Adelaide Bank has unveiled its latest rate reduction for two variable interest rate low-doc home loan products.
In addition to its full-doc variable discounts announced last week, the lender has cut rates on both its SmartDoc variable product – down to 5.85 per cent – and SmartDoc Plus variable product – down to 5.99 per cent – until further notice.
"The rate cuts represent 0.34 basis points for SmartDoc and 0.45 basis points for SmartDoc Plus,” Adelaide Bank senior manager, broker distribution Fons Caminiti said.
“We understand there are clients who for a variety of circumstances are genuine low-doc candidates and we believe that we have the product features and benefits in our low-doc loans to make both these offerings a very attractive option,” Mr Caminiti said.
"Our low-doc SmartDoc Plus loan allows clients to borrow up to 70 per cent LVR with no LMI premium applicable,” he said.
"Both lo-doc products feature our fantastic 100 per cent 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.”
Mr Caminiti said that as a broker-only lender, Adelaide Bank is on the path to continuous improvement and these loans 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," he said.