Adelaide Bank

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Adelaide Bank

Founded: 1994

Lender Type: Mortgage Broker Bank

Owned by: Bendigo & Adelaide Bank

With a 150-year history, Adelaide Bank has evolved from a modest community lender to one of Australia’s largest building societies. After merging with Bendigo Bank in 2007 to form Bendigo and Adelaide Bank Limited, the lender rocketed to Australia’s 5th largest bank. Adelaide Bank offers a wide selection of flexible yet simple home loan products, as well as a uniquely personalised service.

Key Benefits

A 100% offset account is available on almost all home loan products
All loans give the consumer a choice of a principal and interest or interest only repayments
Accept small deposits
Extra repayments can be made on all home loans, some have a limit of $20,000

Drawbacks

Monthly fees for all but one home loan type
Equity release offered on only some accounts
No package deals available

Home Loan Products

Compare Home Loans

 

How to apply for a home loan with Adelaide Bank

To secure a mortgage with Adelaide Bank, you’ll need a mortgage broker to help process your application. You’ll also need to provide some information about what you want from the loan in order to pick a mortgage that best suits your objectives and financial position.

You’ll need to provide:

  • Details of your annual income and the sources
  • A list of your assets and estimated values
  • Your current financial commitments e.g. credit cards
  • What you can afford – a borrowing calculator can help with this aspect
  • The approximate price of any property offered as security

Adelaide Bank’s Home loan rates

Adelaide Bank’s SmartFit and SmartDoc home loans both offer competitive rates.

What types of home loans does Adelaide Bank offer?

SmartFit

This full-featured variable rate home loan comes with plenty of flexibility for the borrower who appreciates options when it comes to paying down their loan. You’ll have access to a 100% offset account, free redraw, and can make unlimited early repayments without paying a penalty. And, you’ll get a competitive rate and the option to start with a small deposit.

SmartFix

Want security and flexibility? Adelaide Bank’s SmartFix home loan product comes with the peace of mind of a fixed rate period, plus all the standard payment features including 100% offset, redraw, and the ability to make additional repayments up to $20,000. Fixed terms range from 1 to 5 years.

SmartSaver

This is Adelaide Bank’s smart option for borrowers who don’t need all the frills, nor the complexity. It’s for people buying residential property or owners looking to refinance. It’s simple the loan lets you put more money towards your mortgage with a variable or fixed interest rate and has no monthly service fees. You can also make unlimited extra repayments without penalty and add a redraw facility.

SmartDoc

True to their claim of supporting the prosperity of all Australians, Adelaide Bank offers great value for self-employed borrowers with competitive low doc loans. You can still enjoy the benefits of a well-featured loan, like 100% offset and free redraws, without having to come up with all the traditional financial paperwork to apply.

SmartDocFix

Work for yourself and get the stress-free home loan you deserve. With the SmartDocFix home loan product, choose from 1 to 5-year fixed rate terms and get control over how you pay down your mortgage with great features like 100% offset, free redraws, and the ability to pay either principal and interest or interest only repayments.

SmartDocPlus

This low doc home loan option will simplify your financial life and is designed for people who are self-employed. You can qualify without all the normal paperwork and take advantage of smart features like 100% offset, redraw, and flexible payment options. Something you won’t find with a lot of other lenders in a low doc loan – Adelaide Bank’s SmartDocPlus does not require lender’s mortgage insurance! With this option, however, you can only borrow 70% of the loan to value ratio.

Adelaide Bank’s mortgage features

  • Offset account available (100% offset available)
  • Redraw facility
  • Ability to make additional repayments
  • No fee for early repayments
  • Repayments can be made weekly, fortnightly or monthly according to your preference

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