The non-major has reduced fixed rates across its owner-occupied and investment home loan products offered exclusively via the broker channel.
Adelaide Bank has reduced rates across its SmartFix and SmartSaver products by up to 60 bps, effective for new loans submitted from 17 September.
The changes will apply to borrowers with both principal and interest (P&I) and interest-only (IO) terms across its owner-occupied and investment loans – available exclusively via the broker channel.
For owner-occupiers, Adelaide Bank’s changes are as follows:
For investors, the rate changes are as follows:
Speaking to The Adviser, Adelaide Bank’s head of distribution, Amanda James, said the changes were part of the bank’s strategy to capitalise on an anticipated rise in demand for housing loans in the coming months.
“It’s something we’re constantly reviewing and saw the opportunity there to be able to provide lower rates to our brokers,” she said.
Earlier this week, Ms James revealed that the bank had been “gearing up” for home lending growth via the broker channel, by enhancing its service proposition.
As part of this, Ms James said the bank has expanded its third-party distribution team to improve efficiencies in the home loan application process.
“[We’ve been] working hard with our assessment teams to ensure that brokers are getting that consistent experience,” she said.
“We’ve resourced [our team] for the volumes we’re hoping to get so there’s not that [processing] delay that you sometimes see.”
Charbel Kadib is a journalist on The Adviser and Mortgage Business.
Before joining Momentum Media in 2017, Charbel held roles with public relations agency Fifty Acres, and the Department of Communications and the Arts.
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