Having taken home gold in MPA's Brokers on Non-banks survey, Bluestone has been crowned the Rate Money Non-Bank of the Year at the 2025 Australian Mortgage Awards. Chief commercial officer Tony MacRae discusses another year of major achievements
Bluestone by the numbers
- Team size: 140
- Assets under management: >$7.2 billion
- Years in operation: 25
- Annual originations: Approx. $5 billion
- Popular products: Alt doc, near prime, specialist and SMSF
Anyone can fluke a one-off win, but when you take home gold in MPA’s Brokers on Non-banks survey for two years running, there is clearly more than luck at play.
In winning the gong, Bluestone was praised by brokers for its turnaround times, online platform, BDM support, commission structure and credit policy, among other features. In fact, the lender scooped up nine of 10 golds, while taking home silver for brand recognition.
On a pure numbers basis, Bluestone’s victory makes perfect sense. For the second year in a row, it has more or less doubled its origination volumes.
The wins didn’t end there for Bluestone. On Friday, 17 October, it took home the Rate Money Non-Bank of the Year at the 2025 Australian Mortgage Awards.
Bluestone chief commercial officer Tony MacRae called the win “a fabulous thrill and a great recognition of the whole team… The AMA’s have always been regarded as the Logies of the mortgage industry, so to pick up one of these is a great thrill".
The past 12 months have been particularly strong for Bluestone, as reflected in the swathe of new recruits coming into the company, at a time when some of Australia’s biggest and most profitable lenders are cutting head counts by the thousands.
Bluestone’s team of business development managers was particularly supercharged in recent times in order to better service its vast broker network.
“Bluestone has seen significant growth over the past 12 months, and we’re incredibly grateful to the broker community for their continued support,” MacRae told MPA. “Our success is built on strong relationships and exceptional service, not just competitive pricing. We focus on finding solutions for brokers and their customers, being available when needed and delivering timely, common-sense decisions.”
Bluestone saw a fresh lick of paint in a quite literal sense this year when, to celebrate 25 times around the sun, the group overhauled its branding to reflect what MacRae dubbed “a bold way forward”.
“The brand refresh is all about reflecting on the past and showing that we’ve been around for a long time … We’re not just the new kids on the block,” he said at the time of the rebrand.
It was also “a nod to the future”, MacRae added, as well as “showing the strength of the brand and of Bluestone and that we’re absolutely committed to continuing to provide solutions and choice to brokers and borrowers”.
Embracing challenges
Speaking to MacRae, it’s clear that broker experience has been front and centre of this growth agenda, whether that’s about maintaining market-leading turnaround times of three days or less in most cases; hosting sold-out webinars, roadshows and broker events; or growing Bluestone’s BDM team.
The end goal, explained MacRae, is to deliver the best relationships and service in the industry, while “ensuring that we provide insights and information to show brokers new ways to provide solutions for customers they may have thought they weren’t able to help, and indeed help them grow their businesses”.
“Bluestone has seen significant growth over the past 12 months, and we’re incredibly grateful to the broker community for their continued support"
A key part of Bluestone’s competitive advantage, MacRae said, is maintaining a curious attitude and asking the right questions – whether it’s through BDMs working with brokers, credit teams assessing deals, or Bluestone’s specialist sales team hosting workshops, webinars, roadshows or simple coffee clusters.
“Helping brokers find solutions and grow their business is a real passion amongst the team,” MacRae said.
Of course, building up a business to become one of the biggest non-bank lenders in the country was never going to happen without encountering a few hurdles along the way – especially when “the market continues to throw up challenges every day”.
MacRae cited an influx of new competitors into the alternative lending scene, aggressive pricing of mortgage products, and the disruptive nature of new technologies such as AI as just a few of these challenges.
Nonetheless, “we have embraced these challenges head-on but have never forgotten that at the end of the day we are a relationship and service business,” he said. “As with brokers advice and support is a key differentiator, it is with Bluestone and continuing to ensure this is at the forefront of how we deliver initiatives and ensure we remain relevant to brokers and their customers.”
When it comes to plans for the year ahead, it’s all about making the process of working with Bluestone more streamlined and hopefully faster.
“Continuing to simplify our processes and digitalise our platforms will be a key priority,” MacRae said. “Giving brokers confidence that they can get a quick, common-sense decision with consistent application will be key to continuing to win in the future.”
As for specifics, MacRae teased an exciting year for Bluestone with the launch of a number of new products.
“We’ve recently launched expat loans and are currently testing an additional two new products with a small number of brokers with a view to launching by the end of the year,” he said, adding that “Bluestone aims to be the preferred partner for brokers for all their customers’ mortgage needs.”
Technology will also play a part in helping the company retain the competitive advantage that has led to brokers crowning Bluestone as Australia’s best non-bank for two years running.
“Bluestone will continue to evolve by adopting leading-edge technology – including AI – where appropriate whilst also ensuring we remain faithful to educating brokers and finding solutions that help brokers grow their businesses,” said MacRae.
“We will look to further partner with aggregators to ensure that together we are able to provide seamless solutions for brokers and their customers and market-leading education and events.”
On a personal note
For the past 12 years, MacRae has sat on the board of directors of the Royal Flying Doctors Service [RFDS] (South Eastern section). Over this period, he has served as treasurer and then chair of the Finance, Audit and Risk Committee and member of the Board Aviation Committee.
In his role, MacRae has provided oversight, strategy direction and governance of an organisation with a turnover of approximately $90 million that provides aeromedical services to the communities of regional, rural and remote NSW.
“It has been my absolute privilege,” said MacRae of his time with the service, which has just come to an end.
“Involvement with the Royal Flying Doctor Service has been a wonderful distraction. If ever I think I’m having a bad day, I am reminded of the stories from the RFDS of people doing it much harder, and I realise I don’t really have bad days.
“It has been a great honour to serve the board and organisation and the wonderful team that makes a difference every day.”
MacRae clearly has a deep passion for the RFDS. Without it, “many of our regional and rural communities would simply not exist”, he said. He explained how it has evolved from its historical provision of retrieval services and aerial patient transport to providing mental health services, alcohol and other drugs services, permanent GP clinics, wellbeing centres and dental services, among many others.
These are “all essential services for any community but ones that wouldn’t exist in many parts without the Royal Flying Doctor Service”, said MacRae.
“The motto of the Royal Flying Doctor Service is ‘The furthest corner, the finest care’, and this really sums up what this wonderful organisation does. I am proud to have played a very small role.”
