Adelaide Bank "KO"s Lo Doc rates
Monday 27 October 2014
Fons Caminiti, Senior Manager Broker Distribution, Adelaide Bank has unveiled the latest rate reduction for two variable interest rate Lo Doc home loan products.
"In addition to our full doc variable discounts announced last week, we’ve come out swinging and are extremely pleased to be able to announce a significant reduction on both our SmartDoc variable product - down to 5.85% - and SmartDoc Plus variable product - down to 5.99%% - until further notice", Mr Caminiti said.
"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.
"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.
"As a broker-only lender, we are on the path to continuous improvement and these loans are 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", concluded Mr Caminiti.
New Rate: SmartDoc variable product - 5.85% Comparison rate: 6.05%
New Rate: SmartDoc Plus variable product - 5.99%% Comparison rate: 6.19%