A non-major has again taken the knife to its fixed rates days after cutting rates on another product.
Adelaide Bank last week cut its three-year fixed rate by 50bps to 4.89%. Today the bank announced it would trim its five-year fixed rate SmartFix product by 40bps to 5.34%, a rate it says is an all-time low.
“The new interest rate of 5.34% p.a. on the 5 Year SmartFix loan is now at an historic low. Combined with our new fully integrated budgeting software, people who want to own their home sooner now have a compelling reason to consider SmartFix,” Adelaide Bank general manager Damian Percy said.
The product also carries a 100% offset account and free rate lock for up to 90 days. Percy said the bank had also seen strong customer uptake of its budgeting software.
“Our new budgeting tools help customers to clearly identify where additional savings on household expenditure can be made, potentially freeing up money for additional repayments or investment. Adelaide Bank consistently strives to offer the best value to customers that we possibly can and initial feedback about the new budgeting tools has been great," he said.
