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Adelaide Bank
One of the six largest banks in Australia, Adelaide Bank was established in 1994. Originating from Australia’s largest building society, the Co-operative Building Society of South Australia, Adelaide Bank’s legacy goes back more than 100 years.
Adelaide Bank is among Australia’s leading lenders and manages assets of over $17 billion from its headquarters in South Australia. Adelaide Bank customers have access to over 2000 ATMs across Australia.
Adelaide Bank is well known for its user-friendly products and offers a wide range including insurances, bank accounts, credit cards and home loans. It’s believed to generate more than three per cent of Australian mortgage loan approvals annually.
Since a merger with Bendigo Bank in 2007, Adelaide Bank has operated as a dedicated lending business specialising in providing mortgage and loan services to everyday banking customers.
Adelaide Bank Home Loan Calculator
Adelaide Bank home loan repayment calculator
Thinking about taking out a home loan with Adelaide Bank? Use our home loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how Adelaide Bank home loans compare with other options.
Your estimated mortgage repayments
at interest rate 1.99%
Total interest payable
$0
Total loan repayments
$0
Pros and cons
- 100 per cent offset is available on most home loans (not including the SmartSaver loan).
- All loans offer a choice between principal and interest or interest only repayments.
- Can accommodate people with smaller deposits.
- Extra repayments are allowed on all home loans, with some capping additional repayments at $20,000.
- Ongoing monthly fees apply to most home loans (not including the SmartSaver loan).
- Not all accounts offer equity release.
- No package deals are offered.
Adelaide Bank home loans rates
Product | Advertised Rate  1.99 % p.a Fixed - 1 year | Total estimated upfront fees $498 | Comparison Rate* 2.30 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 2.09 % p.a Fixed - 2 years | Total estimated upfront fees $498 | Comparison Rate* 2.30 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 2.29 % p.a Fixed - 3 years | Total estimated upfront fees $498 | Comparison Rate* 2.33 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 2.29 % p.a Variable | Total estimated upfront fees $498 | Comparison Rate* 2.33 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 1.99 % p.a Fixed - 1 year | Total estimated upfront fees $498 | Comparison Rate* 2.50 % p.a | Ongoing fee $15 monthly | Go to site | More details |
Product | Advertised Rate 2.09 % p.a Fixed - 2 years | Total estimated upfront fees $498 | Comparison Rate* 2.50 % p.a | Ongoing fee $15 monthly | Go to site | More details |
Product | Advertised Rate 2.29 % p.a Variable | Total estimated upfront fees $498 | Comparison Rate* 2.53 % p.a | Ongoing fee $15 monthly | Go to site | More details |
Product | Advertised Rate 2.99 % p.a Variable | Total estimated upfront fees $498 | Comparison Rate* 2.58 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 2.05 % p.a Fixed - 3 years | Total estimated upfront fees $498 | Comparison Rate* 2.62 % p.a | Ongoing fee $15 monthly | Go to site | More details |
Product | Advertised Rate 2.24 % p.a Fixed - 2 years | Total estimated upfront fees $498 | Comparison Rate* 2.65 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 2.35 % p.a Fixed - 3 years | Total estimated upfront fees $498 | Comparison Rate* 2.65 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 2.35 % p.a Fixed - 1 year | Total estimated upfront fees $498 | Comparison Rate* 2.70 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 2.50 % p.a Fixed - 2 years | Total estimated upfront fees $498 | Comparison Rate* 2.70 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 2.40 % p.a Fixed - 3 years | Total estimated upfront fees $498 | Comparison Rate* 2.73 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 2.69 % p.a Variable | Total estimated upfront fees $498 | Comparison Rate* 2.73 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 2.40 % p.a Fixed - 2 years | Total estimated upfront fees $498 | Comparison Rate* 2.76 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 2.99 % p.a Variable | Total estimated upfront fees $498 | Comparison Rate* 2.76 % p.a | Ongoing fee $15 monthly | Go to site | More details |
Product | Advertised Rate 2.40 % p.a Fixed - 1 year | Total estimated upfront fees $498 | Comparison Rate* 2.80 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 2.78 % p.a Fixed - 4 years | Total estimated upfront fees $498 | Comparison Rate* 2.83 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 2.79 % p.a Variable | Total estimated upfront fees $498 | Comparison Rate* 2.83 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 2.79 % p.a Fixed - 1 year | Total estimated upfront fees $498 | Comparison Rate* 2.83 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 2.84 % p.a Fixed - 2 years | Total estimated upfront fees $498 | Comparison Rate* 2.84 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 2.99 % p.a Variable | Total estimated upfront fees $498 | Comparison Rate* 2.84 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 2.94 % p.a Fixed - 3 years | Total estimated upfront fees $498 | Comparison Rate* 2.86 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 2.50 % p.a Fixed - 2 years | Total estimated upfront fees $498 | Comparison Rate* 2.88 % p.a | Ongoing fee $15 monthly | Go to site | More details |
Product | Advertised Rate 2.35 % p.a Fixed - 3 years | Total estimated upfront fees $498 | Comparison Rate* 2.91 % p.a | Ongoing fee $15 monthly | Go to site | More details |
Product | Advertised Rate 2.55 % p.a Fixed - 3 years | Total estimated upfront fees $498 | Comparison Rate* 2.92 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 2.69 % p.a Variable | Total estimated upfront fees $498 | Comparison Rate* 2.92 % p.a | Ongoing fee $15 monthly | Go to site | More details |
Product | Advertised Rate 2.24 % p.a Fixed - 2 years | Total estimated upfront fees $498 | Comparison Rate* 2.93 % p.a | Ongoing fee $15 monthly | Go to site | More details |
Product | Advertised Rate 2.40 % p.a Fixed - 3 years | Total estimated upfront fees $498 | Comparison Rate* 2.93 % p.a | Ongoing fee $15 monthly | Go to site | More details |
Product | Advertised Rate 3.08 % p.a Fixed - 5 years | Total estimated upfront fees $498 | Comparison Rate* 2.94 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 2.55 % p.a Fixed - 2 years | Total estimated upfront fees $498 | Comparison Rate* 2.95 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 2.40 % p.a Fixed - 2 years | Total estimated upfront fees $498 | Comparison Rate* 2.96 % p.a | Ongoing fee $15 monthly | Go to site | More details |
Product | Advertised Rate 2.79 % p.a Fixed - 4 years | Total estimated upfront fees $498 | Comparison Rate* 2.96 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 2.35 % p.a Fixed - 1 year | Total estimated upfront fees $498 | Comparison Rate* 2.98 % p.a | Ongoing fee $15 monthly | Go to site | More details |
Product | Advertised Rate 2.40 % p.a Fixed - 1 year | Total estimated upfront fees $498 | Comparison Rate* 2.99 % p.a | Ongoing fee $15 monthly | Go to site | More details |
Product | Advertised Rate 2.55 % p.a Fixed - 1 year | Total estimated upfront fees $498 | Comparison Rate* 2.99 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 2.89 % p.a Fixed - 5 years | Total estimated upfront fees $498 | Comparison Rate* 2.99 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 3.34 % p.a Fixed - 4 years | Total estimated upfront fees $498 | Comparison Rate* 3.00 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 2.99 % p.a Variable | Total estimated upfront fees $498 | Comparison Rate* 3.01 % p.a | Ongoing fee $15 monthly | Go to site | More details |
Product | Advertised Rate 2.78 % p.a Fixed - 4 years | Total estimated upfront fees $498 | Comparison Rate* 3.02 % p.a | Ongoing fee $15 monthly | Go to site | More details |
Product | Advertised Rate 2.79 % p.a Variable | Total estimated upfront fees $498 | Comparison Rate* 3.02 % p.a | Ongoing fee $15 monthly | Go to site | More details |
Product | Advertised Rate 2.79 % p.a Fixed - 1 year | Total estimated upfront fees $498 | Comparison Rate* 3.02 % p.a | Ongoing fee $15 monthly | Go to site | More details |
Product | Advertised Rate 2.84 % p.a Fixed - 2 years | Total estimated upfront fees $498 | Comparison Rate* 3.02 % p.a | Ongoing fee $15 monthly | Go to site | More details |
Product | Advertised Rate 2.89 % p.a Fixed - 1 year | Total estimated upfront fees $498 | Comparison Rate* 3.02 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 2.94 % p.a Fixed - 2 years | Total estimated upfront fees $498 | Comparison Rate* 3.02 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 2.99 % p.a Variable | Total estimated upfront fees $498 | Comparison Rate* 3.03 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 3.34 % p.a Fixed - 5 years | Total estimated upfront fees $498 | Comparison Rate* 3.03 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 3.34 % p.a Fixed - 5 years | Total estimated upfront fees $498 | Comparison Rate* 3.03 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 2.94 % p.a Fixed - 3 years | Total estimated upfront fees $498 | Comparison Rate* 3.04 % p.a | Ongoing fee $15 monthly | Go to site | More details |
Product | Advertised Rate 3.04 % p.a Fixed - 3 years | Total estimated upfront fees $498 | Comparison Rate* 3.04 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 3.08 % p.a Fixed - 5 years | Total estimated upfront fees $498 | Comparison Rate* 3.14 % p.a | Ongoing fee $15 monthly | Go to site | More details |
Product | Advertised Rate 3.34 % p.a Fixed - 4 years | Total estimated upfront fees $498 | Comparison Rate* 3.14 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 3.23 % p.a Variable | Total estimated upfront fees $498 | Comparison Rate* 3.16 % p.a | Ongoing fee $15 monthly | Go to site | More details |
Product | Advertised Rate 3.34 % p.a Fixed - 4 years | Total estimated upfront fees $498 | Comparison Rate* 3.17 % p.a | Ongoing fee $15 monthly | Go to site | More details |
Product | Advertised Rate 3.34 % p.a Fixed - 5 years | Total estimated upfront fees $498 | Comparison Rate* 3.20 % p.a | Ongoing fee $15 monthly | Go to site | More details |
Product | Advertised Rate 2.99 % p.a Variable | Total estimated upfront fees $498 | Comparison Rate* 3.22 % p.a | Ongoing fee $15 monthly | Go to site | More details |
Product | Advertised Rate 3.23 % p.a Variable | Total estimated upfront fees $498 | Comparison Rate* 3.28 % p.a | Ongoing fee $15 monthly | Go to site | More details |
Product | Advertised Rate 2.55 % p.a Fixed - 3 years | Total estimated upfront fees $498 | Comparison Rate* 3.29 % p.a | Ongoing fee $15 monthly | Go to site | More details |
Product | Advertised Rate 2.79 % p.a Fixed - 4 years | Total estimated upfront fees $498 | Comparison Rate* 3.31 % p.a | Ongoing fee $15 monthly | Go to site | More details |
Product | Advertised Rate 2.89 % p.a Fixed - 5 years | Total estimated upfront fees $498 | Comparison Rate* 3.32 % p.a | Ongoing fee $15 monthly | Go to site | More details |
Product | Advertised Rate 2.55 % p.a Fixed - 2 years | Total estimated upfront fees $498 | Comparison Rate* 3.34 % p.a | Ongoing fee $15 monthly | Go to site | More details |
Product | Advertised Rate 2.55 % p.a Fixed - 1 year | Total estimated upfront fees $498 | Comparison Rate* 3.40 % p.a | Ongoing fee $15 monthly | Go to site | More details |
Product | Advertised Rate 2.94 % p.a Fixed - 2 years | Total estimated upfront fees $498 | Comparison Rate* 3.40 % p.a | Ongoing fee $15 monthly | Go to site | More details |
Product | Advertised Rate 3.04 % p.a Fixed - 3 years | Total estimated upfront fees $498 | Comparison Rate* 3.40 % p.a | Ongoing fee $15 monthly | Go to site | More details |
Product | Advertised Rate 2.89 % p.a Fixed - 1 year | Total estimated upfront fees $498 | Comparison Rate* 3.42 % p.a | Ongoing fee $15 monthly | Go to site | More details |
Product | Advertised Rate 3.34 % p.a Fixed - 4 years | Total estimated upfront fees $498 | Comparison Rate* 3.47 % p.a | Ongoing fee $15 monthly | Go to site | More details |
Product | Advertised Rate 3.34 % p.a Fixed - 5 years | Total estimated upfront fees $498 | Comparison Rate* 3.47 % p.a | Ongoing fee $15 monthly | Go to site | More details |
Product | Advertised Rate 3.43 % p.a Variable | Total estimated upfront fees $498 | Comparison Rate* 3.47 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 3.43 % p.a Variable | Total estimated upfront fees $498 | Comparison Rate* 3.66 % p.a | Ongoing fee $15 monthly | Go to site | More details |
Adelaide Bank customer service
Adelaide Bank home loan customers can get in touch with their mortgage provider in a variety of different ways. Depending on the needs of the customer it’s possible to speak to the bank directly either face-to-face in branch or by calling the customer service centre. Customers with access to the internet can obtain a full overview of their Adelaide Bank accounts online or via their mobile app. It’s also possible to get in touch via email. If a home loan customer’s personal circumstances change and they need to seek assistance restructuring their repayments, Adelaide Bank offers a financial hardship hotline.
- Customer service centre (phone)
- Mobile app
- Online banking
- Branch
How to Apply
To begin the process of arranging a home loan, borrowers will need to apply online or in branch to arrange a face-to-face interview with a mortgage broker. Adelaide Bank has a network of over 5000 approved mortgage brokers across Australia who will facilitate the entire process for customers. Before meeting a broker it’s recommended that those seeking a mortgage look at the range of home loans available and consider how much they can afford to borrow, and over what time period. Even when applying for the paperwork-light SmartDoc and SmartDoc Plus loans it’s likely that some documents will be required upon application. These may include:
- Personal identification.
- Details of current assets, including estimated values.
- Details of current debts, including credit limits.
- Gross income.
- Estimated value of any property offered as security.
- Details of deposit and equity.
- Previous mortgage statements (for refinancers).
Learn more about home loans
When does Commonwealth Bank charge an early exit fee?
When you take out a fixed interest home loan with the Commonwealth Bank, you’re able to lock the interest for a particular period. If the rates change during this period, your repayments remain unchanged. If you break the loan during the fixed interest period, you’ll have to pay the Commonwealth Bank home loan early exit fee and an administrative fee.
The Early Repayment Adjustment (ERA) and Administrative fees are applicable in the following instances:
- If you switch your loan from fixed interest to variable rate
- When you apply for a top-up home loan
- If you repay over and above the annual threshold limit, which is $10,000 per year during the fixed interest period
- When you prepay the entire outstanding loan balance before the end of the fixed interest duration.
The fee calculation depends on the interest rates, the amount you’ve repaid and the loan size. You can contact the lender to understand more about what you may have to pay.
Why does Westpac charge an early termination fee for home loans?
The Westpac home loan early termination fee or break cost is applicable if you have a fixed rate home loan and repay part of or the whole outstanding amount before the fixed period ends. If you’re switching between products before the fixed period ends, you’ll pay a switching break cost and an administrative fee.
The Westpac home loan early termination fee may not apply if you repay an amount below the prepayment threshold. The prepayment threshold is the amount Westpac allows you to repay during the fixed period outside your regular repayments.
Westpac charges this fee because when you take out a home loan, the bank borrows the funds with wholesale rates available to banks and lenders. Westpac will then work out your interest rate based on you making regular repayments for a fixed period. If you repay before this period ends, the lender may incur a loss if there is any change in the wholesale rate of interest.
When do mortgage payments start after settlement?
Generally speaking, your first mortgage payment falls due one month after the settlement date. However, this may vary based on your mortgage terms. You can check the exact date by contacting your lender.
Usually your settlement agent will meet the seller’s representatives to exchange documents at an agreed place and time. The balance purchase price is paid to the seller. The lender will register a mortgage against your title and give you the funds to purchase the new home.
Once the settlement process is complete, the lender allows you to draw down the loan. The loan amount is debited from your loan account. As soon as the settlement paperwork is sorted, you can collect the keys to your new home and work your way through the moving-in checklist.
How to apply for a pre-approval home loan from Bendigo Bank?
Applying for pre-approval on your home loan gives you confidence in your ability to secure finance while looking at potential new homes. You can get a free and personalised pre-approval home loan from Bendigo Bank in just a few minutes, without any credit checks or paperwork.
Bendigo Bank offers pre-approval for home loans that allow you to understand the home loan size you may be able to get before looking for a new home.
With the pre-approval, Bendigo Bank provides an estimate of your borrowing power. This figure incorporates stamp duty, lenders mortgage insurance (LMI) and any first home buyer incentives you may be eligible for. You may also qualify for the First Home Loan Deposit Scheme initiative, depending on your circumstances.
To apply for a pre-approval on your home loan from Bendigo Bank, all you need to do is fill in a smart form. You could also contact the bank directly on 1300 236 344.
How can I apply for a first home buyers loan with Commonwealth Bank?
Getting a home loan requires planning and research. If you are considering a home loan with the Commonwealth Bank, you can find the information you need in the buying your first home section of the bank’s website.
You can see the steps you should take before applying for the loan and use the calculators to work out how much you can borrow, what your monthly repayments would be and the upfront costs you’d likely pay.
You can also book a time with a Commonwealth first home loan specialist by calling 13 2221.
CommBank publishes a property report that may help you understand the real estate market. The bank has also created a CommBank Property App that you can use to search for property. The link to download this app is available on the same webpage.
If you are eligible for the First Home Loan Deposit Scheme, CommBank will help you process your application. The scheme helps first home buyers to purchase a home with a low deposit. You can read details about this scheme here and speak with a CommBank home lending specialist to understand your options.
How do I apply for a home loan pre-approval from Commonwealth Bank?
To apply for a Commbank home loan pre-approval, you can either call the bank at 13 2224 or meet one of the bank’s lending specialists. You can set up a meeting online if you wish. You’ll need to do some homework before contacting the bank, such as gathering information on the kind of properties you’d like to buy and their prices.
Preparing a financial summary, which lists all your income sources as well as significant expenses, can also help determine how much you can afford to borrow. You may also want to check your credit score before applying for pre-approval.
It’s worth remembering that a CBA home loan pre-approval doesn’t guarantee that you’ll get the loan. Once you get the pre-approval, you’ll have about three to six months to decide on a property and apply for the home loan. The bank will then confirm that the property is suitable for the loan before fully approving it.
How do I find out my current interest rate and how much is owing on my loan?
Your bank statements and/or your internet banking should show these details. If you are not sure, call your bank or estimate.
Who offers 40 year mortgages?
Home loans spanning 40 years are offered by select lenders, though the loan period is much longer than a standard 30-year home loan. You're more likely to find a maximum of 35 years, such as is the case with Teacher’s Mutual Bank.
Currently, 40 year home loan lenders in Australia include AlphaBeta Money, BCU, G&C Mutual Bank, Pepper, and Sydney Mutual Bank.
Even though these lengthier loans 35 to 40 year loans do exist on the market, they are not overwhelmingly popular, as the extra interest you pay compared to a 30-year loan can be over $100,000 or more.
How do I apply for a home improvement loan?
When you want to renovate your home, you may need to take out a loan to cover the costs. You could apply for a home improvement loan, which is a personal loan that you use to cover the costs of your home renovations. There is no difference between applying for this type of home improvement loan and applying for a standard personal loan. It would be best to check and compare the features, fees and details of the loan before applying.
Besides taking out a home improvement loan, you could also:
- Use the equity in your house: Equity is the difference between your property’s value and the amount you still owe on your home loan. You may be able to access this equity by refinancing your home loan and then using it to finance your home improvement. Speak with your lender or a mortgage broker about accessing your equity.
- Utilise the redraw facility of your home loan: Check whether the existing home loan has a redraw facility. A redraw facility allows you to access additional funds you’ve repaid into your home loan. Some lenders offer this on variable rate home loans but not on fixed. If this option is available to you, contact your lender to discuss how to access it.
- Apply for a construction loan: A construction loan is typically used when constructing a new property but can also be used as a home renovation loan. You may find that a construction loan is a suitable option as it enables you to draw funds as your renovation project progresses. You can compare construction home loans online or speak to a mortgage broker about taking out such a loan.
- Look into government grants: Check whether there are any government grants offered when you need the funds and whether you qualify. Initiatives like the HomeBuilder Grant were offered by the Federal Government for a limited period until April 2021. They could help fund your renovations either in full or just partially.
What are the responsibilities of a mortgage broker?
Mortgage brokers act as the go-between for borrowers looking for a home loan and the lenders offering the loan. They offer personalised advice to help borrowers choose the right home loan for their needs.
In Australia, mortgage brokers are required by law to carry an Australian Credit License (ACL) if they offer credit assistance services. Which is the legal term for guidance regarding the different kinds of credit offered by lenders, including home loan mortgages. They may not need this license if they are working for an aggregator, for instance, as a franchisee. In both these situations, they need to comply with the regulations laid down by the Australian Securities and Investments Commission (ASIC).
These regulations, which are stipulated by Australian legislation, require mortgage brokers to comply with what are called “responsible lending” and “best interest” obligations. Responsible lending obligations mean brokers have to suggest “suitable” home loans. This means loans that you can easily qualify for, actually meet your needs, and don’t prove unnecessarily challenging for you.
Starting 1 January 2021, mortgage brokers must comply with best interest obligations in addition to responsible lending obligations. These require mortgage brokers to act in the best interest of their customers and also requires them to prioritise their customers’ interests over their own. For instance, a mortgage broker may not recommend a lender who gives them a commission if that lender’s home loan offer does not benefit that particular customer.
What are the features of home loans for expats from Westpac?
If you’re an Australian citizen living and working abroad, you can borrow to buy a property in Australia. With a Westpac non-resident home loan, you can borrow up to 80 per cent of the property value to purchase a property whilst living overseas. The minimum loan amount for these loans is $25,000, with a maximum loan term of 30 years.
The interest rates and other fees for Westpac non-resident home loans are the same as regular home loans offered to borrowers living in Australia. You’ll have to submit proof of income, six-month bank statements, an employment letter, and your last two payslips. You may also be required to submit a copy of your passport and visa that shows you’re allowed to live and work abroad.
What are the benefits of getting a pre-approved home loan from Citibank?
While hunting for your dream home, getting a Citibank home loan pre-approval can have multiple benefits, which include:
- You'll have an idea on your personal price range, which can save time to find your home.
- With a pre-approved home loan, you may find yourself with more financial control to better decide how much you can spend.
- A Citibank pre-approved home loan is a commitment by a lender that signals you're ready to jump into the property market.
You can apply for pre-approval by providing basic details, such as name, email, and phone number on the bank’s website. Alternatively, you can contact the bank on 1300 361 922 or find a home lending officer on the website.
How can I get a home loan with bad credit?
If you want to get a home loan with bad credit, you need to convince a lender that your problems are behind you and that you will, indeed, be able to repay a mortgage.
One step you might want to take is to visit a mortgage broker who specialises in bad credit home loans (also known as ‘non-conforming home loans’ or ‘sub-prime home loans’). An experienced broker will know which lenders to approach, and how to plead your case with each of them.
Two points to bear in mind are:
- Many home loan lenders don’t provide bad credit mortgages
- Each lender has its own policies, and therefore favours different things
If you’d prefer to directly approach the lender yourself, you’re more likely to find success with smaller non-bank lenders that specialise in bad credit home loans (as opposed to bigger banks that prefer ‘vanilla’ mortgages). That’s because these smaller lenders are more likely to treat you as a unique individual rather than judge you according to a one-size-fits-all policy.
Lenders try to minimise their risk, so if you want to get a home loan with bad credit, you need to do everything you can to convince lenders that you’re safer than your credit history might suggest. If possible, provide paperwork that shows:
- You have a secure job
- You have a steady income
- You’ve been reducing your debts
- You’ve been increasing your savings
How can I get ANZ home loan pre-approval?
Shopping for a new home is an exciting experience and getting a pre-approval on the loan may give you the peace of mind that you are looking at properties within your budget.
At the time of applying for the ANZ Bank home loan pre-approval, you will be required to provide proof of employment and income, along with records of your savings and debts.
An ANZ home loan pre-approval time frame is usually up to three months. However, being pre-approved doesn’t necessarily mean you will get your home loan. Other factors could lead to your home loan application being rejected, even with a prior pre-approval. Some factors include the property evaluation not meeting the bank’s criteria or a change in your financial circumstances.
You can make an application for ANZ home loan pre-approval online or call on 1800100641 Mon-Fri 8.00 am to 8.00 pm (AEST).
What is a variable home loan?
A variable rate home loan is one where the interest rate can and will change over the course of your loan. The rate is determined by your lender, not the Reserve Bank of Australia, so while the cash rate might go down, your bank may decide not to follow suit, although they do broadly follow market conditions. One of the upsides of variable rates is that they are typically more flexible than their fixed rate counterparts which means that a lot of these products will let you make extra repayments and offer features such as offset accounts.
