Why Bluestone can be useful
Bluestone is usually worth a look when a bank says no because your income documents or credit history do not fit its checklist. It has 4 residential tiers, so an old credit problem does not automatically put every borrower into the most expensive option.
That flexibility has a cost. Your rate and fees depend on the tier, deposit, property and documents, and a residential risk fee can be added to the loan. We’ll compare how much you could borrow, the deposit you’ll need and what the loan will cost against your other options.
Bluestone also funds Connective Elevate, a separate range available through Connective-accredited brokers. Our Connective Home Loans review explains where Elevate fits. Compare the actual offer, because its pricing and features aren’t automatically identical to a Bluestone-branded loan.
- 01 / Self-employed
More ways to show your income
Depending on the loan, Bluestone may accept 6 months of business activity statements, 6 months of business bank statements or its own accountant letter.
- 02 / Credit history
Past problems are not an automatic no
Paid defaults, judgements, a discharged bankruptcy and some completed debt agreements can fit different tiers.
- 03 / Specialist loans
Construction and expat options
Bluestone has separate loans for eligible builds and Australians earning income overseas.
How Bluestone looks at past credit problems
Bluestone uses 4 tiers: Prime, Near Prime, Specialist and Specialist Plus. The tier affects the rate, fees, maximum loan and how much deposit or equity you may need.
We’ll look at what happened, when it happened and how your repayments have gone since, then check which tier could give you the lowest cost.
Bluestone residential credit tiers
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| Tier | The broad fit | What changes for you |
|---|---|---|
| Prime | Clear recent credit and stronger income history | Usually Bluestone's lowest residential pricing |
| Near Prime | Smaller or older credit issues, or less employment continuity | More flexible than Prime, with higher pricing or fees possible |
| Specialist | More recent arrears, defaults or a discharged bankruptcy | A larger deposit and higher total cost may apply |
| Specialist Plus | The deepest credit issues Bluestone may consider | Tighter limits and the highest pricing are more likely |
If a default, bankruptcy or debt agreement is part of your application, start with our bad credit home-loan guide. It explains what lenders usually want to see before you apply.
Self-employed? You may not need 2 years of accounts
Bluestone may accept a shorter business history and different proof of income. This is called alternative documentation, or alt doc. You’ll still need to show your income, but you may be able to use business statements or an accountant’s letter instead of full tax returns.
Ways Bluestone may verify self-employed income
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| Income option | What you may need | Main point |
|---|---|---|
| Full documents on Prime | Usually 2 years of tax returns and notices of assessment | The latest trading result and consistency still matter |
| Full documents on other tiers | The latest year of tax returns and notice of assessment may be enough | The credit tier and business history still affect the decision |
| Business activity statements | 6 months of BAS using Bluestone's calculation method | The figures need to support the income declared |
| Business bank statements | 6 months of trading account statements | Transfers and non-business income need to be clear |
| Accountant letter | Bluestone's prescribed form completed by your accountant | A free-form letter may not be accepted |
Our self-employed home-loan guide explains why 2 lenders can reach different income figures from the same business records.
Could Bluestone calculate your borrowing differently?
Bluestone may use a smaller safety margin than many banks in some lower-debt Prime and Near Prime applications. This can improve the result, but the deposit, credit tier and rate all need to fit.
Bluestone borrowing checks worth knowing
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| Item | How Bluestone may treat it | Why it matters |
|---|---|---|
| Assessment buffer | For an eligible Prime or Near Prime residential loan at no more than 70% of the property value, Bluestone may test repayments at 1.5% above the actual rate. Other residential loans generally use 2%. | A smaller buffer may let you borrow more on the same income |
| Rental income | Bluestone generally uses 80% of residential and commercial rent | The full rent shown on a lease or appraisal is not used |
| Credit cards and overdrafts | The limit is assessed, even if the current balance is low | Reducing an unused limit may improve the calculation |
| Loan term | Some residential loans can run up to 40 years | A longer term may reduce the scheduled repayment but can increase total interest |
Which Bluestone loan could fit?
Bluestone currently offers variable-rate lending rather than fixed rates. The maximums below are advertised limits, not the amount every borrower can receive.
Bluestone loan options
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| Loan type | Published maximum | Main thing to check |
|---|---|---|
| Owner-occupier or investor | Up to $5m and up to 90% of the property value | Your tier, location, deposit and any risk fee |
| Construction | Up to $3m and up to 80% of the completed value | Metro location, fixed-price contract and an independent licensed builder |
| Australian expat investor | Up to $3m and up to 80% of the property value | Country, currency, income documents and Australian representative |
| Commercial property | Up to $3m and up to 80% of the property value | Property type, valuation, fees and any early repayment cost |
| Commercial SMSF | Up to $3m and up to 80% of the property value | Corporate trustee, fund assets, rent, contributions and legal structure |
Planning a new build? Our construction loan guide explains progress payments, valuations and the checks to complete before you sign a building contract.
Read our Australian Government 5% Deposit Scheme guide if a smaller deposit is central to your plan.
Rates, risk fees and the real cost
Bluestone publishes current consumer rates and fees. Your final rate can still depend on the tier, documents, loan amount, purpose and property, so the advertised rate is only the starting point.
The fees below are from Bluestone's residential rates page checked on 8 September 2026. They can change, so we show the current quote in dollars before you proceed.
- Possible low-deposit cost
Up to 3% risk fee
The risk fee is based on the amount borrowed and may be added to the loan. It is not traditional lenders mortgage insurance.
- Loan setup
$590 to $990
Bluestone lists this residential establishment-fee range, plus a $120 settlement fee and legal costs from $400.
- While you have the loan
$15 each month
Bluestone also lists a $500 discharge fee when the residential loan is closed.
Check Bluestone's current rates and fees and compare the total cost, not only the starting rate.
Already with Bluestone? Check the exit cost before moving
A Bluestone loan can be useful while your income or credit history is outside a bank's rules. Moving later can make sense, but it is not automatic and a new lender will reassess your income, debts, credit conduct and property.
For a residential loan, Bluestone currently lists a $500 discharge fee. Its commercial loans also list an early repayment fee equal to 2% of the original loan amount if discharged within 3 years. That commercial fee should not be confused with the residential fee schedule.
Will Bluestone accept the property?
Send us the address before you pay for a valuation or sign an unconditional contract. The right income and deposit will not help if the property or location falls outside the product rules.
- Standard homes
Houses and normal units
These are usually the simplest fit, although postcode, value, size, title and condition still matter.
- Vacant land
Registered land may work
Bluestone may consider fully vacant registered land up to 70% of its value when essential services can be connected.
- Construction
Licensed builder required
The current construction option is for a single home, duplex or major structural renovation, not owner-builders or larger developments.
What applying with Bluestone looks like
Bluestone loans are available through accredited brokers. Before lodging, we match the documents and credit history to the lowest tier that appears to fit, then check the property and likely fees.
Current Bluestone broker queue
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| Stage | Current guide | What it means |
|---|---|---|
| First assessment | About 2 business days | Bluestone first reviews the application and may ask for more information |
| Full credit assessment | About 8 business days | An underwriter reviews the income, credit history and loan structure |
| Valuation and final conditions | No single published approval time | The timing depends on the property, documents and any conditions still outstanding |
When would we compare another lender?
Compare your lender options
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| Your situation | Bluestone may suit when | Another lender may be better when |
|---|---|---|
| Self-employed | The business is newer or alternative documents show the income more clearly | Current tax returns already support a cheaper bank approval |
| Past credit problem | The issue has been resolved and fits one of Bluestone's tiers | Another specialist gives a lower total cost for the same credit history |
| Clean residential file | A Bluestone feature materially improves the approved amount or structure | A mainstream lender approves the same deal with lower pricing or fees |
| Construction | You need alt-doc income and the build fits Bluestone's location and builder rules | You qualify for a cheaper standard construction loan |
| Australian expat | You are buying an Australian investment and Bluestone accepts the country and income | Another lender uses more of the foreign income or offers a lower total cost |
| 5% Deposit Scheme | Bluestone is not a participating lender | You qualify for the Scheme and want to buy with a smaller deposit |
For other specialist options, compare our Resimac Home Loan Review and Pepper Home Loans Review. The right lender depends on the exact income, credit history, property and total cost.
Hunter Galloway lender rating
Bluestone broker score
Bluestone scores well for flexible credit and self-employed income options. Specialist pricing, risk fees, slower full credit review and no branch banking keep the overall consumer score below the major banks.
6.7/10
Strong specialist option, higher everyday cost
Our rating across 6 categories
Score breakdown
Each category is scored out of 10
- Credit policy fit4 credit tiers can consider past credit problems; current hardship is not accepted8.0/10
- Borrowing capacityAlternative income documents and a lower buffer can help in the right scenario7.5/10
- Property acceptanceStandard homes, land and construction can work, with location and specialised-property limits6.5/10
- Product and offset featuresResidential, construction, expat and commercial options, plus an offset on eligible non-SMSF loans7.0/10
- Application speed and certaintyEarly tier checks help, but full credit review and specialist documents can take longer6.0/10
- Ongoing pricing and serviceSpecialist pricing, possible risk fees, ongoing fees and no branch network reduce the everyday value5.0/10
Experience and sources
How this guide was checked
I checked Bluestone's current residential, construction, expat, commercial and SMSF product pages, its rates and fees, public credit guide, current broker policy information and the Australian Government participating-lender list. Public and broker sources were checked on 8 September 2026.
Joshua has worked in mortgage broking since 2011 and holds Diploma and Certificate IV qualifications in finance and mortgage broking. See Joshua's experience and qualifications.
Official lender and government sources
- Bluestone broker policy and service information checked for this review
- Bluestone rates and fees
- Bluestone owner-occupier home loans
- Bluestone construction loans
- Bluestone expat home loans
- Bluestone commercial property loans
- Bluestone SMSF property loans
- Bluestone public credit guide
- Australian Government 5% Deposit Scheme participating lenders
Bluestone can change its policy, products, rates, fees and service times. We check the current position before recommending a lender or submitting an application.
What home buyers say about us
Google“Clear, incredibly responsive and accurate.”
- Google
“Preapprovals done quickly and efficiently.”
- Google
“Reassuring every step of the way.”
More help with your home loan
Self-employed home loans
Compare the income documents different lenders accept.
Read guideBad credit home loans
Understand how defaults and past hardship affect an application.
Read guideDischarged bankruptcy home loans
See what lenders check after bankruptcy has ended.
Read guideLow-doc home loans
Compare alternatives to full tax returns and accounts.
Read guideAustralian expat home loans
Learn how lenders assess foreign income and Australian property.
Read guideResimac Home Loan Review
Compare another specialist non-bank lender.
Read guide
Straight answers
Bluestone home-loan FAQs
Does commission affect which lender you recommend?
Our recommendation comes down to which loan suits you. We disclose any commission before you proceed and must act in your best interests.
Our Brisbane mortgage brokers can compare Bluestone with other lenders based on your income, deposit and plans.
Not sure whether Bluestone suits you?
We compare Bluestone with more than 30 lenders and show you which options fit your income, credit history, property and total cost before you apply.
or call 1300 088 065
Hunter Galloway Finance Pty Ltd is Credit Representative 476903, authorised under Australian Credit Licence 389328.
