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Offering some of the highest mortgage interest rates on the market, Yard has grown steadily since its inception in 2017.

Founded by management consulting expert Toni Mladenova and financial expert Nathan Gooley, the online lender was formed because the couple recognized that there aren’t many lenders offering an efficient digital home loan process. .

“We believed there was a huge opportunity in this industry to not only reinvent the customer journey, but also to deliver a very competitive interest rate and low cost offering to the market,” said Mr. Gooley. at Savings.com.au.

The emergence of fintechs and neobanks brought with it many new, wild and wacky names, often lacking vowels for dramatic effect.

Yard took a simpler approach.

“Buying a property is such an important aspiration for Australians historically and it continues to be a major life and financial goal, even for the younger generations,” Ms Mladenova told Savings.com.au.

“When we thought of Yard, the general idea was that it’s really inspiring that we’re going to help you buy a yard, your own backyard, and that’s where the name comes from.

“It’s also quite difficult to get to the point where you have enough money saved to buy a property, so that also refers to the tough jobs people put in on the property buying journey.”


Why borrow with Yard?

Yard offers some of the most competitive mortgage interest rates on the market, with variable and fixed options available, as well as bridging loans, construction loans and SMSF loans.

It offers 100% offset accounts with an annual fee of $ 120, unlimited free drawing facilities, and unlimited additional repayments for variable loans.

It does not charge any application fees and offers loans ranging from $ 150,000 to $ 5 million.

Ms. Mladenova said that Yard differentiates itself from other lenders in three main points.

“Our first point of difference is that we are looking to offer a very competitive rate to homeowners and investors,” she said.

“Second, we separate ourselves by the scale and speed of our proposal. For example, we can help borrowers complete renovations or buy a property before they sell their current property with bridging financing. And we can usually approve requests within 24-48 hours.

“Finally, we’ve tried to provide a frictionless digital experience, but at the same time, we recognize that getting a home loan is the biggest financial decision a person can make in their life. So we have a model where we provide a dedicated service from the start. the customer’s request until payment.


How does Yard offer competitive rates?

At the time of writing, Yard offers a variable rate home loan starting with one, and comparison rates slightly above the advertised rate, indicating a product with low fees.

As an online lender, Yard does not have physical branches, which Mladenova says has allowed them to have a fundamentally different cost structure. But she noted that Yard’s low rates were more than a gimmick.

“It comes down to the values ​​of the organization, where we are very committed to passing the savings made by the company on to the customers. “

“We have a very simple proposition. What we’re trying to do is really simplify our loans, and we would like to think that that brings transparency to the proposal and makes our products very easy to compare with other products on the market.

For borrowers reluctant to not be able to physically go somewhere to discuss their mortgage with someone, Ms Mladenova urged them to consider the benefits of an online lender.

“Obviously, the first thing that comes to mind is convenience. You don’t have to leave the house or walk to come in and apply for a mortgage or apply – you can do it 24/7, sitting on your couch at home, ”he said. she declared.

“You’re also likely to get a better deal by going with an online lender, as most of the competitive rates in the market right now are from an online lender. “

Online lenders like Athena, UBank, Loans.com.au, Tic: Toc and now Yard, offer some of the highest rates in the market since the Reserve Bank took Australia’s cash rate to its lowest. 0.10% level in November 2020.

Many big lenders like the Big Four have since raised rates in recent months, due to various wholesale funding factors, although the central bank maintains its 2024 forecast of the increase in the cash rate.


Expansion on the horizon

Not content with its successful foray into the jungle of the mortgage market, Ms Mladenova said Yard wanted to run the “nine meters” and expand into auto and personal loans.

“Our aspiration and ambition is to become a full-service credit provider, which is obviously demonstrated by the extent of the current credit policy we have with respect to home loans,” she said.

“So expanding our proposal is absolutely on our short to medium roadmap. “

If you are looking for greener pastures and want to buy a house with the help of Yard, you can apply through their website.

Check out some of Yard’s home loan products in the table below.


Photo by Martin Knize on Unsplash

The entire market was not taken into account in the selection of the above products. Instead, a smaller portion of the market has been envisioned, which includes the retail products of at least the Big Four Banks, the Top 10 Client-Owned Institutions, and Australia’s largest non-banks:

Products from some vendors may not be available in all states. To be taken into account, the product and the price must be clearly published on the website of the supplier of the product.

In the interest of full disclosure, Savings.com.au, Performance Drive, and Loans.com.au are part of the Firstmac group of companies. To learn more about how Savings.com.au handles potential conflicts of interest, as well as how we are paid, please click on the links on the website.

*Comparison rate is based on a loan of $ 150,000 over 25 years. Please note that the comparison rate only applies to the examples given. Different loan amounts and terms will result in different comparison rates. Costs such as draw charges and cost savings such as fee waivers are not included in the comparison rate but can influence the cost of the loan.