Bluestone's white-label loans take off with NZFSG

Brendon Smith

Select is a range of loan products backed by non-bank lender Bluestone which span the prime, near prime and specialist niches. It is designed to provide a suitable solution for most borrowers who fall outside bank lending criteria.

NZFSG chief executive Brendon Smith says in the first two months there have been $250 million in applications and the conversion rate has been high. When Select was launched it was aiming for a conversion rate of 75% of applications.

He says Select offers competitive rates and case-by-case credit assessments for self-employed borrowers, property investors and those struggling with a chequered credit history.

The product was not designed to compete with banks, however banks have been slow with turnaround times and were saying "no" more often than before.