear mother was also a victim these companies are in cohort with the banks, the banks decline a loan request (with home equity) but loan it through a third pary at exhorbatant fees and each one blames the other. The banks need to be taken before Parliament or a Royal Commision to explain. I have been contacted by so many people that feel unfairly treated we should start a Class Action against Bluestone Equity Reverse Mortgage.

Hi Tracy and Karan. I have not had much hope from the Ombudsman it looks like that pathway will be a waste? Karan I assume you also did not get anywhere with talking to the equity manager. I have not done this yet. I note though looking at others complaints that the response from Equity is cut and paste. I do not understand if the the amount of break costs is unascertainable at the time of taking out the loan how was our legal advice supposed to advise us. I am in the same space as do we leave it and give them all the house or try and at least claim a bit back. The sad thing was they had a small $75,000 mortgage and they wanted to go on a holiday and someone sold them the idea to have no mortgage and they could also then afford a new car (much needed) so they borrowed an extra $30K. Now they owe $260K plus maybe $70K breakcosts. I am with you on the Class Action. I understand from reading somewhere that this was happening in Melbourne but I forget where I read that? We could complain to ASIC. I am just shocked at how arrogant they are. They wont say how they calculate the fee and they wont negotiate when it is obviously shown to be incorrect and unreasonable.

Hi Tracy and Karan. I have not had much hope from the Ombudsman it looks like that pathway will be a waste? Karan I assume you also did not get anywhere with talking to the equity manager. I have not done this yet. I note though looking at others complaints that the response from Equity is cut and paste. I do not understand if the the amount of break costs is unascertainable at the time of taking out the loan how was our legal advice supposed to advise us. I am in the same space as do we leave it and give them all the house or try and at least claim a bit back. The sad thing was they had a small $75,000 mortgage and they wanted to go on a holiday and someone sold them the idea to have no mortgage and they could also then afford a new car (much needed) so they borrowed an extra $30K. Now they owe $260K plus maybe $70K breakcosts. I am with you on the Class Action. I understand from reading somewhere that this was happening in Melbourne but I forget where I read that? We could complain to ASIC. I am just shocked at how arrogant they are. They wont say how they calculate the fee and they wont negotiate when it is obviously shown to be incorrect and unreasonable.

Hi I have also tried to get somewhere. My Mum is finding the house is just too much for her to manage and wants to move to something in supported accomodation but not = permanent aged care. She has no choice but to stay as the payout + break costs now exceeds the value of home. I guess that means we have to pay them to give them her home??? the Obudsman is pointless and useless. I am sure that something could be done but they have nothing at all to fear from the regulators. My Mum only borrowed $111,000 and they have made a huge profit on the compounding interest charges. It is criminal that she has no choice for a better quality of life in her latter years. Despite aging the break fees keep increasing. Cannot see why they would not reduce with her increasing age. I guess they have a formula that works out that they can make much more money by forcing her to stay there.

Hi, I'm experiencing a similar situation wirh my Mum. She was in extreme distress when taking out the RM and got sucked in. She has declining mental and physical health issues. I would happily SUPPORT a class action against this company who prey on the most vulnerable and are not legislated to conduct a full test showing the outcome.

They just tell applicants who are clearly in distress and don't want to 'worry the kids' that there s a break fee which 'you dont need to worry about because all that will be done after you pass away'. There is ZERO accountability and extremely unfair profiteering going here.

She's needing to downsize and move into a 'supported' environment on an old age pension but can't because Bluestone will not leave her anything in the 'bank' to allow her to do this!!!

None of us can afford to buy it at the rate needed either ' it s literally highway robbery and should have been (be) controlled by the Govt.

Perhaps a request under FOI might be useful.

I wonder what is the expected lifespan?