Yellow Brick Road Rate Smasher Home Loan

Rates and Fees verified correct on May 27th, 2016

Get a low variable as well as no application or ongoing fees for when you just want a basic home loan.

Wealth management services company Yellow Brick Road has added on top of their Empower Range of home loan products - the Rate Smasher Home Loan. This loan is a ‘no-frills' loan for those wanting the basic features of a home loan without paying for any extra benefits that they do not need.

The loan features flexible options with unlimited repayments available and also the option to switch to a fixed Empower Range loan. Owner occupier borrowers looking to refinance or take out their first mortgage can benefit from no account management or application fees as well as the flexibility and accessibility on offer.

Product NameYellow Brick Road Rate Smasher Home Loan
Interest Rate TypeVariable
Interest Rate (p.a.)3.82%
Comp Rate^ (p.a.)3.82%
Minimum Loan Amount$100,000
Maximum Loan Amount$750,000
Minimum Loan Term1 year
Maximum Loan Term30 years
Maximum LVR70%
Maximum Insured LVR70%
Mortgage Offset AccountNo
Loan Redraw FacilityYes
Fixed Interest OptionNo
Loan PortableNo
Suitable for InvestmentNo
Extra RepaymentYes
Available as equity loan/line of creditNo
Repayment TypePrincipal & Interest and Interest Only Options
Application Fee$0
Lender's Legal Fee$330
Valuation Fee$0
Ongoing Fees$0 p.a.
Discharge Fee$400
Pros
  • $0 application fee
  • $0 ongoing fees
  • Flexible repayment options
Cons
  • No offset account
  • $400 discharge fee
  • Low maximum Loan-to-Value Ratio

What should you consider about the Yellow Brick Road Rate Smasher Home Loan.

This loan is a good option for people who want a home loan without having to pay for additional features and is suitable for owner occupiers looking to purchase or refinance. It is not available for construction or investment purposes. There is a maximum Loan-to-Value Ratio of 70% which means you will need 30% deposit and there is no guarantee option.

Features of the Yellow Brick Road Rate Smasher Home Loan.

The Rate Smasher loan is a basic loan, but it still has some standout features which make it a competitive option.

  • Maximum loan amount. You can borrow up to $750,000 with this loan and a minimum of $100,000.
  • Loan term. You can have your loan changed from the standard 30 years after settlement of your loan with approval from your Yellow Brick Road adviser.
  • Loan-to-Value Ratio. It should be noted that this loan is only available for those looking to borrow no more than 70% of the property value.
  • Repayment flexibility. Yellow Brick Road offers flexible payment options, with borrowers have the option to make payments via Direct Debit or Salary Credit. You can also make unlimited additional repayments with no fees and redraw facilities available on variable rate accounts.
  • Account access. You can have 24/7 access to your loan online or over the phone.
  • Fees. This loan has no ongoing monthly or annual account management fees which can save you a considerable amount of money over the life of your loan.
  • Option to switch. Borrowers have the option to switch to a fixed rate loan from the Empower Range.

Fees

This loan features limited fees and charges which make it a viable option for borrowers to consider. Here are the fees of the Rate Smasher loan, some that you can avoid and some that you can't.

Fee you can avoid

  • Application fee: $0.
  • Ongoing fees: $0.
  • Valuation fee: $0 for single properties.

Fees you can't avoid

  • Documentation fee: $330 + GST
  • Mortgage discharge fee: $400

Steps on how to apply for the Yellow Brick Road Rate Smasher Home Loan.

  1. Follow the secure link on this page to Yellow Brick Road's website and fill out their application form. You will need to provide personal details, contact information, the purpose of your loan and your approximate gross annual household income.
  2. A Yellow Brick Road wealth manager will get in contact and set up an appointment with you.
  3. If you do not have a property in mind yet then at this stage you may receive pre-approval which will allow you start looking for a property.
  4. If you have a property in mind and have been approved for a loan they will then process the application and may give you a formal loan offer.
  5. Once you have formal approval you can sign all the documents and settle the loan.

Eligibility criteria

To be eligible for the Rate Smasher home loan you need to meet the following criteria:

  • If the purpose of the loan is for an owner-occupied property
  • The loan is used for a purchase or refinance
  • No debt consolidation
  • PAYG applicants need a minimum employment term of 12 months
  • Self-employed applicants need a minimum employment term of 2 years

When comparing loans you should keep in mind all associated fees and charges in order to determine the value of the loan but if your looking for a simple loan then the Yellow Brick Road Rate Smasher Home Loan is one you should include in your research for a home loan.

Yellow Brick Road Rate Smasher Home Loan Interest Rate History vs RBA Cash Rate Graph

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This page was last modified on 13 October 2015 at 14:47.

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6 Responses to Yellow Brick Road Rate Smasher Home Loan

  1. Default Gravatar
    BR | February 8, 2016

    Hi, I need to borrow $240,000 to buy a home, with a deposit of $170,000, I have equity in my home of $850,000.

    • Staff
      Marc | February 9, 2016

      Hi BR,
      thanks for the question.

      I would recommend contacting Yellow Brick Road directly regarding your situation to discuss your options.

      Cheers,
      Marc.

  2. Default Gravatar
    Katherine | March 30, 2015

    I am looking to refinance after separating ….I am currently on Centrelink payments along with starting a small business…. could I be eligible for a loan, if not would you look at an option of using a guarantor as security?

    • Staff
      Shirley | March 31, 2015

      Hi Katherine,

      Thanks for your question.

      Please note that finder.com.au is an online comparison service and does not represent Yellow Brick Road.

      If you would like to discuss your eligibility or options, please get in touch with Yellow Brick Road directly.

      If Centrelink is your sole source of income, you may find that your options are somewhat limited. You may be able to use a guarantor for your loan.

      Cheers,
      Shirley

  3. Default Gravatar
    rix | September 30, 2014

    if i have $100,000 after a payout of my home loan and i want to build a house in Gosnells WA. I earn $60,000 full time job government and part time 5,000 government job per annum. I am separated and currently receive $1,500 per month for the children.

    • Staff
      Shirley | October 1, 2014

      Hi Rix,

      Thanks for your question.

      If you’re interested in this loan, please click on ‘go to site’ to submit an enquiry with YBR. Unfortunately we can’t assess your eligibility as don’t handle the application process.

      If you decide to apply for a product or service through our website you will be dealing directly with the provider of that product or service and not with us.

      Cheers,
      Shirley

Yellow Brick Road Rate Smasher Home Loan

  • Interest Rate

    3.82% p.a.

  • Comparison Rate

    3.82% p.a.

  • App Fee / Annual Service Fee

    $0 / $0

  • Max LVR

    70%

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