Adelaide Bank Strengthens Balance Sheet Drops Variable Interest Rate Loans

Posted on August 21, 2009, 6:57 am, by admin, under Mortgage News.

Broker Smart News Announcement from Adelaide Bank’s Scott Erickson

The last 18 months presented unprecedented challenges for all Australian banks. Adelaide Bank was
one of the first banks in Australia to adjust operations in light of the global disruption and we took the
view that early and decisive action was required.

While the Third Party Mortgage business limited its activity, the other businesses in the Bendigo and
Adelaide Bank Group set about reshaping our balance sheet and we are now in a position whereby retail
deposits represent nearly 90 per cent of on-balance sheet funding.

We are well-funded, well-resourced and believe we can bring to the market the committed, competent
and reliable alternative that brokers are demanding.

As a result, effective Monday 24th August 2009 we will be reducing the new business rate on our fully
optioned SmartSuite product by 0.20% to 5.39%.

Of course, rate and reliable service are only part of the proposition and you should note that we also:

  • don’t require statements when refinancing up to 3 loans ? 75% LVR where the borrowers have been in the same employment and residence for more than 2 years
  • have a bridging loan that capitalises interest for up to 6 months and services on the end debt
  • have 100% offset on fixed rate loans
  • offer a commercial loan that has full doc, lo doc and simple doc opportunities
  • have no requirement for minimum volume hurdles
  • have no re-accreditation fees
  • support our network with localised BDM’s and a dedicated Mortgage Partner Service Centre
  • give you reliable turnaround times and consistent credit decisions your customers demand

Adelaide Bank, with its SmartSuite product range, is the smart alternative.

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