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Home Loan Fixed Rate from 5.84% (CR 6.64%, Owner Occupied P&I 3-Year) with 100% Offset Account @ Adelaide Bank

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Home Loan Fixed Rate from 5.84% (CR 6.64%, Owner Occupied P&I 3-Year) with 100% Offset Account @ Adelaide Bank
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AssociatedMortgage Broker @ Lending Clinic on 19/06/2023 - 09:14 adelaidebank.com.au (255 clicks)
Last edited 01/07/2023 - 08:16 by 1 other user

Hello OzBargainers,

Sick of variable rates keep creeping up, month after month?

Adelaide Bank has a very good fixed rate at the moment, and they also offer 100% offset account for their SmartFix product (unlike other banks which don't allow offset account for fixed rate).

They're also offering free Rate Lock (conditions apply).

Some examples of their fixed rates as of 19/06/2023:
(please note these rates have now gone up, please check the bank website for latest rates)

  • Owner Occupied P&I 1-year: 5.64% (CR 6.57%)
  • Owner Occupied P&I 2-year: 5.44% (CR 6.45%)
  • Owner Occupied P&I 3-year: 5.39% (CR 6.34%)
  • Investment P&I 1-year: 5.84% (CR 6.67%)
  • Investment P&I 2-year: 5.64% (CR 6.56%)
  • Investment P&I 3-year: 5.59% (CR 6.47%)
  • Investment I/O 1-year: 5.74% (CR 6.65%)
  • Investment I/O 2-year: 5.79% (CR 6.59%)
  • Investment I/O 3-year: 5.74% (CR 6.51%)

Indicative Adelaide Bank fees:

  • $299 application fee
  • $199 settlement fee
  • Valuation fee covered up to $300 (enough for majority of properties)
  • $15 monthly fee for SmartFix which has offset account ($0 for SmartSaver without offset account)
  • $325 discharge fee (payable later when you sell or refinance again)

Indicative third party charges:

  • Discharge fee for your current lender (most banks charge $350)
  • $250-$400 land title office charges

No cashback, but who needs one when you have a competitive fixed rate and an offset account to go with it? šŸ˜€

We also work with other banks, some of the popular offers if you're looking for cashback (variable rates after the June rate increase):

  • ANZ: variable rates from 5.80% (CR 5.80%), with $4000 cashback
  • Westpac/St.George/Bank of Melbourne/BankSA: variable rates from 5.72% (CR 6.06%), with $2000-$4000 cashback
  • Bank of China: variable rates from 5.43% (CR 5.81%), with $4288 cashback
  • ME Bank: variable rates from 5.83% (CR 5.85%), with $2000-$4000 cashback per property
  • Heritage Bank: variable rates from 5.69% (CR 5.71%), with $3000-$5000 cashback

Kind regards,

Arman Soetanto
M: 0431 825 128
E: [email protected]
W: www.lendingclinic.com.au
Lending Clinic Pty Ltd (Credit Representative Number 511270) is authorised under Australian Credit Licence Number 384704

Financial Home Loan Investment Loan Refinance

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closed Comments

    • dottjt on 19/06/2023 - 09:20
      +9

      Easily one of the worst comments of all time.

      • jv on 19/06/2023 - 09:20
        -4

        Thank you.

        There was a lot of planning put into this one.

        • dottjt on 19/06/2023 - 09:23
          +10

          No worries jv I am sure that your comments provide a valuable service to the community.

          • CyberMurning on 19/06/2023 - 09:31
            +2

            @dottjt: He is our clown thats how he contributes. Its fine sometimes laugh is the best medicine during this recession time

          • perfectlydark on 19/06/2023 - 11:54

            @dottjt: i dont get the JV hate. makes me laugh

  • skye89 on 19/06/2023 - 09:18
    -3

    Does this include the June rate rise?

    • jv on 19/06/2023 - 09:21

      It is fixed.

        • jv on 19/06/2023 - 09:29
          +6

          Yes, and fixed rates also increase with the RBA.

          That's the bank's problem after you take out the loan.

          Many banks increase their rates towards the second half of the month

          That will only affect you if you are on a variable loan.

        • cook99 on 19/06/2023 - 10:09
          +5

          Not sure you understand how fixed rates work…

    • May4th on 19/06/2023 - 12:11

      We also work with other banks, some of the popular offers if you're looking for cashback (variable rates after the June rate increase):

  • Deviant88 on 19/06/2023 - 09:21
    +2

    The gamble you take on these is whether the rates are gonna stay higher than 5.39 in those 3 years.
    If they drop and you're on a higher fixed, then you're screwed in those extra years.

    • jv on 19/06/2023 - 09:22
      +1

      yep…

    • Drogo on 19/06/2023 - 09:27
      +1

      Looks like the banks are now betting on rate drops in the next 2 years

      • pearl2013 on 19/06/2023 - 09:58
        +2

        It's in their forecast rates gonna comes down for the next 2-3 years.

      • Ocker on 19/06/2023 - 10:32
        -2

        Banks do not "bet" on future interest rates (with the exception of trading rates for their own account), rather they price off the wholesale interest rate markets.

    • bluntman on 19/06/2023 - 10:04

      Depends. If rates do come down substantially you can pay break fees. I have done this before and the break fees were well worth VS the savings of the lower rate, so potentially a free hit depending on all of the circumstances

  • Deviant88 on 19/06/2023 - 09:24

    hahahaha
    It may not have been obvious for some. However, thank you for the laugh.

  • freedomofspeech on 19/06/2023 - 09:25
    +1

    locking in now and missing out on the lowering of rates from later this year

    • CyberMurning on 19/06/2023 - 09:32
      +5

      Not locking and crying when the rate increasing later this year

      • eek on 19/06/2023 - 09:38

        They're gonna keep going up up up and up! Maybe until 2025.

      • cski on 19/06/2023 - 10:24
        +3

        Kinda sounds like legalized gambling

        • CyberMurning on 19/06/2023 - 11:35
          +1

          Life is a gamble…. we die or not from covid also gamble

    • skye89 on 19/06/2023 - 09:42
      -2

      Don't be so confident on rates going lower later this year. The economists are never right. Unemployment data going strong with house prices going up and ongoing high inflation. Gareth Aird has been wrong on his rate calls so many times in the last year.

    • perfectlydark on 19/06/2023 - 11:56
      +2

      i dont see them coming lower for at least 18 months. maybe a year of stagnation at slightly higher than today. fixing at 5.5 isnt the worst idea IMO

  • Drogo on 19/06/2023 - 09:26

    Bank of China?… Yeah don't do that

  • michael128 on 19/06/2023 - 09:29

    How does offset account work on a fixed rate? Generally offset account only works on a variable rate loan.

    • jv on 19/06/2023 - 09:31
      -1

      The interest rate is fixed, not the loan amount.

      • Bennie on 19/06/2023 - 09:49

        Of course the rate is fixed, how can a loan amount be fixed?

        • jv on 19/06/2023 - 09:49
          -1

          how can a loan amount be fixed?

          When you take out the loan.

        • cski on 19/06/2023 - 17:51

          I suppose some personal fixed loans with fixed repayments where the interest amounts are already factored into the precise repayment schedule with precise end date.

    • Extreme on 19/06/2023 - 12:59

      It works the exact same way as an offset account on a variable rate loan works.

      Interest is still calculated daily & charged monthly.

  • zlatanbargain on 19/06/2023 - 09:35

    Iā€™m sorry if I sound ignorant but what does the CR in the brackets stand for?

    • Khisanth on 19/06/2023 - 09:37
      +1

      Comparison rate

      • zlatanbargain on 19/06/2023 - 09:38

        Thank you, I had the biggest metal blank.

        • tg on 28/06/2023 - 13:24

          I had the biggest metal blank.

          Are you a robot? :P

    • jv on 19/06/2023 - 09:51

      what does the CR in the brackets stand for?

      CashRewards

  • mmd on 19/06/2023 - 09:46

    If I borrowed 1 million dollars and have 200k in the offset, the interest rate will be fixed on 800k?

    • n1x on 19/06/2023 - 10:04

      That's how fixed rate and offset are suppose to work so yes.

    • AssociatedMortgage Broker @ Lending Clinic on 19/06/2023 - 10:52

      Yup you'll only get charged interest on $800k by Adelaide Bank. Most banks don't offer offset account on fixed rate loan. Some offer partial offset account. Adelaide Bank offers 100% offset account.

      • Extreme on 19/06/2023 - 13:00

        ANZ offer a 100% offset on a 1yr fixed rate loan.

  • tung0211 on 19/06/2023 - 10:14
    +1

    Time to strategically consider fixing the rate for a short period of time.
    I fixed the rate for my home loans with Macquarie about 3 weeks ago before June rate increase for the next 12 months.

    Owner occupied fixed - 5.59% (now variable 6.09% if not fixed)
    Investment fixed - 5.85% (now variable 6.29% if not fixed)

    I hope not but there might be 2-3 rate increases by the end of this year.

  • n1x on 19/06/2023 - 10:38

    Depending on amount of loan and chances of number of interest rate hikes I don't think if it's worth switching over to this deal. E.g. On a million dollar loan, 3 years fixed and possible 3 rate hikes on variable rates the savings could be around 5K after all the fees.

  • Grey 13 on 19/06/2023 - 11:02

    Where do you get the 5.39 rate for 3yrs Owner Occupied? I'm at the same package but got charged 5.44 at the moment??

  • King Steuart on 19/06/2023 - 11:38
    +1

    I'm locked at 1.89 until Nov 24 šŸ¤·šŸ»ā€ā™‚ļø

    Bank asked why I wanted to do such a thing a year and a half ago. Writing was on the wall

    • starbearer on 19/06/2023 - 14:26
      +1

      Teach me your ways master!

    • tung0211 on 19/06/2023 - 14:39
      +2

      Lucky you!

  • Tranquiliser on 19/06/2023 - 12:49

    Not a bad rate. But be mindful of fixed rate that you probably can't pay off a fixed-rate loan quicker if you have extra saving.

    • hi5 on 19/06/2023 - 13:19

      You can with 100% offset?

      • Tranquiliser on 19/06/2023 - 13:48

        Most lenders don't support offset account for a fixed-rate loan. Adelaide Bank could be only exception as far as I am aware of.

  • hi5 on 19/06/2023 - 12:54

    If you have money and are willing to almost payoff your mortgage in next 3-5 years then this offer is great. You utilise 5.39% rate whilst paying off any excess funds into offset.. if interest rates falls.. no harm done as you have paid it off anyway and banked a lower interest.. if they rise then happy days too..

  • 3a7ck14 on 19/06/2023 - 20:36

    Just note that the Adelaide bank offset account:
    1) Is not supported by Google Wallet
    2) Does not use Osko payments

    • lachhelix on 20/06/2023 - 00:21

      Adelaide Bank has the crappiest banking app/website I've ever used - doesn't support pretty much anything and transfers take aaaaages

  • Polt on 19/06/2023 - 22:59
    +1

    We originally had our loan with Adelaide Bank before refinancing for a better rate + cashback.

    For what it's worth, the Adelaide Bank app and internet banking experience in general is abismal. Before switching consider if that inconvenience is worth the rate they are offering.

    • lachhelix on 20/06/2023 - 00:22

      Abysmal is an understatement imo
      I legitimately moved because of how rubbish they were (and how long transfers etc took)!

  • baron33 on 20/06/2023 - 09:17

    I checked Heritage Bank's website and it shows 5.44 not 5.69

    • AssociatedMortgage Broker @ Lending Clinic on 20/06/2023 - 12:24

      I have added 0.25% for the June increase effective in a few days.

  • moneytomyway on 27/06/2023 - 21:42

    Hi Op, is this rate still valid?

  • 1Astina on 05/07/2023 - 03:46

    @Lending Clinic any loan offerings have multiple offsets as a feature?

    • AssociatedMortgage Broker @ Lending Clinic on 05/07/2023 - 08:05

      Yeah quite a few banks offer multiple offset accounts linked to 1 loan. The ones with cashback are St George, Bank of Melbourne and BankSA.

      You can also have multiple loan accounts with 1 offset account linked to each loan account. There will be more banks to choose from if you're happy with this setup.

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