Non-major mortgage lender Adelaide Bank has announced cuts to all variable rate home loan products for new business by 20 basis points.
Ongoing monthly fees for its SmartFit home loan are also waived, general manager Damian Percy said.
“Our fully featured SmartFit variable rate home loan, with 100% offset is now 4.44% with no ongoing monthly fees for new customers with an LVR of less than 90%,” he said.
“It’s a hugely competitive mortgage market at the moment, which is great news for borrowers and Adelaide Bank have recognised that we need to move closer to the front of the field. The pencils have been sharpened and I can further announce that we are waiving the ongoing monthly fees on our SmartFit product for new business – representing a further saving of $180 per year for customers in ongoing administration fees.”
With the average median house price at $645,000, Percy said new customers borrowing 90% would have monthly savings of $70 with Adelaide Bank’s SmartFit variable rate home loan.
“Adelaide Bank’s continuing and widely recognised contribution to improving housing affordability is to keep the cost of lending as low as we can, while providing great service through Australia’s growing network of mortgage managers and brokers.”