Adelaide Bank SmartSaver Rates & Fees Review | Finder

Adelaide Bank SmartSaver Home Loan

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The Adelaide Bank SmartSaver is a basic home loan that offers finance without complicated features or high fees.

With a low introductory variable interest rate and no monthly administration fees, the Adelaide Bank SmartSaver home loan allows you to put money aside each month. You can finance up to 95% of your home’s value, making this an option for Australians who don’t have a lot of disposable income to make a large down payment.

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Expert review

Marc Terrano

Review by


Marc Terrano is a lead publisher and growth marketer at Finder. He has previously worked at Finder as a publisher for frequent flyer points and home loans, and as a writer, podcast host and content marketer. Marc has a Bachelor of Communications (Journalism) from the University of Technology Sydney. He’s passionate about creating honest and simple reviews and comparisons to help everyone get value for money.

Expert review

The SmartSaver home loan is a full documentation loan only available for purchasing or refinancing a home, although it may be used towards the purchase of an investment property. Company and trust applicants aren’t eligible for this loan, as will temporary residents or overseas applicants.

This loan has no monthly or annual fees, but does charge regular upfront costs.

About this loan

What are the features and benefits of the Adelaide Bank SmartSaver Home Loan?

  • Loan amount: The minimum amount for this loan starts at $10,000 and the maximum is $5 million.
  • Maximum Loan-to-Value Ratio (LVR): The maximum LVR for this loan is 95% for borrowers who make monthly principal and interest repayments and 90% for those making interest-only repayments.
  • Loan terms: Loan terms are five to 30 years with the option of making principal and interest repayments or interest-only payments.
  • Repayment frequency: Principal and interest repayments may be made weekly, fortnightly or monthly to align with your pay structure. Interest-only repayments can only be made every month. Extra repayments can be made at will with no penalty.
  • Redraw: You can use the redraw facility to access extra repayments you've made for free if redrawing online or via phone banking. A minimum of $500 may be redrawn.
  • Split Loans: You can split this loan into more than one portion, allowing you to take advantage of fixed and variable rates. You will be charged $100 for each split loan application.

What fees and charges come with this loan?

  • Lender's Mortgage Insurance (LMI). Amount varies. LMI fees will not be applied if you are able to borrow less than 80% of the value of the home.
  • Monthly fees. $15 per month. These fees are not applied on the SmartSaver home loan.
  • Application fee. $375. The application fee pays for assessing your loan application, processing and preparing the documentation needed for the mortgage loan to settle.
  • Settlement fee. $100. The settlement fee is paid to the bank once the home loan is settled
  • Funds disbursement fee. $15.

How to apply

If you're interested in applying for this loan, you can click 'Go to Site' to be redirected to the secure online form to start the application process. Before you do so, check the following criteria to see if you are eligible:

  • Only citizens or permanent residents of Australia are eligible for the SmartSaver home loan
  • Applicants must be over the age of 18 and have credit rating.

Adelaide Bank will assess your current financial situation and employment history before determining the amount, if any, of the home loan they will offer you.

You should have prepared the following documents ready for your application:

  • A list of your current assets, including the estimated values
  • A list of all liabilities, including available credit limits
  • Proof of your gross income either with pay stubs or tax forms
  • The value of the property that is going to be used as security for the home loan
  • The amount you have available to offer as a deposit

Making the commitment to a home loan is a big step towards yours and your family's future. Compare different packages and options to make the choice that will best serve your needs now and in the future.

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