Non-major lender Adelaide Bank has dropped the variable rate on four of its popular owner-occupied and investor loans after being awarded a five-star rating by Canstar.
On the back of Adelaide Bank’s SmartSaver, SmartFit, Investment SmartSaver and Investment Smartfit variable loans being awarded the top rating in the “Outstanding Value – Variable Home Loans” category, the non-major’s national manager broker sales and distribution, Fons Caminiti, announced the four loan products will see a further reduction of 0.05% in the interest rate.
The discount will see brokers have access to owner-occupied variable rates starting from 4.14% for its SmartFit and SmartSaver loans (comparison rates of 4.36% and 4.18% respectively, depending on LVR). Brokers will also be able to offer their investor clients variable rates starting from 4.54% on its investment SmartFit and SmartSaver loans (comparison rates of 4.75% and 4.58% respectively).
The new variable rates will be effective as of Friday 16 October, on all new loans.