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Adelaide Bank SmartFit Home Loan

Get a variable rate home loan which allows extra repayments and comes with a 100% offset account.

While the SmartFit home loan from Adelaide bank charges a monthly fee, this variable rate home loan comes with features which enable you to save money in the long run. This is possible through a 100% offset account, and the ability to make additional repayments without attracting any penalties. Borrowers using this loan for investment purposes can benefit by making interest only payments for the first 10 years.

Interest Rate Max Insured LVR Max LVR
LVR < 90% (Investor, IO)
3.23% p.a.
Comparison Rate
3.34% p.a.
90% 70%
LVR < 90% (Investor, P&I)
3.03% p.a.
Comparison Rate
3.26% p.a.
95% 80%
LVR < 90% (Owner Occupier, IO)
3.23% p.a.
Comparison Rate
3.16% p.a.
90% 80%
LVR < 90% (Owner Occupier, P&I)
2.73% p.a.
Comparison Rate
2.96% p.a.
95% 80%
LVR > 90% (Owner Occupier, P&I)
3.43% p.a.
Comparison Rate
3.66% p.a.
95% 80%
Product NameAdelaide Bank SmartFit Home Loan
Interest Rate TypeVariable
Comp Rate^ (p.a.)
Minimum Loan Amount$10,000
Maximum Loan Amount$5,000,000
Minimum Loan Term5 years
Maximum Loan Term30 years
Maximum LVR80%
Maximum Insured LVR95%
Mortgage Offset AccountYes
Mortgage 100% OffsetYes
Loan Redraw FacilityYes
Split Loan FacilityYes
Fixed Interest OptionYes
Suitable for InvestmentNo
Extra RepaymentYes
Available as equity loan/line of creditNo
Repayment TypePrincipal & Interest and Interest Only Options
Application Fee$375
Lender's Legal Fee$0
Valuation Fee$240
Ongoing Fees$15 monthly ($180 p.a.)
Settlement Fee$120
Discharge Fee$325


  • $0 Legal fee
  • Redraw Facility
  • 100% offset account
  • Extra repayments are available


  • $375 Application fee
  • A $325 discharge fee applies when you pay off your home loan
  • There is a $15 per month account fee

Things to consider about the Adelaide Bank SmartFit home loan

You can use this loan to buy or refinance an owner occupied home, to buy a home for investment purposes, and for debt consolidation. You can also borrow against the equity you've built in your house, or turn to it as a go-between bridging finance alternative.

You cannot apply for this loan if you want to buy land, construct a home, or use it as a second mortgage, and you cannot apply as a trust or a company.

Features of the Adelaide Bank SmartFit home loan

  • Loan amount and LVR. The minimum you can borrow through this loan is $10,000, and you can borrow as much as $5,000,000, although the maximum limit depends on LVR. The maximum LVR allowed is 95%, but if your LVR exceeds 80% you’ll have to pay for Lenders Mortgage Insurance (LMI).
  • Offset account. A transactional 100% offset account has a direct bearing on the interest you pay towards your home loan. This is because the calculation of interest on your home loan takes into account your offset account balance. For instance, if the outstanding balance on your loan is $100,000 and the balance in your offset account is $40,000, the interest is only calculated on $60,000.
  • Repayment flexibility. If you're making principal and interest payments you get the option to choose between making weekly, fortnightly, and monthly payments. In case of interest-only payments, you have to make monthly payments. Repayment flexibility also comes in the form of being able to make extra repayments at any time without attracting penalties.
  • Redraw facility. This loan allows you to redraw money that you deposit in the form of extra repayments. You can redraw a minimum of $500 each time, and while manual withdraw requests attract a fee, online and phone banking redraws are free.


  • Application fee: $375. This fee covers the application costs associated with your home loan.
  • Monthly administration fee: $15 per year. There’s a $15 monthly fee for this loan.
  • Settlement fee: $120. Adelaide Bank charges a fee of $100 to organise the settling of funds.

How to apply for the Adelaide Bank SmartFit home loan

Applying for the Adelaide Bank SmartFit home loan requires that you get in touch with Adelaide Bank directly or a mortgage broker who offers Adelaide Bank loans. In order to apply you have to meet certain eligibility criteria, which include the following.

  • You’re a permanent Australian resident
  • You’re over 18 years old
  • You don't have a poor credit history

The bank also goes through your finances to establish how much you qualify to borrow so prepare to part with the following.

    • Your gross income
    • List of assets along with estimated values
    • List of liabilities with credit limits
    • Value of property you offer in the form of security
    • Any equity you hold or your deposit

The Adelaide Bank SmartFit home loan is a good option for people who're looking for variable rate loans with lots of features, but since there are other alternatives, it’s best that you compare more than a few before making a decision.

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Adelaide Bank SmartFit Home Loan

  • Interest Rate


  • Comparison Rate


  • App Fee / Annual Service Fee

    $375 / $15

  • Max LVR


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