Adelaide Bank SmartDoc Loan


The SmartDoc offers borrowers a good deal of flexibility which enable them to reduce interest costs substantially over the life of the loan. Features include a 100 per cent offset account and extra repayments are allowed with no cap. There is also a fee free redraw facility.

Split loans are available, which gives borrowers plenty of options when it comes to managing their loan. But Adelaide Bank allows only principal and interest repayments on the variable loan.

It’s worth noting that the SmartDoc has relaxed the eligibility requirements for documentation of income, to make it easier for the self-employed to sign up.

This is counter balanced, though, by the relatively large minimum deposit required from borrowers and compulsory lenders mortgage insurance is needed where deposits are less than 40 per cent of a property’s value. Borrowers need to be aware that this protects the lender, not them, against default.

The SmartDoc loan can also be used for bridging finance, though an extra $200 fee applies if you want to use the loan for this purpose.

Who is the Adelaide Bank SmartDoc Loan good for?

The Adelaide Bank SmartDoc Loan could be great for self-employed people with an established income who are looking for maximum flexibility and strong refinancing options. The high minimum deposit means it could be better suited to those who can afford to pay a big deposit or for people buying a small property or refinancing an existing loan. However, you don’t get an interest only option on repayments, so this may put some investors off.

Review - What RateCity says

Adelaide Bank has designed the SmartDoc home loan to help self-employed borrowers access a loan with plenty of features while reducing the usual obstacles involved with providing income documentation. The loan offers borrowers some strong possibilities in terms of refinancing and flexible repayment options which can allow them to reduce interest costs. The large minimum deposit, however, and additional fees for guarantors and extra security means it might not be ideal for those entering the property market for the first time.

Adelaide Bank SmartDoc Loan Options

The Adelaide Bank SmartDoc Loan offers a number of fixed term options for both Home buyers and Investors, with unfixed options too.

  • 100 per cent offset account.
  • Unlimited repayments.
  • Redraw facility.
  • Large minimum deposit.
  • Extra fee for guarantors.
  • High monthly fees.
Must be an Australian resident.

Self-employed borrowers must have been self-employed for more than two years.

About Adelaide Bank

Adelaide Bank merged with Bendigo Bank in 2007, and the two of them form the Bendigo and Adelaide Bank group. Adelaide bank is now the group’s wholesale banking branch and its home loans are available through its network of over 5000 mortgage broking partners across Australia.

Once you have the loan, the bank can be contacted 24 hours a day, seven days a week, and it also has online and telephone banking facilities. Face-to-face customer service is also available through their partnered Bendigo Bank’s 430 stong branch network across Australia.

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