Here are the key features and details you need to know about Yellow Brick Road's mortgage products.
| Feature | Details |
|---|---|
| Minimum deposit | It's possible to get a home loan with a deposit as low as 10%. |
| Offset account | You can get an offset account with several of its loans. |
| Repayment options | Many of its home loans allow you to make interest only repayments for a limited period. The lender also offers the standard principal and interest repayments on its loans. |
📄 Property details. You can start a loan enquiry before you've bought a property. But to complete an application you need the address of the property and a signed contract of sale.
📄 Identification documents. You will need identification such as a driver's licence, passport or birth certificate.
📄 Proof of income documents. Recent payslips can establish your income.
📄 Asset and liability documents. You need to provide documents showing your current assets (savings accounts, investments) and liabilities (your outstanding debt).
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The Finder Score crunches 7,000 home loans across 120+ lenders. It takes into account the product's interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate - this gives you a simple score out of 10.
To provide a Score, we compare like-for-like loans. So if you're comparing the best home loans for cashback, you can see how each home loan stacks up against other home loans with the same borrower type, rate type and repayment type. We also take into consideration the amount of cashback offered when calculating the Score so you can tell if it's really worth it.
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I am looking to purchase a home. I receive $26000 wage, $26000 benefits, and $20000 child maintenance. I have $80000 deposit. I have 3 children under 12. I pay $2100 monthly in rent but so far the few lenders I have spoken to won’t allow child maintenance to be considered as an income and state my serviceability isn’t sufficient.
Are you able to help? Looking to borrow between $420000-$450000.
Hi Vicki,
Thanks for getting in touch with Finder. I’m sorry to hear about your situation.
You need to find out first if you qualify for the necessary fund as lenders reject applications because you are applying for a bigger amount of money. You can use a home loan eligibility calculator to help you know how much you can really borrow.
Next, you may want to read our guide on the lending criteria for home loans. On this guide, you will know the approval policies banks have in place to determine if you qualify.
From here, you may then compare your home loan options. On that page, you will see a table that allows you to conveniently compare home loans based on the interest rate, application fee, and monthly payment, to name a few. Once you found the right one for you, click on the “Go to Site” green button to learn more or initiate your application.
Please make sure that you’ve read the relevant T&Cs or PDS of the loan products before making a decision. Moreover, check the eligibility requirements as well and consider whether the product is right for you. Alternatively, you can speak to a mortgage broker who can take your personal circumstance into account and offer you a range of borrowing options.
I hope this helps. Should you have further questions, please don’t hesitate to reach out again.
Have a wonderful day!
Cheers,
Joshua
I’ve a loan approved at the cwb, for $650000. as im looking for some property, I just read a article saying if u switch loans for .5% you could save $125. a month. Do I go with the bank I’ve always been with and they know me and happy to lend me money easy, or go with lower interest rate but they don’t know me. who can I go to to get me the best deal.
Hi Brenda,
Thanks for your question.
This decision is entirely up to you. If you feel as though your current bank is willing to give you the best deal (in comparison to the rest of the market), then you may want to stay with them. However, if another lender is willing to give you a better offer, then you may want to consider switching.
Our refinancing home loans guide can help you calculate your savings versus the costs of refinancing to determine whether it will make financial sense for you to do so.
I recommend getting in touch with a licensed mortgage broker. A broker can help you understand your financial position and they can leverage their panel of networks to find a lender that is more inclined to review your application.
Cheers,
Shirley
Just interested if my income could service a loan. Also the amount I would be able to borrow.?
Hi Kerrie,
Thanks for your comment.
Please use our borrowing power calculator to give you an indication of how much you can borrow and your estimated repayments.
Cheers,
Shirley