can be stressful, especially when accounting is not your forte’.
Steve has always taken over the process, telling us exactly what to do
and what not to do and has made the process very smooth. I highly recommend
using Steve as a Mortgage Broker...
- Greg & Nancy Doherty
your mortgage is with the Bluestone Mortgages also known
as TEA Custodians (Bluestone) Ltd. And
you feel like this woman...you're not
getting the service you want – or
you're looking for a better deal - refinancing your Bluestone mortgage
can be an option for you.
Generally we can get a reduced interest rate and better more flexible mortgage structure with repayments to suit you - not the lender.
ADVOCO's principal, Steve McGowan understands and keeps up to date with the ever changing lending policy of each of the banks. This allows him to get the right home loan for you and your family.
Steve also has
an ability to be able to see "outside the square" when it comes
to mortgages. "Finding a solution for difficult home loans is the
most rewarding part of the job." says Steve.
The highlight of his career was helping five families have their home returned to them in a illegal "buy back scheme." For this Steve was publicly thanked by Kevin Milne on TV One's Fair Go show. For personal trusted service call Steve today on 0800 ADVOCO (0800 238 626)
hardens lending in NZ
Monday, April 7th 2008, 6:18AM
Bluestone Mortgages has effectively ceased lending in the New Zealand market except for equity release loans, as part of major reorganisation of the Australian-based business.
is to concentrate on developing its mortgage administration business, including
arrears management, where it expects demand to increase.
The company has also announced a management buy-out linked to its change of strategy, led by founder and executive chairman Alistair Jeffery. The buy-out was funded partly by Bank of Scotland and Jeffery is the majority shareholder in the new group.
Chief executive Peter McGuinness is also part of the buy-out team. He said that some of the company's former shareholders had been unwilling to support the change of strategy.
Bluestone was set up in 2000 and played a major part in developing the market in Australia and New Zealand for lending to borrowers who did not fit the standard lending criteria applied by mainstream banks. It has assets of more than AU$3 billion.
The company obtained funding through securitisation, obtaining lines of funds from banks to build portfolios of mortgages that are converted and re-sold as bonds.
The international credit crisis has severely curtailed demand for mortgage-related bonds, hampering the ability of companies like Bluestone to finance their lending.
McGuinness said that lending had had to be scaled back "materially" and the company had told shareholders that it did not believe that the original business plan was sustainable.
The company did not expect to receive applications for funding in New Zealand in the immediate future, as it would be "highly selective". Staffing in New Zealand would be reduced. The situation in Australia was "not quite so bleak" although funding would be materially restricted there also.
Bluestone had not ruled out the possibility of coming back into the lending market if conditions changed. "We are warming down the power station. If we need to fire up again we can do it very quickly."
McGuinness said that loans already made to borrowers would remain in place and he foresaw no reason for the company not being able to refinance existing loans as they came up for renewal. However, he said that it would be a tough commitment to provide a guarantee on this.
Brokers would continue to receive trail commissions. Bluestone's equity release lending would continue as this was not subject to the same pressures that had affected its other mortgage lending operation.
Meanwhile, Bluestone would also develop its loan administration business. The company moved into the market by setting Bluestone Servicing in 2006 to administer in-house work that had previously been outsourced. McGuinness said that the work would involve arrears management, demand for which was likely to increase in the current market.
McGuinness said that the company had moved to restructure its business now to protect the interests of shareholders, borrowers and other business partners, including brokers.
Maybe your mortgage is with one of the many home loan lenders that have 'packed their bags' and left the market such as; Argosy, Bluestone Mortgages, Freedom Mortgages, GE Money (TEA, AMS) Property Finance, United Home Loans, Pacific Home Loans, Pioneer or Wizard Home Loans, we may be able help you refinance back to a bank.
Click on the home loan providers logo for more information
We eat and breathe bank lending policy, with our 24 years of banking and broking experience we can give you the advice you need to get you into the right home loan.
Depending on your home loan contract Bluestone Mortgages break fees may apply.
Call us on 0800 ADVOCO (0800 238 626) or email us.