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Adelaide Bank has announced a reduction in the variable rate for two of its home loan products.
Fons Caminiti, senior manager broker distribution at Adelaide Bank, said he was "extremely pleased" to announce the rate on the lender's SmartSaver product had been slashed by 15 basis points to 4.84 per cent, while its SmartFit product was reduced by 20 points to 4.89 per cent.
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"Our most recent discount 'with a twist' is aimed at supporting our brokers with a suite of competitive and genuine alternative options that add value for their clients," he said.
"The product features and online budgeting tools are specifically designed to help get clients on the path to reducing their home loan sooner and are available to both owner-occupiers and investors."
Mr Caminiti said the new rate offer is not restricted by the size of loans, and applications with an LVR of up to 90 per cent will be accepted.
"This is an appealing factor for first home buyers and 'mum-and-dad' investors who may be planning to enter the property market," he said.
Mr Caminiti added that some borrowers may also choose to have the best of both worlds and exercise the option of splitting fixed and variable loans.
"This strategy gives you access to our SmartFix offering, also with great low rates – and hedges the decision about whether to go fixed or variable," he concluded.
[Related: Heritage Bank announces 30-point rate cut]
