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
Find the variant that suits you needs with below options available.
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