Yard changing the home loan game

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on December 16, 2021 Fact Checked
Yard changing the home loan game

Yard focuses on making the home loan experience better, utilising innovate mortgage solutions that are “simple, transparent, and fairly priced.”

Founded by Toni Mladenova and Nathan Gooley in 2017, Yard leapt onto the home loan scene to change the “inefficient” home loan application processes that can “feel ancient and seem to take an eternity.”

“Most home loans are confusing. The long list of hidden fees and charges makes meaningful comparison tough,” Ms Mladenova told Savings.com.au.

“At Yard, we have changed this. We’re obsessed with designing innovative mortgage solutions that are simple, transparent, and fairly priced. We make the home loan experience better for people.”

In an interview with Savings.com.au in July 2021, Ms Mladenova shared how Yard got its name.

“When we thought about Yard, the whole idea was it's really inspirational that we're going to help you actually buy a yard, your own backyard, and that's where the name came from,” she told Savings.com.au.

“It’s also pretty tough getting to the point where you’ve got enough cash saved up to buy property, so it also refers to the hard yards people put in when going through the property buying journey.”

The “simple, online home loan” lender says it uses the latest tech to provide “exceptional, locally-based” customer service to Australians everywhere.

Big bank products without the big bank price tag

“At Yard, we are big on both simplicity and transparency,” Ms Mladenova says.

To hone in on this focus, Yard offers four products to meet people’s needs: home loans with variable and fixed interest rates; construction loans; bridging loans; and SMSF loans.

“We want to provide people with all the features that a big bank might provide - we just want to combine this with extremely competitive interest rates and low fees,” Ms Mladenova said.

Some of these notable features include:

  • Unlimited free redraw

  • Unlimited additional repayments

  • Optional 100% offset facility

  • Up to 95% LVR

  • Up to 5 splits

  • No application fees

  • Fast approval times

“We separate ourselves through the breadth and speed of our proposition,” Ms Mladenova told Savings.com.au in July 2021.

“For example, we can help borrowers with renovations or to purchase a property before they’ve sold their current property through bridging finance. And we can typically approve applications in 24 to 48 hours.”

Here’s a snapshot of Yard’s home loans for owner occupiers:

See how Yard’s home loans compare with some of the most competitive home loans on the market for owner occupiers:

Lender
Advertised rate Comparison rate* Monthly repayment Rate TypeOffsetRedrawOngoing FeeUpfront FeesLVRLump Sum RepaymentAdditional RepaymentsPre-approval

VariableMore details
LIMITED TIME OFFER

Smart Booster Home Loan Discounted Variable - 2yr (LVR < 80%)

  • Fast turnaround times, can meet 30-day settlement
  • For purchase and refinance, min 20% deposit
  • No ongoing or monthly fees, add offset for 0.10%
LIMITED TIME OFFER

Smart Booster Home Loan Discounted Variable - 2yr (LVR < 80%)

  • Fast turnaround times, can meet 30-day settlement
  • For purchase and refinance, min 20% deposit
  • No ongoing or monthly fees, add offset for 0.10%
VariableMore details
100% FULL OFFSET ACCOUNTNO APPLICATION FEE OR ONGOING FEES

Low Rate Home Loan - Prime (Principal and Interest) (Owner Occupied) (LVR < 60%)

  • No upfront or ongoing fees
  • 100% full offset account
  • Extra repayments + redraw services
100% FULL OFFSET ACCOUNTNO APPLICATION FEE OR ONGOING FEES

Low Rate Home Loan - Prime (Principal and Interest) (Owner Occupied) (LVR < 60%)

  • No upfront or ongoing fees
  • 100% full offset account
  • Extra repayments + redraw services
FixedMore details
USE A MARKET LEADING APP TO HELP YOU PAY OFF YOUR LOAN SOONER

Fixed Home Loan 1 year (Principal and Interest) (LVR < 80%)

  • Make up to $20,000 additional repayments per fixed term
  • Redraw available – lets you access any extra loan repayments you’ve made
  • Choose to rate lock for 90 days (fee applies)
USE A MARKET LEADING APP TO HELP YOU PAY OFF YOUR LOAN SOONER

Fixed Home Loan 1 year (Principal and Interest) (LVR < 80%)

  • Make up to $20,000 additional repayments per fixed term
  • Redraw available – lets you access any extra loan repayments you’ve made
  • Choose to rate lock for 90 days (fee applies)
VariableMore details
REFINANCE IN MINUTES, NOT WEEKS

Nano Home Loans Variable Owner Occupied, Principal and Interest (Refinance Only)

  • No application or ongoing fees.
  • 100% free offset sub account.
  • Fast online application, approval in minutes not weeks.
  • Mobile app, Visa debit card, Apple and Google Pay
  • Refinance loans and variable rates only.
REFINANCE IN MINUTES, NOT WEEKS

Nano Home Loans Variable Owner Occupied, Principal and Interest (Refinance Only)

  • No application or ongoing fees.
  • 100% free offset sub account.
  • Fast online application, approval in minutes not weeks.
  • Mobile app, Visa debit card, Apple and Google Pay
  • Refinance loans and variable rates only.
VariableMore details
ZERO APPLICATION FEES

Owner Occupier Accelerates - Celebrate (LVR < 60%) (Principal and Interest)

  • We lower your rate based off how much you’ve paid down your loan
  • Automatic rate match
  • No upfront or ongoing fees
ZERO APPLICATION FEES

Owner Occupier Accelerates - Celebrate (LVR < 60%) (Principal and Interest)

  • We lower your rate based off how much you’ve paid down your loan
  • Automatic rate match
  • No upfront or ongoing fees

Rates correct as of January 17, 2022. View disclaimer.

Australian team to help you achieve the Australian dream

Yard says it boasts a “highly skilled” team based in Australia, and are available at a time that suits your schedule to 'make the process easy.'

“Yard is a full-service mortgage lender. Our sole focus is on providing home loans and we are specialists,” Ms Mladenova said.

“Every Australian’s property investing journey is unique. Property preferences vary, your investment strategy is your own and your financial circumstances are unique to you.

“We are committed to getting to understand what you really need and want today, and then how we can help you build wealth into the future.

Ms Mladenova said Yard recognises that Australians can have “unique personal and financial circumstances”.

“Whether you’re a salaried employee, self-employed, located overseas, are looking for a loan through a trust or company, or buying in a regional area; Yard tries to meet a wide range of circumstances and your loan consultant can look to see if Yard can help you,” she said.

Yard is a lender, not a bank

Yard has one main focus - *spoiler* it’s home loans - staying committed to getting to understand “what you really need and want today, and then how we can help you build wealth into the future.”

“Our mission is to help Australians build wealth, and we do this by offering low rates and fees, fully-featured loans, tailored service and a digital home loan experience,” Ms Mladenova told Savings.com.au.

“We can help people with a wide range of individual financial circumstances who are looking for loans for residential homes across Australia.”

Being an online lender - meaning no old-school brick and mortar branches - Ms Mladenova told Savings.com.au that this allowed Yard to create a “fundamentally different cost structure”.

“We offer a very simple proposition. What we try to do is really simplify our loans, and we would like to think that brings transparency into the proposition, and makes our products very easy to compare with other products in the market,” she told Savings.com.au in July 2021.

“You’re also likely to get a better deal when going with an online lender, as most of the competitive rates on the market currently come from an online lender.”

How to apply for a Yard home loan

To apply for a home loan with Yard, you’ll need to meet its home loan eligibility criteria, including:

  • Being at least 18 years old

  • Being an Australian citizen or permanent resident

  • Having a good credit history

  • Receiving a salary from an employer, or you are self-employed with at least two years of ABN registration; self-employed professionals (doctors, lawyers, IT professionals) may be considered if they have held an ABN for six months

  • Having no previous defaults greater than $1,500

  • Maximum LVR is 95% with lenders mortgage insurance (LMI)

  • Minimum loan size is $150,000 and the maximum is $5 million

From there, the application process is totally digital, starting with an online form submission, and a subsequent chat with one of Yard's Lending Specialists. 


Image by David (Saw Dawg) Guarino on Unsplash

Disclaimers

The entire market was not considered in selecting the above products. Rather, a cut-down portion of the market has been considered. Some providers' products may not be available in all states. To be considered, the product and rate must be clearly published on the product provider's web site. Savings.com.au, yourmortgage.com.au, yourinvestmentpropertymag.com.au, and Performance Drive are part of the Savings Media group. In the interests of full disclosure, the Savings Media Group are associated with the Firstmac Group. To read about how Savings Media Group manages potential conflicts of interest, along with how we get paid, please visit the web site links at the bottom of this page.

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Rachel is a Finance Journalist, and joined Savings in 2021. Coming from a background in the FinTech space, her interests include the innovation of lending technology, property, investing, and more. With a passion for educating and informing people about their finances, she hopes to increase the financial literacy of everyday Australians.

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