Bluestone is a veteran specialty-credit non-bank lender in the Australasian market, with a NZ book focused on non-prime and self-employed borrowers needing residential or commercial property-secured business funding. Independent editorial coverage.
Indicative repayment
Weekly
$1,540/week
Indicative only. Not a quote or offer of credit. Actual rates, fees, and repayments depend on the business profile and the lender's decision.
Sending to Prospa
5 years at 12.00%. Prospa will ask a few quick questions, then provide a firm quote and funding if eligible.
Redirecting…
Indicative only. Why we say this
Quick answer
Lender overview
Bluestone was founded in 2000 and has operated continuously across the Australasian specialty-credit market. The New Zealand business is run through a Wellington-and-Auckland-supported broker channel, with a product set deliberately narrower than universal-bank competitors and focused on residential mortgages and commercial property-secured business lending. Funding comes largely from securitisation and warehouse facilities, in line with the wider NZ specialty-credit non-bank model.
The defining feature of Bluestone in the NZ market is the alt-doc and low-doc serviceability framework. Where the four major banks and Heartland Bank apply PAYE-style income tests, Bluestone underwrites self-employed NZ borrowers on accountant-certified income, recent business activity statements (BAS-equivalent NZ records), or self-declared income with supporting evidence, depending on the credit tier. This makes Bluestone a structurally different proposition from Avanti Finance (broader equity-led non-bank) and a closer comparator to Pepper Money (specialty-credit non-bank).
On the business side, the most common Bluestone NZ deal patterns are commercial property purchase or refinance for self-employed directors, residential-secured business loans where the director home supports a working-capital facility for a non-prime trading business, and refinance-out scenarios where a borrower is moving from a higher-priced second-tier lender as their credit profile rebuilds. Bluestone is registered on the Financial Service Providers Register and is a member of an external dispute resolution scheme as required for NZ financial service providers.
Established
2000
Specialty
Non-prime + self-employed
Channel
Broker-led
Type
NZ non-bank lender
Product range
Bluestone runs a deliberately narrow NZ product set focused on property-secured lending. The four entries below cover the bulk of NZ broker-submitted business volume.
Residential mortgage on alt-doc or low-doc serviceability, used by self-employed NZ directors where the loan funds a business purpose (working capital, expansion, debt restructure). Distinct from a pure consumer home loan because the use of funds is business.
Term loan secured against owner-occupier or investment commercial property. Common uses are refinance from a major bank that has declined on profile, owner-occupier purchase, and equity release to fund the trading business. LVR commonly capped tighter than bank equivalents on lower credit tiers.
Refinance of multiple existing facilities (often a mix of higher-priced second-tier debt, trade-supplier accounts, and director credit cards) into a single property-secured Bluestone facility. Common for NZ businesses 12-36 months into a credit-rebuild cycle.
A structural feature rather than a separate product: Bluestone underwrites self-employed serviceability on accountant declarations, BAS-equivalent NZ records, or self-declared income with supporting evidence by tier. Used where major-bank PAYE-style income tests do not represent the borrower's real position.
Indicative pricing
Bluestone does not publish a single advertised rate; pricing is set after credit assessment and reflects the credit tier and the security position. The bands below are observed indicative ranges in the NZ broker market, not guaranteed pricing.
| Product | Indicative rate band | Common term | Security |
|---|---|---|---|
| Self-employed home loan (Prime) | 7% to 10% p.a. | Up to 30 years | Residential property |
| Self-employed home loan (Near-prime) | 9% to 12% p.a. | Up to 30 years | Residential property |
| Commercial property loan | 9% to 13% p.a. | Up to 25 years | Commercial property |
| Specialty refinance and consolidation | 10% to 14% p.a. | Aligned to security | Residential or commercial |
| Specialist tier (heaviest credit profile) | 13% to 18% p.a. | Product-aligned | Residential or commercial |
Indicative bands only. Actual rate is set by Bluestone after credit and security assessment. Bands drawn from observed NZ broker-channel positioning, May 2026.
How it works
Bluestone NZ applications are predominantly broker-submitted. The process below describes the typical broker pathway for a property-secured business deal; vehicle or pure-equipment finance is not a Bluestone NZ specialty.
01
Day 1 to 4
A NZ accredited finance broker assembles the application brief covering borrower entity and NZBN, directors and shareholders, loan amount and use of funds, security on offer, accountant-certified income or BAS-equivalent records, and any prior credit events disclosed. Bluestone returns a credit-tier indication and a corresponding indicative rate.
Documents commonly required
02
Day 4 to 14
Bluestone runs the alt-doc serviceability test against the disclosed income evidence, the bureau record, and the security position. For commercial property, valuation is commissioned. The credit tier is locked at this stage and drives the offered rate; conditions precedent are also identified.
Documents commonly required
03
Day 10 to 21
On approval, a formal letter of offer issues with amount, indicative rate, fees, term, repayment, and any conditions precedent. Solicitor instruction follows. The offer commonly carries a defined acceptance window and any LMI-style or risk-fee disclosures.
04
Day 14 to 35 typical
Mortgage registration is completed at settlement. Funds draw to the borrower's solicitor for refinance or purchase scenarios, or as separately instructed for consolidation deals where multiple existing facilities are paid out at settlement.
Borrowers commonly engage a NZ finance broker for Bluestone applications because the lender is broker-distributed and the alt-doc serviceability assessment benefits from a broker who has placed previous deals into the credit tier in question. The accountant's engagement on income certification is also typically a meaningful timeline factor.
Worked scenarios
Anonymised scenarios illustrating where Bluestone tends to be the right shortlist pick for NZ broker-submitted property-secured business deals. In this scenario, on these assumptions only.
Professional services
A Christchurch chartered accountant operating through a one-person company, 7 years trading, profits run through the company rather than as PAYE salary. Major-bank decline on serviceability test because PAYE income lookup does not match the company-retained-earnings reality. Looking to purchase the existing leased Linwood office for $620,000.
Bluestone commercial property loan at indicative 10.5% across 25 years. Alt-doc serviceability accepted on accountant-certified income. Mortgage registered against the Linwood property; refinance-to-major-bank pathway opens once 24 months of clean repayment history is documented.
Indicative figures
Hospitality
A Wellington cafe operator, 4 years trading, recovering from a prior trading slowdown that left the business with a higher-priced second-tier business loan, two trade-supplier debt arrangements, and director credit-card balances. Director home in Lower Hutt has substantial equity. Looking to consolidate to a single facility at a better rate.
Bluestone specialty refinance at indicative 11% across 25 years interest-only on a Near-prime tier. Existing facilities paid out at settlement; cafe carries a single mortgage-secured Bluestone facility going forward, with a structured pathway to refinance to a major bank in 24 to 36 months.
Indicative figures
Compared to alternatives
Bluestone sits in the specialty-credit non-bank tier alongside Pepper Money. The matrix shows how it compares against a major-bank alternative and against Pepper, the closest direct comparator in the NZ market.
| Feature | Bluestone | Major bank (ANZ/ASB/BNZ/Westpac) | Pepper Money (specialty-credit peer) |
|---|---|---|---|
| Indicative rate (residential-secured) | 7% to 12% p.a. by tier | 7% to 9% p.a. | 8% to 14% p.a. |
| Serviceability method | Alt-doc and low-doc | PAYE-style full-doc | Full-doc with credit-tier overlay |
| Self-employed strength | Core specialty | Often a friction point | Strong, broker-distributed |
| Vehicle and equipment finance | Not a NZ specialty | Yes (asset finance arms) | Yes (broker and dealer) |
| Distribution | Broker-led | Branch and relationship manager | Broker and dealer |
| Funding model | Securitisation and warehouse | Bank deposits | Securitisation programme |
| Best segment | Self-employed property-secured | Established prime | Near-prime asset and residential |
Where it fits
Industry appetite
Bluestone underwrites by serviceability tier and security rather than by industry policy, but observable broker-channel patterns suggest the segments below produce the most consistent NZ deal flow. Categories drawn from public product positioning, not formal underwriting criteria.
Accountants, lawyers, consultants, and architects with company-retained-earnings income mix; commercial property purchase is the strongest NZ deal pattern.
Self-employed dentists, physios, and clinic owners purchasing the practice premises; commonly a refinance-from-bank declined scenario.
Owner-occupier purchase or residential-secured working capital for established retailers and cafe operators in the credit-rebuild stage of the cycle.
Self-employed builders and tradies needing residential-secured business funding; less common for pure vehicle finance, which is not a Bluestone NZ specialty.
Residential investment-property owners with multiple-property portfolios and self-employed serviceability that does not fit major-bank policy.
Selective; property-secured business funding for owner-driver and small-fleet operators where the director home or yard property is the security.
Editorial-only disclosure
Businessloans.org.nz is not affiliated with Bluestone, has no commercial relationship with Bluestone as at the last reviewed date, and earns no referral revenue from links to Bluestone's website. The lender shortlist for our calculator referral path is Prospa, disclosed at /partner/. All other lender pages including this one are independent editorial coverage. Indicative content only. Final rates, fees, and approval decisions are made by Bluestone after assessment, subject to the lender's credit assessment.
References
Primary product positioning and NZ market reference.
Verification of NZ FSPR registration, required under the Financial Service Providers Act 2008.
Confirms Bluestone is not a registered NZ bank under the Banking (Prudential Supervision) Act 1989.
Framework for sole-trader and personal-guarantor edge cases that pull non-bank business lending into CCCFA scope.
AML/CFT obligations applying to NZ non-bank lenders as reporting entities.
Reference for the income evidence patterns Bluestone alt-doc serviceability uses.
Public corporate registry for verifying NZ-registered Bluestone entities.
FAQ
No, Bluestone is not a registered NZ bank and is not supervised by the Reserve Bank of NZ under the Banking (Prudential Supervision) Act 1989. Bluestone is a specialty-credit non-bank lender, established in 2000, registered on the Financial Service Providers Register, and a member of an external dispute resolution scheme as required for NZ financial service providers under the Financial Service Providers Act 2008.
Bluestone's NZ business range is deliberately narrow and property-focused: self-employed home loans used for business purposes (residential mortgage on alt-doc serviceability), commercial property loans for owner-occupier purchase or refinance, and specialty refinance and consolidation that rolls multiple existing facilities into a single property-secured loan. Vehicle and equipment finance is not a Bluestone NZ specialty.
Bluestone is positioned around self-employed and non-prime NZ borrowers whose income runs through company structures rather than as PAYE salary, who often hold prior credit events that have been discharged, and who are commonly in a 12 to 36-month credit-rebuild cycle. Pricing is set by credit tier and the alt-doc serviceability framework rather than a single advertised rate.
Bluestone does not publish a single advertised rate. Indicative bands observed in the NZ broker channel run roughly 7% to 10% p.a. for Prime self-employed home loans, 9% to 12% p.a. for Near-prime self-employed home loans, 9% to 13% p.a. for commercial property loans, and 13% to 18% p.a. on the heaviest Specialist tiers. Actual rates are set after credit assessment and reflect the assigned tier.
Broker-submitted property-secured applications commonly run 2 to 5 weeks from initial submission to settlement, with the alt-doc serviceability assessment, accountant income certification, and property valuation as the main timeline factors. Refinance and consolidation deals tend to sit in the longer half of that range because multiple existing facilities are paid out at settlement.
Yes, alt-doc and low-doc serviceability is a core feature of the Bluestone NZ proposition. Self-employed serviceability can be evidenced through accountant declaration, the last 2 years of business tax records, BAS-equivalent NZ records, or self-declared income with supporting evidence depending on the credit tier. This is the primary structural difference from major-bank PAYE-style income tests.
Yes, this is the most common Bluestone NZ deal pattern. A self-employed director offers their own residential property as security for a loan whose use of funds is business: working capital, expansion, or refinance of multiple existing facilities. Where the borrowing is wholly or predominantly for personal use, the structure can attract Credit Contracts and Consumer Finance Act 2003 (CCCFA) obligations on Bluestone as the lender.
Interest on a Bluestone business loan used wholly for business purposes is generally deductible against business income for NZ tax purposes, subject to the accountant's confirmation on the specific business position. Where the loan is residential-secured and the use of funds mixes business and personal, IRD's tracing rules apply and the accountant's confirmation on apportionment is the right reference point.
Both lenders sit in the specialty-credit non-bank tier and compete for similar broker-submitted NZ deals. Bluestone leans toward self-employed property-secured lending and alt-doc serviceability; Pepper Money has a stronger NZ vehicle and asset finance presence alongside its property book and a more formal credit-tier matrix. For a NZ self-employed director needing a residential or commercial property loan, both are common shortlist names; for vehicle and equipment finance, Pepper is the more typical fit.
A NZ accredited finance broker is the typical access point because Bluestone distribution is broker-led and the alt-doc serviceability assessment benefits from a broker who has placed previous deals into the credit tier in question. A small direct application channel sits alongside, but the broker channel is the dominant route in the NZ market.
Bluestone is registered on the Financial Service Providers Register under the Financial Service Providers Act 2008 and is a member of an external dispute resolution scheme. AML/CFT obligations apply as a NZ reporting entity. Where consumer credit is provided (including any sole-trader or personal-guarantor edge case where the borrowing is wholly or predominantly for personal use), the Credit Contracts and Consumer Finance Act 2003 also applies.
On default, Bluestone's remedy depends on the security structure. On residential-secured loans, the lender can enforce the registered mortgage against the property. On commercial-secured loans, the same remedy applies against the commercial property. On any guaranteed exposure the lender pursues the director personal guarantee. Working with the lender early on a temporary cash-flow setback is widely the cleaner outcome for both sides.
Related
Avanti Finance
A broader-appetite NZ non-bank with stronger commercial property book; useful Bluestone comparator for borrowers weighing specialty-credit alt-doc vs equity-led commercial.
Read onHeartland Bank
A registered NZ bank alternative that prices below Bluestone on equivalent security where the borrower clears bank credit policy.
Read onCommercial property loan
The core Bluestone product family for owner-occupier and investment commercial property lending.
Read onBusiness loan for self-employed and sole traders
Wider context on how NZ self-employed borrowers price across the lender market, including alt-doc lenders.
Read onRefinancing a business loan
Bluestone is widely used as a refinance-from-second-tier specialist; this guide covers when refinancing makes sense.
Read onDisclaimer
A business loan is a commitment that runs for months or years, and repayments come out of the same operating cash flow as everything else. Before committing, it is worth modelling the weekly and monthly cost against the business's working-capital position, which is what this site is built to help with. Borrowing at a level that stays comfortable through a quiet quarter, not just a strong one, is widely regarded as the safer frame.
What this site is
A calculator and information tool. Not a lender, not a broker, not a registered financial adviser. Nothing here is personalised financial advice.
What the figures show
Modelled estimates based on the inputs you enter. Not a quote. Not an offer of credit. Not a guarantee of approval, rate, or fees.
What the lender decides
Final rates, fees, and approval are set by the lender after a CCCFA-appropriate assessment of the applicant's circumstances and credit decision.
Commercial disclosure
Businessloans.org.nz earns a commission from Prospa when a visitor applies through this site and their application is approved. The commission is paid by Prospa, not by the borrower, and it does not influence the rate Prospa offers. Full disclosure on the partner page.
Tax, GST, and accountant framing
Tax-treatment statements (GST claim timing, interest deductibility, depreciation rates) are general in nature and subject to your accountant's confirmation on the specific business position. For material amounts, professional advice from a registered financial adviser or chartered accountant is widely regarded as the safer frame.
