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Broker success story: John Ng

Broker success story

Unsecured debt, especially when it’s in arrears, can make it hard to refinance, leaving clients falling further behind financially. 

When John Ng’s client was struggling to repay almost $80,000 of credit card and personal loans, Bluestone was able to help her consolidate her debt and save over $2000 a month in repayments. This was in spite of a few extra challenges, including the client’s age, which meant she would be over 65 with the loan still ongoing. 

Find out what John had to say about the situation and his experience working with Bluestone here. 

What was the customer’s situation?

The customer’s home loan is currently $303,000, with a variety of credit cards and personal loans amounting to $80,000. 

Factoring in interest charged, the amounts would be $304,500 and $83,000 – which added up to total annual interest of $4,500. Due to a series of life events and job loss because of COVID, she was struggling to repay her debts and took on more credit than necessary. 

Bluestone consolidated all her debts into one 30-year loan, saving her over $2,000/month in repayments, even though it wouldn’t be paid off until she was over 65.

What made this deal unique or challenging?

The number of unsecured debts (some in arrears). Her home loan was over 30 days in arrears, which meant some lenders won’t consider it. Her age, which meant a 30-year loan would put her over 65yo with the loan still existing.

What product and rate did your customer receive?

Specialist Full-Doc.

Tell us about your experience working with Bluestone

Responsive BDMs, easy credit policies and unlike other lenders you’re not sent to a call centre team to workshop scenarios where, due to call monitoring, they’re just reading off a script. 

Also as other lenders’ call centre staff aren’t familiar with policy, they can’t think two steps ahead. Bluestone’s BDMs will assist with servicing, and even go through financials with you to help you make the deal work.

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

Bluestone is always my go-to for non-conforming before I consider others.

 

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