Yard are relatively new on the scene and proclaim being a 'home loan lender', not a bank. According to Yard, they offer a Home Loan that is a faster, smarter journey to financing your dream home and investment property. Read more about Yard home loan reviews:
Applying for a home loan can be one of the most daunting decisions you're tasked with making in life. Luckily, thanks to technology and innovations in open-banking, most home loans can get approved in just a few clicks these days. The whole process can be as easy and step by step as the letters of the alphabet. Thats where Yard Home Loans come in. Some questions that come up when applying for a home loan or refinancing are:
These questions are serious challenges for digital mortgage providers to overcome, where a face-to-face journey is not possible. Luckily YARD have specialists on hand to be able to call and chat through these.
Questions may pop up from a prospective buyer, especially if he is buying a house for the first time.
The property market is awash with big players in the lending industry in Australia. The Yard Financial remarkably earned the 2022 Mozo Experts Choice Home Loan Award in a short span of time.
Yard is a registered trademark of Yard Financial Pty Ltd, an Australian lending company established in 2017 that aims to revolutionise the lending industry by offering clients a user-friendly digital tool to simplify the home loan process. The product features vary, so all products are tailor-fit to suit client’s profile and requirements. It seeks to empower property ownership in the digital generation – no fuss, no hidden charges, and easy to understand.
Yard offers a simplified home loan. Interest rates are lower than lending institutions with brick-and-mortar branches due to its online structure. If you are salaried, self-employed, or non-resident, you can enjoy a variable rate of only 3.64% per annum. Aside from the low interest rate, the whole package is competitive at a comparison rate of only 3.66%. A narrow margin between these rates indicates minimal fees. The client is free to design the loan package. You may go for a 2 to 30 years term with a fixed, variable, or split rate type payable weekly, fortnightly, or monthly. It all boils down to ease, comfort, and savings.
The client is free to make unlimited additional payments anytime to shorten the loan term. It translates to a whooping savings from cost of money.
The 100% offset facility linked to home loan provides a practical solution to lower interest. Savings acquired from the offset account eventually lower the interest payment for the home loan. A regular savings account does little to help with interest payments. It earns a measly interest and tax deductible too.
The client may redraw – at no extra cost – from the portal anytime if there are extra repayments.
Yard offers a bridging loan to clients who need to buy properties before selling their old properties. It covers the time between acquiring a new property and selling the old one.
Since the purpose of the loan is to bridge the period between buying and selling the property, the client only pays the amount of interest for the period covered.
The offset account - a sub-account to home loan - lowers interest costs. It reduces the loan principal by the amount held in the optional account.
The client may make additional repayments other than the agreed terms to shorten the length of payment.
The client may purchase or refinance a residential property thru a Self Manage Super Fund (SMSF) loan. The variable interest rates on SMSF loans are the lowest in the market.
LVR refers to the ratio of loan to value upon approval. Yard Financial helps clients purchase a property with a 20% deposit with no mortgage insurance.
The idea is to pay off the loan faster than the agreed terms to save on interest.
Savings from an offset account linked to an SMSF loan may shorten repayment time and reduce the cost of interest.
Yard offers competitive loan packages at low interest rates. Approval of a loan application takes around 24 to 48 hours, the speed and ease of application allow clients to seize investment opportunities in the shortest possible time. There are available resources via a user-friendly digital portal accessible anytime. A team of highly trained loan specialists provide customer support 24/7.
It is prudent to browse home loan reviews of other lending institutions in Australia. Purchasing a residential property is a life-changing decision that deserves thorough study and understanding. Be wise and learn how to invest when you buy your Yard.
If Yard is not what you’re looking for, do the right thing by comparing your options. At Makes Cents, we make comparing easy and accessible. Try out our comparison tool today and learn the features of different home loan offerings in the market today.