Professional Packages
If you are borrowing a larger amount then you could get a discounted interest rate through a Professional Package. These discounts are usually dependant on the loan amount – the bigger the loan amount, the bigger the discount.
Professional Package Borrowing Criteria
While the name suggests that these loans are restricted to professionals, this is not the case. The criteria for qualifying for a professional package varies from bank to bank, as do their tiers of discounts. The majority of lenders now base their criteria on the size of your loan – with discounts starting for loans greater than $150,000 with a limited number of banks. For loans greater than $500,000 most lenders will now discount their standard variable rate products by 0.5%.
Some professional packages may also require you to take out a credit card and transaction account.
More Information on Professional Packages
If you need help with your Professional Package loan or to talk to a mortgage broker about home loan options that are in your best interest, call us on 13 LOAN (or +61 2 9249 3739 for international callers) or email us the form on this page and we will return your contact within 2 business hours.
Advantages and Disadvantages of Professional Package Loans
| Pros | Cons |
| If you have a larger number of loans and will utilise the other services offered under the package, then the discount amount may justify the fee | If you only have a few loans or lower loan amounts and won’t be utilising the other services, you may find that the fee you would pay may cost you more than any interest savings |
Annual Fees
Annual fees on Professional Packages range from $350p.a. for a basic package to $750 for a ‘private banking’ client package. The annual fee will cover:
- All application fees. Regardless of how many different loans you have, you still only pay the one annual fee.
- No ongoing fees on any of your loans.
- Waiver of most of the account keeping type fees on your transactional accounts.
- Waiver of the annual fee on your credit card.
- Discounts on other products such as margin loans, home insurance, personal insurance, financial planning etc.
Fees Versus Discount Rate Benefits
You should weigh up the benefits of the annual fee versus the discounts offered. In general, a Professional Package is useful if you are utilising the services under the package. If you are not, the annual fees will negate the discount rate benefits. To assess your personal situation and find out if a professional package is suitable for you talk to your local mortgage broker.
More information and home loan help
For more information on how and where to find a better home loan deal from an extensive panel of Australian banks and secure mortgage lenders, or to speak to your local area mortgage expert, contact us on 13 LOAN (direct +61 2 9249 3739)
