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Adelaide Bank has dropped its SmartFix five-year fixed rate to an “historic low” of 5.34 per cent.
General manager Damian Percy said the cut of 40 basis points makes it the lowest SmartFix five-year rate from the bank.
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“Combined with our new fully integrated budgeting software, people who want to own their home sooner now have a compelling reason to consider SmartFix,” he said.
SmartFix comes with a fully transactional 100 per cent offset account, a free 90-day lock and unlimited EFTPOS transactions.
“Our new budgeting tools help customers to clearly identify where additional savings on household expenditure can be made, potentially freeing up money for additional repayments or investment,” Mr Percy said.
“Adelaide Bank consistently strives to offer the best value to customers that we possibly can and initial feedback about the new budgeting tools has been great.”
The bank reduced its SmartFix three-year rate from 5.09 to 4.89 per cent earlier this month and cut its SmartFix four-year rate from 5.59 to 5.39 per cent in March.
