Some of the key features of the SmartSaver Loan include a redraw facility, which is a popular choice for many borrowers. The loan also allows borrowers to make extra repayments without penalty, which can be a great way to pay down the mortgage faster.
The Adelaide Bank SmartSaver Loan also allows for the choice between repayment types of principal and interest, or interest only. It allows for borrowing of up to 90 per cent of the property value, or up to 95 per cent of the property value if lenders mortgage insurance is being added to the loan. This is sometimes referred to as ‘capitalising’ lenders mortgage insurance, but in simple terms means it can be rolled into the loan and paid off over time.
On the downside, this loan does not offer a mortgage offset account.
Who is the Adelaide Bank SmartSaver Loan good for?
The Adelaide Bank SmartSaver Loan is designed for both investors and owner-occupier borrowers. It can be used for the purchase or refinance of a property, and for new customers to the bank. It might suit a borrower who prefers to weigh up low-cost over a full-featured home loan.
That’s because the loan offers a moderately-low variable rate and no ongoing fees. But doesn’t offer all the bells and whistles of some other home loans in the market. For instance, the loan doesn’t offer a mortgage offset account, which is a popular feature for many borrowers.
The Adelaide Bank SmartSaver Loan might suit someone who prefers the flexibility of being able to make additional repayments, and who may want to access additional funds using a redraw facility.
Review - What RateCity says
It’s a ‘no-frills’ home loan, with basic features such as a redraw facility. But it does not offer a mortgage offset account. This loan also allows for additional repayments, without penalty, which is a good feature for those borrowers who want to pay down the loan as fast as possible.
Adelaide Bank SmartSaver Loan Options
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Advertised rate4.17%Fixed - 1 year
Advertised rate4.35%Fixed - 2 years
Advertised rate4.48%Fixed - 3 years
Advertised rate4.60%Fixed - 4 years
Advertised rate4.70%Fixed - 5 years
Advertised rate4.45%Fixed - 2 years
Advertised rate4.58%Fixed - 3 years
Advertised rate4.70%Fixed - 4 years
Advertised rate4.27%Fixed - 1 year
Advertised rate4.80%Fixed - 5 years