Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. All products will list the LVR with the product and rate which are clearly published on the Product Provider’s web site. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of .

Yard is a digital lender that aims to simplify the home loan process by providing fully featured, competitively priced loans through a seamless online experience.

Founded in 2017 by Nathan Gooley and Toni Mladenova, Yard makes use of an innovative mortgage solution that completely frees the borrower from the burdens of a home loan application, making every step of the process digital and convenient.

What Yard offers borrowers

Yard offers home loans, bridging loans, and SMSF loans.

True to its promise of keeping everything simple, the lender built the Yard Home Loan as a fully-featured product that enables borrowers to personalise the features.

The Yard Home Loan is available for both owner-occupiers and investors who are salaried employees, self-employed, or non-residents.

Yard Home Loan’s Specifications

  • Interest type. The rate can be set as either variable or fixed (up to five years). Borrowers can split the loan up to five times.

  • Loan term. The contract can range from two to 30 years.

  • Repayment type. Borrowers can pay in principal and interest or interest-only terms.

  • Repayment frequency. Payments can be scheduled weekly, fortnightly, or monthly.

  • Loan-to-value ratio. LVR tiers have different mortgage rates across variable and fixed options.

  • Loan size. The minimum loan amount that can be applied for is $150,000 while the maximum is $5m.

Yard Home Loan Features

  • Low interest rates. Yard offers one of the lowest owner-occupier and investor rates in the industry.

  • Unlimited Repayments. Borrowers can pay extra every month on their variable home loans for free. With unlimited repayments, borrowers can pay off their loans faster and save on interest.

  • Unlimited Free Redraw. Borrowers can access their pool of extra repayments for free if they need extra cash.

  • Optional 100% Offset Account. Yard offers borrowers an optional offset account to borrowers who want to save and reduce the amount of interest they pay on their variable home loan.

  • Up to 95% LVR. Borrowers who do not have the typical 20% deposit requirement can still apply for the Yard Home Loan even with as low as 5% deposit. A Lenders Mortgage Insurance (LMI), however, is needed when borrowing over 80% LVR.

  • Personal service. Yard borrowers will be assigned personal consultants who can help them throughout the home loan process. Off-the-plan purchases may also be eligible for a Yard home loan.

Yard Home Loan Fees

There are several fees borrowers must take note of when applying for a home loan at Yard. These are:

  • Valuation Fees – applied at cost

  • Settlement Fee – $150

  • Legal Fee – applied at cost

  • Offset account fee (optional) - $120 per annum

For borrowers who are refinancing their Yard loan to another lender, they will be paying a discharge fee of $500 on top of the other legal fees needed.

Break costs also apply for Yard borrowers who want to switch their fixed rates to a variable one.

How to apply for a Yard home loan

While Yard is an online lender, the process on how to apply is flexible and goes according to the needs of the borrower.

Borrowers can either choose the “Apply Now” button to answer a questionnaire or the “Talk to an expert” option to book an appointment with a specialist.

Yard will contact the borrowers via email or phone to discuss their applications.

Eligibility requirements for a Yard home loan

To be eligible for a loan at Yard, borrowers should:

  • Be at least 18 years old

  • Be an Australian permanent resident

  • Not have any previous defaults greater than $1,500

What borrowers need to apply

Essentially, borrowers need three things to start their home loan application with Yard:

  • Address of the target property or the area where the borrower is searching in

  • Selfie to validate the identity of the borrower

  • Identity documents such as an Australian driver’s licence, passport or Medicare card

Borrowers will also need to provide documents related to their employment, income, expenses, and other loan commitments via a separate portal.

After the assessment, borrowers and their personal consultants can commence discussing, designing, and customising the loan.

Frequently Asked Questions

What types of properties does Yard accept?

You can apply for a loan if your planned transaction falls under the following:

  • Houses, apartments, and townhouses

  • Rural residential and hobby farms

  • Off-the-plan purchases

Can self-employed applicants apply for a home loan?

Yard provides home loans to borrowers who are employed (PAYG) and self-employed.

For self-employed applicants, Yard requires a minimum of two years ABN trading/registration and either of the two:

  • Last two years tax returns and tax assessment notices

  • Minimum one-year tax returns, supported with BAS statements from the last 12 months

For professionals who have recently become self-employed can apply even if they have traded under an ABN for only six months.

Does Yard provide guarantor home loans?

Yes, Yard provides ‘Family Guarantee’ or ‘Family Pledge’ home loans. These loans allow someone else in your immediate family to guarantee a portion of your loan.

Your chosen guarantor puts up a property they own as a security against your home loan, allowing you to borrow up to 110% of the purchase price of a property.

The guarantor home loan covers the entire purchase price plus other upfront purchase costs like stamp duty and conveyancing.

With a guarantor home loan, you will be able to avoid paying the LMI.

 

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