Adelaide Bank

Adelaide Bank Refinancing

Key Benefits

+ Low deposit solutions available
+ Extra repayments and 100 per cent offset accounts
+ Principle and interest or interest only repayment options available

Drawbacks

x On-going monthly fees attached to majority of home loans
x Package deals not available

Adelaide Bank is one full-service financial institution, with high value lending solutions and a stress free service from start to settlement.

For over 100 years, Adelaide Bank has been at the forefront of a customer-centric approach to banking.  As one of the top six banks in Australia based on capitalisation, they have continued to deliver an innovative line of home loans and mortgages from their headquarters in South Australia. In 2007, Adelaide Bank merged with Bendigo Bank to establish  Bendigo and Adelaide Bank Limited.

Adelaide Bank Home Loan Products

Adelaide Bank Smart Fit

SmartFit is all about doing things your way. A fully featured home loan, you’ll get a highly competitive variable rate which includes 100% offset, free redraws, and added repayments penalty-free. You can also control how you pay with your choice of Principal + Interest or Interest-Only repayments.

Adelaide Bank Smart Fix

Why wonder about your loan repayment amount when you don’t have to? The Adelaide Bank Smart Fix fixed loan bring you a full list of features such as free redraw, 100% offset, additional repayments penalty-free, and Principal and Interest or Interest-Only repayments.

 

Adelaide Bank Smart Saver

Looking for a no-frills loan with just what you need and none of the fluff? SmartSaver is the Adelaide Bank refinancing loan for you. You get a straightforward home loan with a low variable rate. From there, you can enjoy benefits such as a redraw facility, penalty-free extra payments, and your choice of repayment with Principal and Interest or Interest-Only.

Adelaide Bank Smart Doc

You’re already self-employed, so why wouldn’t you call the shots with your loan just like your career? These variable rate loans have all the perks you could ask for with none of the standard financial paperwork. Includes 100% offset, free redraws, and multiple repayment terms such as Principal and Interest, and Interest-Only.

Adelaide Bank Smart Doc Fix

Self-employed? Enjoy all the benefits of a traditional fixed rate loan without all the normally required paperwork. You get the benefits of 100% offset and free redraws, and you control how to pay with flexible Principal and Interest or Interest Only repayments. Stop waiting and start seeing just how this loan can work for you.

Adelaide Bank Smart Doc Plus

Smart Doc Plus is your key to great home loans for the self-employed without the need for financial paperwork like pay slips or tax returns. This variable rate choice includes 100% offset, free redraws if you need them, multiple repayment options, and best of all no LMI required!

About Adelaide Bank Refinancing

The Adelaide Bank Refinancing Process

To enable Adelaide Bank to effectively process your refinancing application, you will need to provide some information about your objectives, and current financial situation. The information you may need to provide, will include the following:

  • Personal information to confirm identity
  • Gross income
  • Borrowing power
  • If you need home and contents insurance
  • Current asset values
  • Current credit limits and liabilities
  • Security property value
  • Time frame in which you need to access funds
  • Whether or not your loan fees are included in the loan amount
  • Whether or not you need a credit card linked to the loan

Questions You Should Be Asking

In order to get the best deal on an Adelaide Bank  refinancing loan, you  need to know which questions to ask. Adelaide Banks suggest three pertinent questions that customers should be asking when they look into refinancing.

What is around the corner?

It is important to make predictions based on your future circumstances or plans. This will give you some idea of what you will be able to afford on a monthly basis in the near future. Future investment, retirement plans or other life events all need to be taken into account here.

What are the refinancing costs?

Getting out of your existing loan agreement is not always easy and may incur a financial penalty. Your current lender will be able to supply details of this to you, so factor this in to your calculations as you seek to work out your best option. There may be registration costs associated with your new loan product also.

What other costs should I know about?

It is important to look beyond the interest rate when selecting a loan product. While it is attractive to go for cheapest refinance rate, you also need to be aware of any additional costs which might  increase your costs to refinance.

A Refinancing.com.au loan specialist can help you with an Adelaide Bank Refinancing loan, speak to us today.

Adelaide Bank Home Loan Products Comparison

 

FAQs

What is refinancing a home?

Refinancing a property is when you take out a new home loan to repay your existing mortgage. People usually choose to do this due to a change in financial situation, or to take advantage of better interest terms or rates.

What are the benefits to refinancing your home?

There are many advantages to refinancing a property, which is why it’s such a popular option. If you’re not happy with your existing interest rate, it allows you to switch to another one. This can add up to serious savings over the course of a mortgage. It can also allow you to change your mortgage term, so that you can potentially pay off your home loan sooner and become debt-free. Not only that, but it can also allow you to access existing equity in your home to purchase another property.

What are the downsides to refinancing a mortgage?

As well as a range of benefits, refinancing also comes with its disadvantages. Firstly, it can be a time-consuming process, due to the administration involved in exiting your mortgage and applying for a new one. There can also be a range of costs involved, including the application, valuation and mortgage discharge fees which can quickly add up. Fixed interest rates can also be misleading, in that they can fluctuate in the time between approval and settlement meaning that you might not lock in a better rate after all.

What questions should you ask when refinancing a mortgage?

There are a few questions you should ask if you’re thinking of refinancing. When it comes to your existing lender, you should ask if they have a waiting period before you can refinance, what exit fees are involved in refinancing, and if they have another package with a more competitive interest rate you can switch to. As for a potential new lender, you should ask whether their fixed interest rates have a lock in period, what fees are involved in applying and what requirements they have for refinancing.

When should you not refinance your home?

If you have less than 20% equity in your home, have a poor credit score and aren’t able to quickly recoup the costs involved in refinancing, you may want to think twice about refinancing your home loan at this point in time.

When is refinancing a good idea?

Refinancing can be a good idea if you already have considerable equity in your home, are looking at purchasing another property or are unhappy with your current home loan and have researched more competitive rates. You’ll also want to make sure you’re in strong financial standing with a good credit score.

Can you get a home equity loan without refinancing?

A home equity loan is different to refinancing in that you’re taking out a line of credit against your existing equity. You will be making repayments in addition to your mortgage, whereas refinancing means you’re replacing an existing mortgage with a new one. You do not need to refinance in order to get a home equity loan.