The deals you’re missing are changing shape
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AUSTRALIA'S LENDING landscape is shifting, and it’s being shaped by forces that are becoming impossible to ignore. Higher interest rates, tighter affordability, rising living costs and an ongoing shortage of housing supply are all placing pressure on borrowers. At the same time, regulatory settings and credit policy have become more structured.
The result is a simple but powerful shift: more borrowers no longer fit neatly into traditional lending criteria. What used to sit on the fringes of lending has moved into the centre as edge cases become everyday cases. From edge case to high opportunity
Specialist lending used to be the last resort when everything else had been exhausted, but that mindset is shifting. Today, brokers are seeing first-hand that the issue isn't borrower quality but lender fit. These clients are not risky or unserviceable borrowers. They’re real people who can repay their loans, but the way they earn money, manage their finances or navigate life doesn't always align with conventional assessment methods.
Bluestone Home Loans is an Australian non-bank mortgage lender that helps brokers support clients who don't always fit the traditional lending mould. For more than 25 years, we have worked alongside brokers to assess each application based on its merits, not just a checklist.
We believe life is rarely simple, and home loans should be flexible enough to reflect that. It’s a Bluestone thing.
Tony MacRae, chief commercial officer, Bluestone
As a result, specialist lending is no longer a workaround for brokers; it’s becoming part of the normal pathway to move deals forward – not just rescue them at the last minute. The borrower profiles driving this shift are broad and growing, but often include:
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“Specialist lending gives people a fair chance when their situation doesn’t fit a rigid rulebook. Alternative income verification can make a real difference for business owners”
Borrower complexity is no longer the exception. As more clients fall outside standard policy, specialist lending is becoming a core strategy for brokers looking to place more deals and grow sustainably
Published 29 Jun 2026
This isn’t about a single borrower type; it’s about a fundamentally changing borrower landscape as the market moves from ‘credit challenged’ to financially complex.
The brokers leaning into that complexity are unlocking opportunities that others miss. This is where the role of a specialist lender becomes critical.
Building loyalty through complexity
Handled well, specialist lending can also become a strategic stepping stone to strengthen a client’s credit profile, stabilise their finances and eventually transition them back to prime lending as their circumstances evolve. The key is knowing how and when to pivot.
Non-prime or specialist lending solutions are most appropriate when a client’s current conduct is strong, and they have an explainable history and clear servicing. When these elements are in place, specialist lending becomes a highly effective tool for progression. Bluestone supports this through a range of solutions, including Near Prime, Specialist and Specialist+, designed to meet borrowers where they are, not where policy expects them to be.
Whether it’s supporting a self‑employed client, navigating a post-ATO debt scenario or helping a borrower consolidate and reset, the focus remains the same: to create a structure that works now, while opening the door to future opportunity.
Clients remember the brokers who helped them find a way forward when it wasn't straightforward, creating relationships that last longer and generate more value over time. Specialist lending plays an important role in that journey by allowing brokers to deliver outcomes in moments that matter.
Download Bluestone’s Specialist Lending Opportunity Report to explore the trends reshaping today’s borrower landscape and help you approach complex deals with confidence.
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“A broker approached Bluestone with a time-sensitive opportunity: a high-income client [whose] non-PAYG income made securing finance challenging. By workshopping the scenario directly with our team, the broker was able to structure a solution”
self‑employed clients whose income doesn’t follow a traditional pattern
PAYG borrowers with minor credit blips linked to cost of living pressures
high-income professionals whose structures fall outside automated models
clients looking to consolidate debt and bring clarity to their finances
Tony MacRae, chief commercial officer, Bluestone
Opening doors where others see barriers
Brokers need partners who can assess the full picture rather than just the surface-level data – lenders who can understand the story behind a credit history, recognise strong cash flow beyond standard documentation and apply common sense alongside credit discipline. That’s where Bluestone has built its reputation.
With more than 25 years of experience supporting brokers, Bluestone exists to work in the space where real-world scenarios are met with structured lending solutions. It offers a consistent and reliable credit approach that brokers can trust, flexible assessments that look beyond rigid policy, as well as speed and certainty in decision-making. Beyond that, Bluestone has a genuine partnership mindset, working with brokers not just to process deals but to humanise lending.
Source: Bluestone
Self-employed rising but hardest to finance
The self-employed market is growing – 1.1 million representing 7.6% of all employed Australians* – yet these borrowers top the list of hardest deals to place
self-employed
*Australian Bureau of Statistics report on ‘Working arrangements’, dated August 2025
Source: Bluestone Broker Insights Survey 2026
The self-employed market is growing – 1.1 million representing 7.6% of all employed Australians* – yet these borrowers top the list of hardest deals to place
In the past 12 months:
of brokers turned away at least one client due to credit policy
75%
of brokers turned away three or more
34%
“A broker approached Bluestone with a time-sensitive opportunity: a high-income client needing to refinance and purchase quickly due to personal circumstances,” says Tony MacRae, chief commercial officer at Bluestone. “Their non-PAYG income made securing finance through mainstream lenders challenging.”
“By workshopping the scenario directly with our team, the broker was able to structure a solution that fit the client’s situation and move swiftly to settlement. Since then, they’ve continued to partner with us, a reflection of the confidence built through responsive support, practical problem-solving and a strong broker-first approach.” Stories like this are becoming increasingly common, and they highlight exactly where specialist lending creates opportunity for brokers.