Quick Summary
Founded
2008
Owned by:
ABN Group Pty. Ltd.
Funded by:
Many sources including Adelaide Bank, Origin, Pepper Money, and other wholesale providers
LMI Provider:
Could vary depending on the funder
Lender type:
Non Banks, Specialist Lender, Mortgage Manager
Bluebay Home Loans is not an available lender on our panel. This is a review only.
Bluebay Home Loans is a non-bank specialist lender based in Osborne Park, Western Australia.It is a 100% Australian owned lender that challenges norms set by the traditional banking system.
Since its inception in 2008, it has aimed to become the go-to alternative for Australia's major banks.And to achieve this aim, it has been providing flexible mortgage options to clients who do not meet conservative standards.
How do Bluebay’s home loans compare?
Pros
- Low Doc loans
- Simple home loans
- 100% offset accounts are available
- Redraw facility
- Split home loans; can do a mix of fixed and variable rates
- The refinancing process is swift.
- Construction loans.
- Accepts Centrelink benefits.
- Internet banking facility
- They accept most types of incomes
- Work with mortgage brokers
Cons
- Higher interest rates than the major banks and even other specialist lenders
- Their risk fee can be large
- No branch access
- Bad credit history is rarely accepted
- Slow to assess your application during busy periods
What home loan types does it have?
Some of the common types of home loans that Bluebay Home Loans provides are:
- Fixed rate loans
- Variable-rate loans
- Split loans
- Construction loans
- Low-Doc home loans
- Line of Credit home loans
Apart from the home loans mentioned above, which we typically find among other major or specialist lenders as well, it also provides:
Parent assist home loans- This is a unique type of home loan that we cannot find elsewhere but Bluebay Home Loans.
This type of home loan does not require your parents to be your guarantors and risk their property for you.
Instead, it is an Australian-first home loan package that allows your parents to make up to 20% of your deposit payment from their pocket.
Their Financial Hardship Assistance Program
Bluebay Home Loans has set up a Financial Hardship Assistance program for clients unable to make repayments due to:
- unanticipated change in income or expenses
- change in employment status
- increase in interest rates
- significant life event (e.g. divorce or death in the family)
- emergency event or natural disaster
- injury or illness
If such clients contact the lender for assistance, it will assess their situation based on either of the following documents:
- evidence of current income, i.e. recent payslips, account statements or Centrelink statements)
- proof of medical condition, i.e. medical certificate from a medical practitioner
- other evidence such as contract of sale and separation statement
On verifying the required documents, the lender provides the following facilities under the program:
- You get a payment deferral period wherein you need not make repayments for a specific allotted time frame.
- You can change the terms of your loan, e.g. switch from fixed rate to variable rate.
- You can access your redraw facility.
Find out if you are qualified to apply with this lender
FIND OUT HERETips for applying with Bluebay Home Loans
- Since their interest rates are not competitive, apply with them only when a major lender is not an option.
- Have enough knowledge of the property market and home loan process. Working with a mortgage broker is the most reliable way to make sure you are getting the best deal.
- Check their “How much can I borrow?” and loan comparison calculators from their website to get a clear idea of your borrowing limit with them.