A non-major has unveiled rate reductions on two of its variable interest rate lo-doc home loan products.
Adelaide Bank is offering 5.85% (comparison rate 6.05%) on its SmartDoc variable home loan product and 5.99% (comparison rate 6.19%) on its SmartDoc Plus home loan product. Fons Caminiti, senior manager of broker distribution at Adelaide Bank, said these savings will be very attractive for lo-doc applicants.
"The rate cuts represent 0.34 basis points for SmartDoc and 0.45 basis points for SmartDoc Plus. We understand there are clients who for a variety of circumstances are genuine Lo Doc candidates and we believe that we have the product features and benefits in our Lo Doc loans to make both these offerings a very attractive option.”
Caminiti says this product enhancement is evidence of the lender’s commitment to the broker channel.
"As a broker-only lender, we are on the path to continuous improvement and these loans are now available to both owner occupiers and investors. Our message to brokers is that 'we're in your corner' and doing all we can to help you win business while making the purchasing process as hassle free and timely as it can possibly be for your clients,”
All the regular, competitive features of Adelaide Bank’s lo-doc loans still exist, says Caminiti.
"Our Lo Doc SmartDoc Plus loan allows clients to borrow up to 70% LVR with no LMI premium applicable. Both Lo Doc products feature our fantastic 100% offset account, unlimited Eftpos transactions and our online budgeting tools which are specifically designed to help get clients on the path to reducing their home loan sooner,” he said.
The new rates are available now until further notice.
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