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Adelaide Bank is removing upfront home loan fees for new customers, helping ease their financial burden amid the rising cost of living.

The fee waiver is available indefinitely to eligible borrowers. It would apply to owner-occupied and principal and interest loans including both fixed and variable rate loan options, all loan-to-value-ratio tiers and ‘new to bank’ customers.

With the offer, new borrowers will be able to save up to $498, which will free up some extra funds.

Adelaide Bank general manager for third-party banking Darren Kasehagen said the bank hopes this new offer would alleviate some of the pressures borrowers face.

“Adelaide Bank is known among brokers for our quality products, competitive pricing and attractive service levels — by waiving application and settlement fees, we are giving brokers yet another reason to consider recommending our products,” he said.

Bendigo Bank’s record month for digital loans

Adelaide Bank’s sister brand Bendigo Bank recently announced a record month in digital home loans after approving $60.7m in loans and receiving over 500 applications for its BEN Express product in March.

Ben Express is one of the country’s first fully digital loan offerings powered by Tic:Toc platform.

Bendigo and Adelaide Bank chief customer officer for consumer banking Richard Fennell said this growth shows how important it is for many Australians to obtain a quick approval for a competitive interest rate.

“We acknowledge that for many of our customers, digital is never going to replace face-to-face banking, an area Bendigo and Adelaide Bank excels in, however BEN Express has enabled us to respond to changing customer preferences by offering services which are digital by design and human when it matters,” he said.

Buying a home or looking to refinance? The table below features home loans with some of the lowest interest rates on the market for owner occupiers.

Update resultsUpdate
Filters
LenderHome LoanInterest Rate Comparison Rate* Monthly Repayment Repayment type Rate Type Offset Redraw Ongoing Fees Upfront Fees Max LVR Lump Sum Repayment Additional Repayments Split Loan Option TagsFeaturesLinkComparePromoted ProductDisclosure
6.04% p.a.
6.06% p.a.
$3,011
Principal & Interest
Variable
$0
$530
90%
4.6 STAR CUSTOMER RATINGS
  • Available for purchase or refinance, min10% deposit needed to qualify.
  • No application, ongoing monthly or annual fees.
  • Dedicated loan specialist throughout the loan application.
 Disclosure
5.99% p.a.
5.90% p.a.
$2,995
Principal & Interest
Variable
$0
$0
80%
  • A low-rate variable home loan from a 100% online lender.
  • Backed by the Commonwealth Bank.
 Disclosure
6.14% p.a.
6.16% p.a.
$3,043
Principal & Interest
Variable
$0
$350
60%
Important Information and Comparison Rate Warning

Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of .

Important Information and Comparison Rate Warning

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Photo by busracavus on Canva.

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