Adelaide Bank SmartFit Loan


The SmartFit Loan is loaded with options for the first home buyer, investor and may also suit refinancers or those seeking bridging finance. The loan offers borrowers a chance to reduce their debt and interest costs with extra repayments allowed at any time, without penalty. The loan allows free redraws, but the minimum amount is $500.

The loan comes with a free 100 per cent offset account, which is a great way for borrowers to cut interest costs as they can link their mortgage to a transaction account. The balance in the transaction account is then used to offset the home loan balance, which can reduce interest costs payable significantly. Repayments can be made weekly, fortnightly or monthly on a principal and interest loan.

The loan allows for only monthly repayments on interest only loans, which is fairly typical. Adelaide Bank allows up to 10 years of interest only repayments for investors, another flexible feature, as many other lenders often limit such payments for up to five years. With loan terms of between five and 30 years, a minimum loan amount of $10,000 gets you started.

For the more advanced borrower, the Adelaide Bank SmartFit offers loans of up to $5 million, subject to borrowers receiving lenders mortgage insurance. You can split your loan into more than one portion, including a very fixed rate loan which also has a 100 per cent offset account facility. Adelaide Bank allows generous repayments of up to $20,000 on fixed loans. But a $100 loan application fee applies per split.

Who is the Adelaide Bank SmartFit Loan good for?

The Adelaide Bank’s SmartFit Loan is good for owner occupiers, investors and even those seeking a home equity loan for investment or personal purposes.

The fees are reasonable overall given the flexibility offered and the loan could suit a range of buyers that are happy to go with a smaller financial institution offering competitive rates and good home loan options.

Review - What RateCity says

This is a great all purpose loan for customers looking for flexible repayment options and good loan facilities. The fact that you can have a 100 per cent offset account (even on fixed loans) and make additional repayments and redraws at any time without associated penalties makes this a serious contender for first home buyers and investors alike. A truly versatile and flexible loan, Adelaide Bank’s SmartFit Loan is one to keep in mind as you seek your dream home.

Adelaide Bank SmartFit Loan Options

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  • Allows for up to 95 per cent deposit.
  • Split loan option.
  • Free offset account and redraw facilities.
  • Doesn’t cover inner city apartments.
  • High monthly fee.
  • Reasonably high upfront and discharge fees.

No self-employed applicants (under two years). Overseas or non-permanent Australian residents not eligible. No construction loan allowed.

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
  • Investors
  • Estimated upfront fees: $495.00
  • Discharge fees: $325
  • Ongoing fees: $15 monthly

Adelaide Bank charges a relatively high ongoing monthly fee on this loan and moderate upfront and discharge fees. Look for additional fees that may apply to your circumstances, especially if you want to split your home loan, when a $100 loan application fee applies per split. If you require guarantor support, or a bridging finance solution is sought, this product may attract further fees.

  • Redraw facility
  • 100% offset account
  • Unlimited extra repayments
  • Weekly repayments
  • Fortnightly repayments
  • Monthly repayments
  • Loan allows split interest rate
About Adelaide Bank

Adelaide Bank was established in 1994 and has since merged with Bendigo Bank. Adelaide Bank 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 partnership with Bendigo Bank's stong branch network across Australia. 

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