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The non-major has reduced variable and fixed rates across its investor and owner-occupier home loans by up to 65 basis points.
Adelaide Bank has reduced rates across its SmartFit, SmartSaver and SmartFix home loan products, offered exclusively through the broker channel, with changes effective for new applications from Tuesday, 13 August.
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For owner-occupiers:
- SmartFit variable P&I rates now start from 3.29 per cent (3.52 per cent comparison rate)
- SmartSaver variable P&I rates now start from 3.29 per cent (3.33 per cent comparison rate)
- SmartFit variable interest-only rates now start from 3.79 per cent (4.11 per cent comparison rate)
- SmartSaver variable interest-only rates now start from 3.79 per cent (3.95 per cent comparison rate)
- SmartFix P&I rates now start from 3.19 per cent (4.07 per cent comparison ate)
- SmartSaver fixed P&I rates now start from 3.14 per cent (3.88 per cent comparison rate)
- SmartFix interest-only rates now start from 3.69 per cent (4.15 per cent comparison rate)
- SmartSaver fixed interest-only rates now start from 3.64 per cent (3.97 per cent comparison rate)
For investors:
- SmartFit variable P&I rates now start from 3.59 per cent (3.63 per cent comparison rate)
- SmartSaver variable P&I rates now start from 3.59 per cent (3.89 per cent comparison rate)
- SmartFit variable interest-only rates now start from 3.79 per cent (4.05 per cent comparison rate)
- SmartSaver variable interest-only rates now start from 3.79 per cent (3.89 per cent comparison rate)
- SmartFix P&I rates now start from 3.49 per cent (4.04 per cent comparison ate)
- SmartSaver fixed P&I rates now start from 3.44 per cent (3.85 per cent comparison rate)
- SmartFix interest-only rates now start from 3.69 per cent (4.07 per cent comparison rate)
- SmartSaver fixed interest-only rates now start from 3.64 per cent (3.88 per cent comparison rate)
In a statement to The Adviser, Amanda James, Adelaide Bank’s head of broker, said that the rate cuts were part of a broader strategy to expand the non-major’s presence in the third-party channel.
“These new rates reflect the fact that we are committed to providing brokers and their customers with real value, and they are just the start,” she said.
Adelaide Bank recently partnered with Aussie Home Loans to launch Aussie Elevate, a new white label home loan product offered exclusively via the brokerage.
[Related: Aussie launches new Adelaide Bank-funded home loan]
