Bank chops 0.22% from home loan range taken out via brokers

by AB03 Sep 2013

Adelaide Bank has dropped 0.22% from the SmartSuite residential home loan range for new customers taking out loans via a mortgage broker.

The lender’s general manager, Damian Percy, says the move comes as Adelaide Bank makes ‘significant changes’ to the way it assists its broker partners, as well as being part of an overall push to ‘rejuvenate’ the brand.

“We’ve been dedicated to servicing brokers for more than 20 years and built strong relationships within the industry, which allows us to understand their needs,” says Percy. 

“The new reduced rate is just the beginning of some exciting changes we’re implementing to create a better environment and a more compelling case for our broker partners to do business with us.

He says the bank is also committed to maintaining its ‘industry-leading’ position on loan approval turnaround times, particularly in an environment where the property industry is gathering momentum.

“The opening in a few weeks of our brand new headquarters at 80 Grenfell St in the heart of Adelaide will also help us build on our strengths with workspaces and service areas that will greatly improve how we work together as a team in servicing our broker partners”, says Percy. 

 

Product

Current Rates

Change

New Rate

SmartSaver

5.21%

-0.22%

4.99%

SmartFit Variable

5.31%

-0.22%

5.09%

SmartDoc Variable

6.41%

-0.22%

6.19%

SmartDoc Plus

6.66%

-0.22%

6.44%

 

Product

New Annual Percentage Rate

Comparison Rate

SmartSaver

4.99%p.a.

5.03%p.a.

SmartFit

5.09%p.a.

5.24%p.a.

SmartDoc

6.19%p.a.

6.34%p.a.

SmartDoc Plus

6.44%p.a.

6.59%p.a.

 

COMMENTS

  • by oldBroker 4/09/2013 10:39:20 AM

    This is great news and is one sure way to increase the percentage of broker-initiated deals.
    Good-on ABL to recognise the importance of the broker channel and to recognise that a) new-customer costs are significantly lower with broker-deals as opposed to branch-deals, and b) the majority of a bank's overall new customers come from the broker channel. Now if we can only get the majors on-board.