Package Home Loans
Packaged Home Loans, also known as a Professional Package Home Loans, combines your home loan with your regular bank accounts and credit cards for an annual fee.
These packages are now available to a wide variety of borrowers with sufficient income or aggregate loan size.
- Professional Package Loans generally offer discounts of between one and two percent under the usual interest rate.
- Professional Packages also offers a range of other discounts on accounts such as credit cards, transaction, margin loans and insurance.
Pros and Cons of Professional Packages (Package Home Loans)
Advantages of a Professional Package Home Loans include:
- Fully featured account e.g. redraw, split loans, etc
- Interest rate discounts on the standard variable rate
- Other benefits such as fee free transaction accounts and discounts on insurance products
- No establishment fees and no ongoing monthly fees on your loans (This feature is not available from all lenders)
Why would I not want a Professional Package Home Loans ?
- An annual fee applies to this product
- I might not require all the extra features