Bluestone conforms to broker bonus disclosure
Bluestone, a provider of more expensive non-conforming loans, confirmed that it pays bonus commissions to mortgage brokers who exceed volume-based targets. Bluestone discloses the potential for bonus payments in a customer charter sent to loan applicants. Bluestone adds 0.1 per cent for every $10 million of business referred each month. Brokers Australian Finance Group and Plan Australia are among the biggest recipients of Bluestone's bonus payments. Chief executive Alistair Jeffery said Bluestone saw the bonus commissions as a way of strengthening relationships with brokers and keeping a lid on administrative costs.