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Broker Success Story: How Bluestone helped Caitlin Morrison’s clients enter the market and save $14,500 on LMI

With property prices accelerating, saving 20% for a home deposit is becoming increasingly out of reach for first home buyers. For many, there’s little choice but to borrow over 80% LVR and pay thousands of dollars in LMI, putting further strain on an already stretched budget.

Fortunately for broker Caitlin Morrison’s customers, Bluestone’s 90% no LMI came to the rescue, helping them achieve their dream of owning their own home and save an impressive $14,500 across a two year fixed term.

Here’s what Caitlin had to say about the deal, the challenges involved and her experience of working with Bluestone.

1. What was the customers’ situation?

The applicants had saved diligently in the hopes of an 80% LVR for their first home. Due to the ever-accelerating market, not only did their budget require ‘renovation’, their 20% deposit was threatened.

After reworking the numbers and finding them the additional funds to extend their capacity, we looked at the cost of LMI. To their horror, at best this would add another $17,000 to their loan. Once Bluestone announced their 90% no LMI, I immediately thought of these clients. Even looking beyond the slightly higher rate, across a 2yr term (the period we were looking to fix) the clients were an impressive $14,500 better off, even more so once we factored in the interest this added across the term of the loan.

In a world of BID, it was a no brainer that this was the right recommendation for my clients.

2. What made this deal unique or challenging?

Selling the higher interest rate and explaining the reasons why the rate wasn’t the headline on this deal. I won’t lie; it took a while (and a number of different doodles!) to get them to a place of understanding!

3. What product did your customers receive?


4. Tell us about your experience working with Bluestone

Dealing with Bluestone has been great.

From my initial contact with my BDM, through to my credit assessor, the contact has been easy and came from a place of common sense!

With Covid and lockdowns being a factor, when policy changes came into effect, I was blown away when they reached out to me and let me know that a valuation issue we were experiencing was suddenly voided. They had been advised of the change and my clients were the first they knew they could get moving. Impressive!

5. Anything else you’d like us to know about the deal or your experience with Bluestone?

Bluestone isn’t just for the challenging clients. Their new product offering coupled with the personalised service means that in a world of short settlements, impatient clients and long SLAs you can be the hero in your clients eyes… with the right lender-partner in place!


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