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Pros and cons

  • Online application process
  • No application fee
  • Guarantor option available
  • No branch access
  • Annual fee on offset account
  • Discharge fee

Owner occupied products interest rates

TMD

Loan typePrincipal & Interest rateInterest Only
1 Year Yard Home Loan (Min Deposit 20%)
2.29% p.a.
2.64% p.a. Comparison rate
3.2% p.a.
2.72% p.a. Comparison rate
2 Year Yard Home Loan (Min Deposit 20%)
2.29% p.a.
2.61% p.a. Comparison rate
3.2% p.a.
2.77% p.a. Comparison rate
3 Year Yard Home Loan (Min Deposit 20%)
2.29% p.a.
2.59% p.a. Comparison rate
3.25% p.a.
2.82% p.a. Comparison rate
1 Year Yard Home Loan (Min Deposit 10%)
2.8% p.a.
2.78% p.a. Comparison rate
3.3% p.a.
2.82% p.a. Comparison rate
2 Year Yard Home Loan (Min Deposit 10%)
2.8% p.a.
2.78% p.a. Comparison rate
3.3% p.a.
2.87% p.a. Comparison rate
3 Year Yard Home Loan (Min Deposit 10%)
2.85% p.a.
2.8% p.a. Comparison rate
3.35% p.a.
2.92% p.a. Comparison rate
5 Year Yard Home Loan (Min Deposit 20%)
2.9% p.a.
2.77% p.a. Comparison rate
3.4% p.a.
2.97% p.a. Comparison rate
5 Year Yard Home Loan (Min Deposit 10%)
3% p.a.
2.87% p.a. Comparison rate
3.5% p.a.
3.07% p.a. Comparison rate
Yard Home Loan (Min Deposit 20%)
n/a
3.24% p.a.
3.27% p.a. Comparison rate
Yard Home Loan (Min Deposit 10%)
n/a
3.24% p.a.
3.27% p.a. Comparison rate
Yard Home Loan (Special) (Min Deposit 20%)
1.99% p.a.
2.02% p.a. Comparison rate
n/a
Yard Home Loan (Special) (Min Deposit 10%)
2.38% p.a.
2.41% p.a. Comparison rate
n/a

Investment purpose products interest rates

TMD

Loan typePrincipal & Interest rateInterest Only
Yard Investor Loan (Min Deposit 20%)
2.19% p.a.
2.22% p.a. Comparison rate
2.55% p.a.
2.58% p.a. Comparison rate
Yard Investor Loan (Min Deposit 10%)
2.55% p.a.
2.58% p.a. Comparison rate
2.99% p.a.
3.01% p.a. Comparison rate
1 Year Yard Investor Loan (Min Deposit 20%)
2.8% p.a.
3.01% p.a. Comparison rate
3.05% p.a.
3.03% p.a. Comparison rate
2 Year Yard Investor Loan (Min Deposit 20%)
2.8% p.a.
2.99% p.a. Comparison rate
3.05% p.a.
3.03% p.a. Comparison rate
3 Year Yard Investor Loan (Min Deposit 20%)
2.85% p.a.
2.99% p.a. Comparison rate
3.1% p.a.
3.05% p.a. Comparison rate
5 Year Yard Investor Loan (Min Deposit 20%)
3% p.a.
3.02% p.a. Comparison rate
3.25% p.a.
3.12% p.a. Comparison rate
2 Year Yard Investor Loan (Min Deposit 10%)
2.9% p.a.
3.09% p.a. Comparison rate
3.15% p.a.
3.13% p.a. Comparison rate
1 Year Yard Investor Loan (Min Deposit 10%)
2.9% p.a.
3.11% p.a. Comparison rate
3.15% p.a.
3.13% p.a. Comparison rate
3 Year Yard Investor Loan (Min Deposit 10%)
2.95% p.a.
3.09% p.a. Comparison rate
3.2% p.a.
3.15% p.a. Comparison rate
5 Year Yard Investor Loan (Min Deposit 10%)
3.1% p.a.
3.12% p.a. Comparison rate
3.35% p.a.
3.22% p.a. Comparison rate

Home loan repayment calculator

Thinking about taking out a home loan with Yard? Use our home loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how Yard home loans compare with other options.

I am an

With a repayment type

Borrow amount

$

Deposit amount %

Loan term

Your estimated mortgage repayments

at interest rate 1.99%

Total interest payable

$0

Total loan repayments

$0

How to Apply

You can apply for a Yard home loan at the Yard website, using your computer or smart device. 

When you apply, you'll need to provide an Australian driver’s licence, passport or Medicare card. You'll also need to take a selfie on your mobile phone to verify your identity. Yard will also need to know the address the property you're buying, or the postcode of the area where you're interested in buying.

Using Yard's online application form, you can securely share your financial details, so Yard can verify your identity, credit history and financials online.

You can then select the home loan features and benefits you're interested in, and work out the interest rate and repayment schedule before you submit your application.

About Yard home loans

Yard has home loans available for owner-occupiers and investors, whether they are buying or refinancing. Variable, fixed and split interest rates are available, and it’s possible to borrow with an LVR of up to 95%. Other features of Yard’s home loans include 100% offset accounts, the option to make extra repayments, and redraw facilities.

Borrowers selling one property and buying another may be able to get a bridging loan from Yard, while those building a brand new home can apply for a construction loan.

And if you have a self-managed super fund, you may be able to invest in property to benefit your fund through an SMSF loan from Yard.

Yard home loan rates

Interest rates on Yard home loans vary from very low to moderate. Yard’s interest-only loans tend to have higher interest rates than its principal and interest loans, and the maximum interest-only period is 5 years. 

The exact rate you’ll receive may also depend whether you’re an owner occupier or an investor, as well as your employment status and your credit history.

Split rate home loans are also available from Yard, where you’re charged interest at a variable rate on part of your mortgage, and at a fixed rate on the remainder.

Yard home loans review

Yard offers home loans for a wide range of different types of borrowers. As an online-only lender, Yard is able to offer lower mortgage interest rates than many large banks, and you can quickly apply for your home loan online, supported by the Yard team. However, operating online means you won’t have the option to visit a branch to discuss your loan in person.

Yard does not charge application fees when you apply for its home loans. However, it does charge valuation, legal, and settlement fees, plus an annual fee if you have an offset account.

Borrowers seeking to apply for a home loan with the help of a guarantor may be able to do so through Yard, which offers Family Pledge and Family Guarantee home loans. By guaranteeing up to 20% of the purchase price for a new property, the borrower can apply for a loan with a smaller deposit without having to pay for Lenders Mortgage Insurance (LMI).

Learn more about home loans

How do you compare home loans?

To compare home loans, you can assess the components of the loan against your own financial situation and other mortgages in the market.

Look at the interest rate, rate type (fixed or variable), loan fees, features, loan term, repayment frequency and more to find a home loan that fits with your budget and property goals.

Then, use comparison tools like comparison tables, calculators, or RateCity's Real Time RatingsTM to create a short list of home loan options, and decide which home loan best suits your needs.

How do you find cheap home loans?

With so many interest rate options and repayment types available, finding the cheapest home loan may depend on the type of loan you choose.

Whether you’re looking for an owner-occupier or investor loan, with interest-only or principal and interest repayments, on a fixed or variable interest rate, the cheapest home loan rate available may vary greatly.

One way to find the cheapest option for you is to narrow down your search and compare the options that best suit your individual requirements. RateCity’s home loan comparison tables can help you get started on your search and take the hassle out of shopping around.

How do I apply for a home improvement loan?

When you want to renovate your home, you may need to take out a loan to cover the costs. You could apply for a home improvement loan, which is a personal loan that you use to cover the costs of your home renovations. There is no difference between applying for this type of home improvement loan and applying for a standard personal loan. It would be best to check and compare the features, fees and details of the loan before applying. 

Besides taking out a home improvement loan, you could also:

  1. Use the equity in your house: Equity is the difference between your property’s value and the amount you still owe on your home loan. You may be able to access this equity by refinancing your home loan and then using it to finance your home improvement.  Speak with your lender or a mortgage broker about accessing your equity.
  2. Utilise the redraw facility of your home loan: Check whether the existing home loan has a redraw facility. A redraw facility allows you to access additional funds you’ve repaid into your home loan. Some lenders offer this on variable rate home loans but not on fixed. If this option is available to you, contact your lender to discuss how to access it.
  3. Apply for a construction loan: A construction loan is typically used when constructing a new property but can also be used as a home renovation loan. You may find that a construction loan is a suitable option as it enables you to draw funds as your renovation project progresses. You can compare construction home loans online or speak to a mortgage broker about taking out such a loan.
  4. Look into government grants: Check whether there are any government grants offered when you need the funds and whether you qualify. Initiatives like the HomeBuilder Grant were offered by the Federal Government for a limited period until April 2021. They could help fund your renovations either in full or just partially.  

What is a home loan?

A home loan is a finance product that allows a home buyer to borrow a large sum of money from a lender for the purchase of a residential property. The home is then put up as "security" or "collateral" on the loan, giving the lender the right to repossess the property in the case that the borrower fails to repay their loan.

Once you take out a home loan, you'll need to repay the amount borrowed, plus interest, in regular instalments over a predetermined period of time.

The interest you're charged on each mortgage repayment is based on your remaining loan amount, also known as your loan principal. The rate at which interest is charged on your home loan principal is expressed as a percentage.

Different home loan products charge different interest rates and fees, and offer a range of different features to suit a variety of buyers’ needs.

Do you compare mortgages using the comparison or advertised rate?

A lot of Australians compare home loans using the advertised interest rate, which indicates how much interest you’ll be charged on your mortgage repayments. The lower your rate, the cheaper your home loan should be.

However, interest charges aren’t the only cost associated with home loans. Most mortgage lenders also charge fees on their home loans. A mortgage with a low interest rate and high fees can sometimes cost more than a mortgage with a high interest rate and low fees.

A home loan’s comparison rate combines the cost of interest with the cost of standard fees and charges into a single percentage rate. Mortgage lenders are required to display a comparison rate alongside their advertised rate to better indicate the home loan’s overall cost.

Keep in mind that to ensure consistency, all comparison rates are calculated assuming a $150,000 principal and interest mortgage with a 25 year term. As your home loan may be different, the comparison rate may not accurately reflect exactly how much your home loan may cost. Also, the comparison rate doesn’t include every home loan fee and charge, so it’s still important to compare home loans and read the fine print before you apply.

What is a mortgage rate?

The interest rate on a home loan is sometimes called the mortgage rate. This percentage indicates how much interest the lender will charge you with each home loan repayment. Your interest rate is effectively the “cost” of “buying” the money you’re using to buy a property – the higher your mortgage rate, the more your home loan repayments may cost.

Using a home loan calculator, you can estimate how much your home loan repayments may cost, based on your mortgage rate, loan term, and loan amount. This may also be affected by whether you’re making principal and interest repayments or interest-only repayments, if you have a fixed rate or variable rate mortgage, and any fees and other charges that may apply.

Does the Home Loan Rate Promise apply to discounted interest rate offers, such as honeymoon rates?

No. Temporary discounts to home loan interest rates will expire after a limited time, so they aren’t valid for comparing home loans as part of the Home Loan Rate Promise.

However, if your home loan has been discounted from the lender’s standard rate on a permanent basis, you can check if we can find an even lower rate that could apply to you.

What are the different types of home loan interest rates?

A home loan interest rate is used to calculate how much you’ll pay the lender, usually annually, above the amount you borrow. It’s what the lenders charge you for them lending you money and will impact the total amount you’ll pay over the life of your home loan. 

Having understood what are home loan rates in general, here are the two types you usually have with a home loan:

Fixed rates

These interest rates remain constant for a specific period and are a good option if you’re a first-time buyer or if you’re looking for a fixed monthly repayment. One possible downside of a fixed rate is that it may be higher than a variable rate. Also, you don’t benefit from any lowering of interest rates in the market. On the flip side, if rates go up, your rate won’t change, possibly saving you money.

Variable rates

With variable interest rates, the lender can change them at any time. This change can be based on economic conditions or other reasons. Changes in interest rates could be beneficial if your monthly repayment decreases but can be a problem if it increases. Variable interest rates offer several other benefits often not available with fixed rate home loans like redraw and offset facilities and free extra repayments. 

Cash or mortgage – which is more suitable to buy an investment property?

Deciding whether to buy an investment property with cash or a mortgage is a matter or personal choice and will often depend on your financial situation. Using cash may seem logical if you have the money in reserve and it can allow you to later use the equity in your home. However, there may be other factors to think about, such as whether there are other debts to pay down and whether it will tie up all of your spare cash. Again, it’s a personal choice and may be worth seeking personal advice.

A mortgage is a popular option for people who don’t have enough cash in the bank to pay for an investment property. Sometimes when you take out a mortgage you can offset your loan interest against the rental income you may earn. The rental income can also help to pay down the loan.

Is the lowest home loan rate always the cheapest?

The home loan with the lowest interest rate may not always be the cheapest mortgage option for you. Sometimes a home loan with a low interest rate may charge high fees, which may cost more in total than a mortgage with a higher interest rate and no fees.

Consider checking the comparison rate, which combines interest and standard fees, to get a better idea of the overall cost of different home loan options.

When do mortgage payments start after settlement?

Generally speaking, your first mortgage payment falls due one month after the settlement date. However, this may vary based on your mortgage terms. You can check the exact date by contacting your lender.

Usually your settlement agent will meet the seller’s representatives to exchange documents at an agreed place and time. The balance purchase price is paid to the seller. The lender will register a mortgage against your title and give you the funds to purchase the new home.

Once the settlement process is complete, the lender allows you to draw down the loan. The loan amount is debited from your loan account. As soon as the settlement paperwork is sorted, you can collect the keys to your new home and work your way through the moving-in checklist.

Can first home buyers apply for an ING home loan?

First home buyers can apply for an ING home loan, but first, they need to select the most suitable home loan product and calculate the initial deposit on their home loan. 

First-time buyers can also use ING’s online tool to estimate the amount they can borrow. ING offers home loan applicants a free property report to look up property value estimates. 

First home loan applicants struggling to understand the terms used may consider looking up ING’s first home buyer guide. Once the home buyer is ready to apply for the loan, they can complete an online application or call ING at 1800 100 258 during regular business hours.

How do I apply for Westpac’s first home buyer loan?

If you’re a first home buyer looking to apply for a home loan with Westpac, they offer an online home loan application. They suggest the application can be completed in about 20 minutes. Based on the information you provide, Westpac will advise you the amount you can borrow and the costs associated with any possible home loan. 

You can use Westpac’s online mortgage calculators to estimate your borrowing power. You can also work out the time it might take to save up for the deposit, and the size of your home loan repayments

When applying for a home loan with Westpac, you’re assigned a home finance manager who can address your concerns and provide information. The manager will also offer guidance on any government grants you may be eligible for. 

Are fixed rates or variable rates cheaper?

Fixed and variable home loan interest rates are discretionary based on the lender’s decision. They will also be influenced by the Australian economy, as well as the Reserve Bank of Australia’s cash rate. The specific interest rate you may be offered will also depend on your credit history and financial situation.

Whether a fixed or variable rate home loan is the cheaper option for you will depend on all the above, and may still fluctuate over a 25-year home loan term. Therefore, it’s worth comparing your loan options with our comparison tables to see how the rates compare, based on your specific financial needs.

How do you determine which home loan rates/products I’m shown?

When you check your home loan rate, you’ll supply some basic information about your current loan, including the amount owing on your mortgage and your current interest rate.

We’ll compare this information to the home loan options in the RateCity database and show you which home loan products you may be eligible to apply for.