Bluestone throws its NZ chips in
Australian non-bank lender Bluestone has for the second time pulled out of the New Zealand market.
Friday, August 23rd 2024, 6:17PM
Its prospects of returning again have to be close to zero.
In an email to advisers business development manager Mike Kinley says “Bluestone Home Loans has made the decision to exit the New Zealand market.”
Its key distribution platform in New Zealand was its white label Select Home Loans offered exclusively through NZ Financial Services Group.
TMMOnline understands Select has written very low volumes in the past year as high interest rates have hindered non-banks ability to compete with banks.
Select has never disclosed volumes although repeatedly asked for them by TMM.
Kinley says “Select Home Loans will cease accepting new loan applications from Friday 30 August 2024. Any applications submitted and not settled, will expire from Friday 25 October 2024.”
“Existing customers will continue to receive the same service and support from our customer teams and will be appropriately advised of any updates in the future.”
The closure comes on the back of Resimac’s decision to close up for new New Zealand business recently.
The Bluestone decision is odd as recently it took on a new hire in New Zealand.
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