Want to know which bank has the best home loan suited to your needs? Check out our handy Adelaide Bank home loan review to see if an Adelaide Bank home loan can help you reach your personal financial goals.
Given that the Reserve Bank of Australia has just made the extraordinary decision to cut interest rates to the lowest they have ever been, now seems like the right time to be considering how your home loan can work better for you?
Whether you’re looking to take out a new loan or thinking about refinancing an existing loan, with the average variable interest rate falling from 3.34% p.a to 3.19% p.a in early November, considerable savings can be found if (and only if) you’re smart about who you bank with!
Not all banks are created equally, and just like how home loan products differ greatly between banks, so do interest rates. It may come as a surprise to learn that banks aren’t mandated to pass on interest rate cuts made by the RBA. As banks are responsible for maintaining the best interests of both deposit holders and borrowers, sometimes passing on interest rate cuts is not in the bank’s best interest. This is why it is crucial now, more than ever, to reassess which financial institution is right for you, so you feel empowered in the ability to reach your financial goals.
What about Adelaide Bank?
As part of the now Bendigo and Adelaide Bank group, Adelaide Bank was once the nation’s largest building society. Established in 1994, the institution merged with Bendigo Bank in 2007 and is now part of Australia’s 5th largest retail bank. This means that Adelaide Bank can offer both the security of a large retail bank whilst maintaining environmentally and socially conscious business practices.
Not only is Adelaide Bank known for its high level of customer service, but its home loan products also come with a strong reputation. With the bank earning multiple CANSTAR awards for outstanding value as fixed home lenders, investment home lenders, and investment fixed home lenders, it would be a missed opportunity not to see how an Adelaide Bank Home loan could work for you!
-Almost all Adeliade Bank home loan products (with the exception of the variable-rate Smart Saver) have the option of an offset account, which will help cut down interest costs whilst you’re paying off your home loan
-Adelaide Bank offers flexible repayment options and competitive home loan rates. Pay monthly, pay fortnightly, pay weekly- it’s up to you, and whatever suits your personal financial needs!
-The team at Adelaide Bank are there to help you achieve your personal financial goals. That’s why they’ve made paying off your loan easier, allowing fee-free additional repayments on top of your usual schedule. Although these repayments are capped at $20,000 p.a on fixed-term loans, they are unlimited on variable rate offers.
What home loan products do Adelaide Bank Offer?
The Smartsaver home loan is Adelaide Bank’s ‘no frills’ approach to lending, offering you the best rate with all the basic features you need. With no monthly fee, variable and fixed-rate options, and free redraws online, this loan offers bang for your buck. With comparison rates as low as 2.77% p.a, this loan is for you if you’re looking for a simple, low rate option.
Adelaide Bank’s SmartFix home loan can help you achieve financial freedom faster by offering a 100% offset account option, potentially reducing the amount of interest you pay. With a fixed interest rate term of between 1-5 years, SmartFix puts you in control, giving you peace of mind knowing your repayments won’t change over the fixed period.
With a comparison rate starting from 2.96% p.a, Adelaide Bank’s Smart Fit home loan is a fully-featured home loan with a competitive rate. With a 100% offset account, fee-free redraws, additional repayments without penalty, and a choice of Principal and Interest or Interest Only repayments, this product offers all the features you could want at a competitive rate.
Disclaimer: The information provided is general in nature and does not constitute financial advice. Please speak to us for recommendations on your individual circumstance and requirements.