flagFounded: Adelaide & Bendigo Bank merged in 2007.

businessOwned by: ASX Listed

monetization_onFunded by: Retail deposits and wholesale capital markets

securityLMI Provider: Genworth and QBE LMI

account_balanceLender type: Bank

Adelaide Bank was one of the first lenders to work closely with mortgage brokers and quickly grew to have a large market share between 2000 and 2007. They innovated with unique home loans as well as aggressive lending policies such as low doc loans.

During this time they further expanded their reach and became a wholesale funder for lenders such as Aussie Home Loans, Mortgage House, Homeloans Ltd, National Mortgage Company and Better Mortgage Management.

The GFC was tougher for Adelaide Bank than for many of the larger banks and it became conservative, withdrawing many of its competitive home loans. Nowadays Adelaide Bank still funds many other lenders however it has a minor role to play in the mortgage market.

How do Adelaide Bank’s home loans compare?

Yes you can use the FHOG as your deposit. However, it isn’t normally enough on its own.

But they’ve got some drawbacks…

  • Strict lending policies
  • Interest rates and fees are not always competitive
  • LMI can be expensive

What home loans types do they have?

For retail home loans they have their SmartFit and SmartSaver variable rate loans and their SmartFix fixed rate loans. All of these loans come with the option to have 100% offset and can be used for owner occupied and investment purposes.

Their SmartDoc loan is a low doc loan that is suitable for self employed borrowers who don’t have up to date financials or tax returns.

However it’s really their SmartSuite commercial loans that have set them apart in recent years. If you have a property such as a factory, office, retail shop or warehouse then they have a range of options including full doc, low doc and lease doc as well as fixed and variable rates.

Tips for applying with Adelaide Bank

You don’t have to live in South Australia to apply with Adelaide Bank! Their loans are available through mortgage brokers Australia wide and can be used to finance properties anywhere in Australia.

You may need to provide more documents than you would with other banks as their credit policies are more conservative and they require more verification than major lenders.

Use Adelaide Bank’s supporting documents checklist (page 13) to prepare for your home loan application.

Note: This is the latest documents checklist as at 23 October 2017. Please refer to Adelaide Bank for their most up-to-date document requirements.

Adelaide Bank client story: Mark, QLD



Refinance, low doc, cash out, rural property, self-employed.


Mark lived on an acreage outside of a major country town in Queensland and approached his bank to access some equity in his property.

Unfortunately, he was told that they couldn’t help due to the location and because he didn’t have up to date financials for his business.


Mark was able to get an approval from Adelaide Bank using their low doc policy.

Although the land size was a concern for the bank, Mark had plenty of equity so they were able to consider his application.

Mark was required to provide an accountant’s verification form instead of tax returns. The home loan was approved and Mark was able to access his equity.

Compare Adelaide Bank to other lenders

Not sure which lender is right for you? Our Home Loan Experts can help!

Talk to one of our mortgage brokers by calling us on 1300 889 743 or complete our free assessment form.

  • Armando

    How much does Adelaide bank charge in application fee? Also, what is the maximum amount they allow us to make in extra repayments?

  • Hi Armando, Adelaide bank usually charges $375 in application fee and they can allow you to make up to $20,000 a year in extra repayments.

  • smithsmith

    Hello, I’m a professional DJ and I’m earning quite well. Is there any way that I can get the LMI waived off my loan?

  • Hi there,

    If you earn over $150k a year and are borrowing no more than $2 million at 90% LVR, you may be able to avoid the cost of LMI. Please check out the home loan for entertainment professionals page to find out more about the policies and requirements around your home loan:

  • Finlay

    I’m curious to know if LMI refunds are still available or not. Any ideas?

  • Hi Finlay,

    According to some changes made around 2012, most lenders have changed the agreements with their Lenders Mortgage Insurance providers so that customers pay a lower LMI premium, however those customers are no longer eligible for LMI refunds. So if your loan was settled after that then it’s unlikely that you’ll get an LMI refund.

  • donald s

    Are there any specialist lenders that can allow us to make more additional repayments on fixed loans than most of the other lenders?

  • Hey donald,
    Yes, we know of two specialist fixed rate lenders that can allow unlimited extra repayments as long as the loan account isn’t closed during the fixed rate term.

  • cody c

    If I go with a lender that has a DUA, what benefits can I expect from that?

  • Hi cody,

    First and foremost, you won’t need to go through strict lending policies as lenders can use their own policies, which tend to be flexible. Credit scoring will also be lenient while some may have no credit scoring at all. You can also expect a faster approval on your mortgage application.

  • Shabbir Soni

    what? My loan become sention

  • Hana Kim

    hi.. is adelaide bank very strick then big 4? im going to build house but need borrow 90% of property price.. i heard that its very difficult to borrow 90% home loan for construction. .

    which bank is suit for me to apply construction loan & borrrow between 85 % to 90%..

    thank you ^^

  • Hi Hana,
    Adelaide bank is very good at construction loans. Especially if you approach them via a mortgage manager like AFM who is funded by Adelaide Bank.
    They should be fine to approve a 90% loan for construction assuming all other policy is met.
    They are conservative in some areas however your mortgage broker will know if you fit their policy or not and can suggest other lenders if Adelaide Bank is unsuitable for you.