If you’re after the security of fixed rates but also want a range of flexible features in your back pocket, then check out the fixed rate home loan on offer from Adelaide Bank. Available for up to 95% of the property’s value, for loan amounts ranging from $10,000 up to $5 million, this home loan allows borrowers to secure competitive rates over 1-5 year terms. It also comes with plenty of perks: free extra repayments up to $20,000 p.a., free redraws (minimum $1 applies), and even access to an offset account. You can also choose to split your loan between fixed and variable interest rates.
With this sort of versatility under its belt, it's little wonder why Adelaide Bank's SmartFix won two 2020 Mozo Experts Choice Awards for best Fixed Rate Loan and best Split Home Loan. For this loan, you’ll need to budget for application, settlement and monthly service fees, as well as a discharge fee.
| Product | Fixed 3 year rate | Comparison Rate | Service fee | Upfront fee | Monthly repayments |
|---|---|---|---|---|---|
|
6.79% p.a. |
6.48% p.a. |
$15.00 monthly |
$498 |
||
|
6.29% p.a. |
6.31% p.a. |
$15.00 monthly |
$498 |
||
|
6.79% p.a. |
6.32% p.a. |
$0.00 |
$498 |
||
|
6.29% p.a. |
6.15% p.a. |
$0.00 |
$498 |
||
|
6.64% p.a. |
6.68% p.a. |
$15.00 monthly |
$498 |
||
|
6.49% p.a. |
6.65% p.a. |
$15.00 monthly |
$498 |
||
|
6.64% p.a. |
6.53% p.a. |
$0.00 |
$498 |
||
|
6.49% p.a. |
6.49% p.a. |
$0.00 |
$498 |
For borrowers who want even more flexibility, the Adelaide Bank variable rate options could be a good place to look. Both loans are available for amounts starting at $10,000 and you can borrow up to 95% of the property's value. For both, you also have the option to split your loan between fixed and variable rates, as well as make unlimited free extra repayments and free redraws ($1 minimum applies).
However there are a few differences between the two variable rate products. Opt for the SmartFit home loan offer and you’ll also have the use of an offset account, while the SmartSaver lacks this feature. But as a result, the SmartSaver charges zero ongoing service fees whereas the Smartfit comes with a $15 monthly fee. Like the fixed rate alternative, you’ll need to pay application, settlement and discharge fees regardless of which variable rate loan you pick.
| Product | Rate | Comparison Rate | Service fee | Upfront fee | Monthly repayments |
|---|---|---|---|---|---|
|
7.23% p.a. |
6.77% p.a. |
$15.00 monthly |
$498 |
||
|
6.09% p.a. |
6.26% p.a. |
$15.00 monthly |
$498 |
||
|
7.73% p.a. |
7.17% p.a. |
$15.00 monthly |
$498 |
||
|
6.39% p.a. |
6.59% p.a. |
$15.00 monthly |
$498 |
||
|
7.73% p.a. |
7.92% p.a. |
$15.00 monthly |
$498 |
||
|
7.23% p.a. |
6.62% p.a. |
$0.00 |
$498 |
||
|
6.09% p.a. |
6.10% p.a. |
$0.00 |
$498 |
||
|
7.73% p.a. |
7.02% p.a. |
$0.00 |
$498 |
||
|
6.39% p.a. |
6.43% p.a. |
$0.00 |
$498 |
||
|
7.73% p.a. |
7.77% p.a. |
$0.00 |
$498 |
||
|
6.74% p.a. |
6.75% p.a. |
$15.00 monthly |
$498 |
||
|
6.43% p.a. |
6.63% p.a. |
$15.00 monthly |
$498 |
||
|
7.19% p.a. |
7.20% p.a. |
$15.00 monthly |
$498 |
||
|
6.88% p.a. |
7.08% p.a. |
$15.00 monthly |
$498 |
||
|
6.74% p.a. |
6.60% p.a. |
$0.00 |
$498 |
||
|
6.43% p.a. |
6.47% p.a. |
$0.00 |
$498 |
||
|
7.19% p.a. |
7.05% p.a. |
$0.00 |
$498 |
||
|
6.88% p.a. |
6.92% p.a. |
$0.00 |
$498 |
You’ll have access to an offset account with any Adelaide Bank home loan, except for the variable rate SmartSaver offer. This is a handy feature that can help you cut down significantly on interest costs. For instance, if your loan amount is $700,000 and you park $100,000 inside your offset account, then you'll only need to pay interest on $600,000.
Pay off your home loan faster and save on interest by making free additional repayments. Just remember that for Adelaide Bank, these extra repayments are capped at $20,000 p.a. on fixed terms but unlimited for variable rate offers. Should you need to withdraw those payments later on, you'll also be able to make fee-free redraws, as long as each redraw exceeds $1.
Can't decide whether you prefer the flexibility of a variable rate loan or the security of a fixed rate loan? Why not both? All of Adelaide Bank's home loans offer you the ability to split your loan into fixed and variable rates.
Make your repayments monthly, fortnightly or weekly - whatever suits your budget best!
Saving up for a 20% deposit can be challenging for any first home buyer, which is why Adelaide Bank has lowered the barriers of entry. Its fixed rate loan allows you to borrow up to 95% of the property value, while its variable rate offers give you the option to borrow up to 90%. Just be mindful that if you don't have a guarantor while taking out a low-deposit loan, you may need to account for an extra cost known as Lenders Mortgage Insurance.
Mozo users have rated Adelaide Bank home loans on price, features, convenience, trust and customer service so you can see what real Aussies have to say about their experiences.
297 Reviews
- Great customer service and clearly explain any query raised over the phone - Investment home loan has competitive interest rate - Dislike the confusing interface between the different types of home loan accounts on the online home page, especially after changing from a fixed home loan to an offset account. - ATM locations are not close by.
Read full review- Great customer service and clearly explain any query raised over the phone - Investment home loan has competitive interest rate - Dislike the confusing interface between the different types of home loan accounts on the online home page, especially after changing from a fixed home loan to an offset account. - ATM locations are not close by.
Great price but no Osco or apple pay.
Read full reviewGreat price but no Osco or apple pay.
Worst bank I have ever dealt with. Very difficult to contact when you have an inquiry. To release the morgage on our home after paying out the home loan took 4 weeks. Their solicitor fee was $1000 when I was told it would be $700. Commonwealth Bank had no fee to release another property. When never use or recommend this bank or affiliated Resimac.
Read full reviewWorst bank I have ever dealt with. Very difficult to contact when you have an inquiry. To release the morgage on our home after paying out the home loan took 4 weeks. Their solicitor fee was $1000 when I was told it would be $700. Commonwealth Bank had no fee to release another property. When never use or recommend this bank or affiliated Resimac.
Poor service, won't assist in refinance with 1 million equity.
Read full reviewPoor service, won't assist in refinance with 1 million equity.
The interest rate is low which is an advantage of the ADELAIDE BANK to get customers. Meanwhile, when I have scam financial, the Bank was not helpful at all. They will tell you have to fix the problems yourself such as other departments to get it fixed even if I have had about 10 unauthorised transactions from 26/8/2021-16/11/2021. For me, I already called 3 times to tell them about the scams in my account and they told me to call Paypal to stop people stealing money from our account( we both did not have Adelaide bank account link with Paypal at all) and call financial crime to ask “How is it going with our case” because Adelaide bank could not call Financial crime to check our case. Not like the other banks, they suspected and asked straight away when my account have had suspicous transactions, also will help me do everything and I only waited my money came back.
Read full reviewThe interest rate is low which is an advantage of the ADELAIDE BANK to get customers. Meanwhile, when I have scam financial, the Bank was not helpful at all. They will tell you have to fix the problems yourself such as other departments to get it fixed even if I have had about 10 unauthorised transactions from 26/8/2021-16/11/2021. For me, I already called 3 times to tell them about the scams in my account and they told me to call Paypal to stop people stealing money from our account( we both did not have Adelaide bank account link with Paypal at all) and call financial crime to ask “How is it going with our case” because Adelaide bank could not call Financial crime to check our case. Not like the other banks, they suspected and asked straight away when my account have had suspicous transactions, also will help me do everything and I only waited my money came back.
To apply for a home loan with Adelaide Bank, you'll need to apply online or in-branch and set up an interview with one of the 5000+ mortgage brokers affiliated with the bank. They’ll help you sort out your application, and for that, you’ll need to: