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ISCOVER
Staff Reporter
Adelaide Bank has thrown down the gauntlet to Australia's big four and non-majors, removing its $795 application fee for the foreseeable future.
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According to the lender's general manager of third party lending Damian Percy, the application fee for Adelaide Bank's SmartSuite residential lending products will be waived until further notice.
"Effective from 1st March 2012, we will be offering a $0 new loan application fee across all residential lending products offered in the mortgage broker channel," Mr Percy said.
"The reduced application fee is to be offered to all new Adelaide Bank loans written; including split loans, internal refinances and credit increases.
"The waiver of the application fee for brokers is another way that our SmartSuite home loans can help customers own their own home sooner.
Mr Percy said residential lending is intensely competitive at the moment and lenders were doing whatever they can to beat their competition.
"We pride ourselves on our award-winning service delivery and tight turnaround times and the removal of the application fee enables us to both meet the market and improve on our delivery to mortgage brokers," he said.
