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Adelaide Bank cuts fixed rates by up to 60 bps

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Charbel Kadib 3 minute read

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:

  • reductions of up to 60 bps for SmartFix P&I loans, with rates starting from 2.99 per cent
  • reductions of up to 40 bps for SmartFix IO loans, with rates starting from 3.69 per cent
  • reductions of up to 55 bps for SmartSaver P&I loans, with rates starting from 2.99 per cent
  • reductions of up to 55 bps for SmartSaver P&I loans, with rates starting from 2.99 per cent
  • reductions of up to 35 bps for SmartSaver IO loans, with rates starting from 3.69 per cent

 For investors, the rate changes are as follows:

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  • reductions of up to 40 bps for SmartFix P&I loans, with rates starting from 3.49 per cent
  • reductions of up to 40 bps for SmartFix IO loans, with rates starting from 3.69 per cent
  • reductions of up to 55 bps for SmartSaver P&I loans, with rates starting from 2.99 per cent
  • reductions of up to 35 bps for SmartSaver P&I loans, with rates starting from 3.49 per cent
  • reductions of up to 35 bps for SmartSaver IO loans, with rates starting from 3.69 per cent

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.”

[Related: Bank bracing for ‘busy’ season through broker channel]

Adelaide Bank cuts fixed rates by up to 60 bps
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Charbel Kadib

Charbel Kadib

Charbel Kadib is the news editor on The Adviser and Mortgage Business.

Before joining Momentum Media as a journalist in 2017, Charbel held roles with public relations agency Fifty Acres, and the Department of Communications and the Arts. 

Email Charbel on: This email address is being protected from spambots. You need JavaScript enabled to view it.

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