Bank Australia Premium Home Loan Package

Rates and Fees verified correct on December 6th, 2016

With a discounted interest rate and the choice of a fixed or variable rate, the Bank Australia Premium Home Loan Package has a long list of features.

If you’re searching for a package home loan that combines interest rate discounts with a wide range of competitive features, the Bank Australia Premium Home Loan Package is certainly worth a look. Available with the choice of a variable or fixed interest rate, this loan offers rate discounts to help you pay off your loan sooner. A 0.15% p.a. discount applies to fixed rate loans, while a tiered discount system applies to variable rate loans depending on the amount you borrow and your loan to valuation ratio (LVR).

The Bank Australia Premium Home Loan Package features a free linked offset account that can help you minimise the amount of interest payable on your loan, as well as be used to manage your day-to-day banking needs. Discounts are also included on a number of other linked banking products, from a Platinum Rewards Visa Credit Card to general insurance products.

The Bank Australia Premium Home Loan Package is available to owner-occupiers and investors.

Interest Rate Max Insured LVR Max LVR
LVR>80% $400k to $700k (Owner Occupier)
4.09% p.a.
Comparison Rate
4.44% p.a.
95% 80%
LVR<=80% $400k to $700k (Investor)
4.54% p.a.
Comparison Rate
4.88% p.a.
95% 80%
LVR>80% $700k+ (Owner Occupier)
3.99% p.a.
Comparison Rate
4.34% p.a.
95% 80%
LVR<=80% $100k to $400k (Investor)
4.64% p.a.
Comparison Rate
4.97% p.a.
80% 80%
LVR<=80% $700k + (Owner Occupier)
3.74% p.a.
Comparison Rate
4.09% p.a.
95% 80%
LVR<=80% $400k to $700k (Owner Occupier)
3.84% p.a.
Comparison Rate
4.19% p.a.
95% 80%
LVR<=80% $100k to $400k (Owner Occupier)
3.94% p.a.
Comparison Rate
4.29% p.a.
95% 80%
LVR>80% $100k to $400k (Owner Occupier)
4.19% p.a.
Comparison Rate
4.53% p.a.
95% 80%
LVR<=80% $700k+ (Investor)
4.44% p.a.
Comparison Rate
4.78% p.a.
95% 80%
1 Year Fixed (Investor)
4.79% p.a.
Comparison Rate
4.99% p.a.
95% 80%
1 Year Fixed (Owner Occupier) LVR > 80%
3.89% p.a.
Comparison Rate
4.28% p.a.
95% 80%
1 Year Fixed (Owner Occupier) LVR < 80%
3.74% p.a.
Comparison Rate
4.27% p.a.
95% 80%
2 Year Fixed (Owner Occupier) LVR < 80%
3.69% p.a.
Comparison Rate
4.24% p.a.
95% 80%
2 Year Fixed (Investor)
4.69% p.a.
Comparison Rate
4.98% p.a.
95% 80%
2 Year Fixed (Owner Occupier) LVR > 80%
3.84% p.a.
Comparison Rate
4.27% p.a.
95% 80%
3 Year Fixed (Owner Occupier) LVR > 80%
3.84% p.a.
Comparison Rate
4.26% p.a.
95% 80%
3 Year Fixed (Owner Occupier) LVR < 80%
3.69% p.a.
Comparison Rate
4.22% p.a.
95% 80%
3 Year Fixed (Investor)
4.79% p.a.
Comparison Rate
5.01% p.a.
95% 80%
5 Year Fixed (Owner Occupier) LVR > 80%
4.14% p.a.
Comparison Rate
4.37% p.a.
95% 80%
5 Year Fixed (Investor)
4.99% p.a.
Comparison Rate
5.12% p.a.
95% 80%
5 Year Fixed (Owner Occupier) LVR < 80%
3.99% p.a.
Comparison Rate
4.31% p.a.
95% 80%
Product NameBank Australia Premium Home Loan Package
Interest Rate TypeVariable
Comp Rate^ (p.a.)
Minimum Loan Amount$100,000
Maximum Loan Amount$9,999,999
Maximum Loan Term30 years
Maximum LVR80%
Maximum Insured LVR95%
Mortgage Offset AccountYes
Mortgage 100% OffsetYes
Loan Redraw FacilityYes
Split Loan FacilityYes
Fixed Interest OptionNo
Loan PortableYes
Suitable for InvestmentYes
Extra RepaymentYes
Available as equity loan/line of creditNo
Repayment TypePrincipal & Interest and Interest Only Options

Application Fee$0
Valuation Fee$0
Ongoing Fees$350 p.a.
Settlement Fee$0
Discharge Fee$250
Early Termination Fee$0

Pros

  • 100% offset account.
  • $0 application fee.

Cons

  • Annual fee of $350.
  • A $250 discharge fee when closing the home loan accounts.

What are the features of the Bank Australia Premium Home Loan Package?

The Bank Australia Premium Home Loan Package offers the following features to borrowers:

  • Loan amount. The Bank Australia Premium Home Loan Package is available for loans of $100,000 or more.
  • Maximum LVR. The Bank Australia Premium Home Loan Package is available with a maximum LVR of 95%. However, remember that you will need to budget for the extra cost of lender’s mortgage insurance (LMI) if you borrow more than 80% LVR, while the LVR can also affect the interest rate discount you are eligible to access if you have a variable rate loan.
  • Fixed or variable. The loan allows you to choose between a competitive variable rate and locking in a fixed rate for one, two, three or five years.
  • Interest rate discount. If you choose a fixed rate loan as part of the package, you will receive a 0.15% p.a. interest rate discount. A tiered discount system applies to variable rate borrowers, with the exact rate cut available varying according to your LVR and the amount you borrow. The largest discount is available on loans of $700,000 or more and with LVRs of less than 80%.
  • Additional repayments. Additional repayments are allowed on this loan, with up to $20,000 of additional repayments each year allowed on a fixed rate loan. You can access your extra repayments through a free redraw facility.
  • Credit card with no annual fee. Bank Australia Premium Home Loan Package borrowers can access a Platinum Rewards Visa Credit Card with no annual fee.
  • Offset account. You can reduce the amount of interest you pay towards your loan through a linked offset account. The usual monthly service fee on this account is waived for package customers, and you also have the option of opening a Bank Australia Everyday Access Account with no monthly service fee.
  • Other discounts. The Bank Australia Premium Home Loan Package is also available with a wide range of other discounts, including no establishment fees for personal loans and home loan top-ups, 10% off general insurance products, free progress inspections for construction loans, and a free initial wealth management consultation.

Fees

This loan does not have an establishment fee, below are some of the fees it does charge:

  • Annual package fee: $350. In order to access the benefits and discounts available with the Bank Australia Premium Home Loan Package, you’ll need to pay this annual fee.
  • Discharge fee: $250. This fee is payable when you have finished paying off your loan.

What you’ll need to know before applying

If you’d like to find out more about the Bank Australia Premium Home Loan Package and possibly apply for a loan, click one of the “Apply now” links on this page. You will be taken to the Bank Australia website where you can begin an online loan application.

In order to qualify for a loan you must meet the following criteria:

  • At least 18 years of age
  • An Australian citizen or permanent resident
  • Earning a regular income
  • Have never been bankrupt

You’ll need to have the following information ready to complete the form:

  • Proof of ID. Providing details from one or more of your driver’s licence, Medicare card and passport will assist with ID verification.
  • Details of your income and assets. The lender will require details of your employment status, regular income and any assets you own. This will be used to determine your repayment capacity.
  • Details of your liabilities. Bank Australia will also need information about your existing loan balances, repayment amounts and credit card limits to assess your ability to service the loan

What happens after I apply?

You can complete an online application within 15 or 20 minutes, or you can also submit an application by post or in person at a Bank Australia office. Once your application has been submitted, the lender will assess your details and financial situation. In some cases, you may need to supply more information before your application will be approved.

The Bank Australia Premium Home Loan Package offers a wide range of benefits to borrowers looking for a comprehensive home loan package. Make sure to compare it with other loan packages when you search for the right mortgage solution for your financial needs.

Bank Australia Premium Home Loan Package Interest Rate History vs RBA Cash Rate Graph

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This page was last modified on 13 September 2016 at 16:34.

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Bank Australia Premium Home Loan Package

  • Interest Rate

    N/A

  • Comparison Rate

    N/A

  • App Fee / Annual Service Fee

    $0 / $350

  • Max LVR

    80%

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