SmartSaver Home Loan (Principal and Interest) (LVR 90%-95%)
- Last updated on 15 Jul 2020
based on $300,000 loan amount for 25 years
- No ongoing fees
- Suitable for low deposits
- Extra repayments + redraw services
- Repayments may decrease if RBA cuts rates
- Limited extra repayments
- Discharge fee at end of loan
- Repayments may increase if RBA raises rates
Interest rate structure
$10k - $5m
Principal & interest
Loan term range
5 - 30 years
Allowed with restrictions
Redraw fee: $50
Allows split interest
ACT, NSW, NT, QLD, SA, TAS, VIC, WA
Total estimated upfront fees
Other upfront fee
Minimum SMSF Amount
Max LVR w/ LMI 90% for IO, repayment frequency for IO is monthly
Compare and review home loans with similar features
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
It’s no longer possible to get a no-deposit home loan in Australia. In some circumstances, you might be able to take out a mortgage with a 5 per cent deposit – but before you do so, it’s important to weigh up the pros and cons.
The big advantage of borrowing 95 per cent (also known as a 95 per cent home loan) is that you get to buy your property sooner. That may be particularly important if you plan to purchase in a rising market, where prices are increasing faster than you can accumulate savings.
But 95 per cent home loans also have disadvantages. First, the 95 per cent home loan market is relatively small, so you’ll have fewer options to choose from. Second, you’ll probably have to pay LMI (lender’s mortgage insurance). Third, you’ll probably be charged a higher interest rate. Fourth, the more you borrow, the more you’ll ultimately have to pay in interest. Fifth, if your property declines in value, your mortgage might end up being worth more than your home.