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1. Borrowers
Acceptable Borrowers & Guarantors
Individuals
- Australian citizen or permanent resident
- New Zealand citizens or permanent resident
- Other visas or in-flight PR applications acceptable provided at least one borrower/guarantor is a citizen or Permanent Resident
- Minimum age of borrower is 18
- Maximum of 4 borrowers per loan
- Broker borrower applications acceptable.
Company Borrowers
- Only 1 company borrower per loan
- The company must have a valid ACN
- Maximum of 4 directors
- All directors must be guarantors of the borrowing entity
- If income is being used then directors must be shareholders and the relevant income policies must be met.
- All guarantors are required to be on title of the security property
Trust Borrowers
- Loans to a trust must be in the name of the trustee in its/their own right and also in its/their capacity as trustee.
- Only 1 trust borrower per loan
- Discretionary, Unit or family trusts permitted
- Full trust deed to be provided (stamped & signed)
- All directors of the trustee company must be guarantors
- Maximum of 4 directors
- Adult beneficiaries are required to complete privacy forms and VOI
Unacceptable Borrowers/Guarantors
- Guarantors on loans to an individual
- Non-residents
- Companies or trusts involving disqualified directors
- Entities under external administration
- Bankrupts
- Public companies
- Bluestone employees or family of employees
- Borrowers of convenience for those other than married/defacto.
