Non-Bank Home Loans

A non-bank home loan is a mortgage provided by lenders, like Yard, that do not offer traditional banking services. Instead, non-bank lenders focus solely on lending, often providing more competitive rates and flexible terms compared to traditional banks. We cater to a diverse range of borrowers, including those who may not fit conventional lending criteria, such as self-employed individuals.

A non-bank mortgage may be ideal for borrowers who face challenges with traditional lending options. This includes self-employed individuals, those with irregular income, or first-time buyers who may not meet strict bank criteria. Non-bank lenders, like Yard, offer flexible lending solutions and can accommodate a wider range of financial situations.

Non-bank lenders, like Yard, are safe to use as they are regulated under the same credit and privacy laws as banks, including the National Consumer Credit Protection Act in Australia. This ensures they meet strict standards of lending and responsible financial practices. Non-bank lenders must also meet industry codes of conduct, providing borrowers with legal protections similar to those offered by banks​.

Non-bank mortgages, like those offered by Yard, provide a number of advantages over traditional bank loans. Non-bank lenders typically have flexible lending criteria, with competitive interest rates and fees on their loans. Their singular focus on lending also allows them to provide more personalised service with mortgages targeted at borrowers who may not fit the strict criteria of traditional lenders like banks. And unlike banks, online lenders are also more flexible when assessing eligibility - reviewing each individual application to factor everyone's unique circumstances, rather than using credit scoring and automated decisioning. Overall, non-bank lenders are smaller and nimbler - so can provide faster assessment and dedicated loan consultant support from first enquiry to settlement.

Banks offer home loans alongside other financial products and services like savings accounts, credit cards and insurance. Non-bank lenders, such as Yard, focus solely on lending and cannot accept deposits from customers. This focus allows them to offer competitive loan rates and flexible terms on their product range, while providing a healthy source of competition for the traditional banking sector. Non-bank lenders are also able to provide a drastically simplified and transparent mortgage experience, including a streamlined application process. There are over 600 non-bank lenders across Australia, offering various financial services, including mortgages, personal loans, credit cards, buy-now-pay-later options, motor vehicle financing, and equipment leasing. 

As a non-bank home lender, Yard offers Low Doc Home Loans. Low Doc or Alternate Doc Loans (Alt Doc) is a way to describe home loans for people with income and assets, but without the regular ways to prove this. At Yard, we understand that not everyone who is looking for a home loan will have traditional proof of their ability to afford to repay the loan and may have different financial structures. Our Loan Consultants are able to take your unique circumstances into account when discussing your home loan. So if you're looking for a mortgage but aren't sure whether you can prove that you can repay, get in touch with our friendly team today and we'll talk you through the process and what we need to be able to finance your property.