The CBA Standard Variable Rate Wealth Package vs the NAB Standard Variable Rate Choice Package

CBA wealth package vs nab choice package

We compare package loans from two major banks to see how they stack up.

Package home loans are popular because they offer the convenience of bundling a number of your banking products together. In exchange for an annual package fee, you get a home loan interest rate discount as well as discounts or bonuses on a variety of other banking products, including personal loans and savings accounts. You may even be able to get a credit card.

We’ve compared two popular package home loans, the Commonwealth Bank Standard Variable Rate Wealth Package and the NAB Standard Variable Rate Choice Package, so you can see which one might be right for you.

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Rates

Commonwealth Bank Variable Wealth Package

Variant
Owner Occupier P&I4.72% p.a.5.12% p.a.
Variant
Owner Occupier IO5.27% p.a.5.31% p.a.
Variant
Investor P&I5.3% p.a.5.69% p.a.
Variant
Investor IO5.74% p.a.5.84% p.a.

NAB Standard Variable Rate Choice Package

Variant
Up to $250K P&I (Owner Occupier)4.64% p.a.5.03% p.a.
$250k to $749,999 P&I (Owner Occupier)4.39% p.a.4.78% p.a.
$750k+ P&I (Owner Occupier)4.34% p.a.4.74% p.a.
Variant
Up to $250k Interest Only (Owner Occupier)5.17% p.a.5.21% p.a.
$750k+ Interest Only (Owner Occupier)4.87% p.a.4.91% p.a.
$250k to $749,999 Interest Only (Owner Occupier)4.92% p.a.4.96% p.a.
Variant
$250k to $749,999 P&I (Investor)4.95% p.a.5.33% p.a.
$750k+ P&I (Investor)4.9% p.a.5.29% p.a.
Up to $250K P&I (Investor)5.2% p.a.5.58% p.a.
Variant
Up to $250k Interest Only (Investor)5.65% p.a.5.74% p.a.
$250k to $749,999 Interest Only (Investor)5.4% p.a.5.49% p.a.
$750k+ Interest Only (Investor)5.35% p.a.5.44% p.a.

Features

Commonwealth Bank Standard Variable Rate Wealth Package

  • High LVR. With the Commonwealth Bank Standard Variable Rate Wealth Package, you can borrow up to 97% of the value of the property you intend to buy. However, any amount above an 80% loan-to-value ratio (LVR) will mean you will have to pay lenders mortgage insurance (LMI).
  • Loan purpose. This loan is available to owner occupiers or investors.
  • 100% offset account. The Commonwealth Bank Standard Variable Rate Wealth Package offers a free 100% offset account, which allows you to offset the amount of interest you’re charged on your home loan.
  • Flexible repayments. This loan allows unlimited additional repayments. You can also access any additional funds through a redraw account.
  • Rate discounts. The Commonwealth Bank Standard Variable Rate Wealth Package offers up to a 0.70% discount on the bank’s standard variable rate. Loan amounts above $750,000 receive the 0.70% discount, loan amounts from $350,000 to $749,999 receive a 0.60% discount and loan amounts from $150,000 to $349,999 receive a 0.50% discount.
  • Fee discounts. This package waives the loan’s upfront establishment fee and the loan servicing fee. Package members are also eligible for credit cards which waive the annual fee.
  • Other discounts. Taking the Commonwealth Bank Standard Variable Rate Wealth Package means you will be eligible for a 15% discount on CommInsure home insurance premiums, a 10% discount on CommInsure car insurance and a 5% discount on loan protection insurance.

NAB Standard Variable Rate Choice Package

  • High LVR. The NAB Standard Variable Rate Choice Package allows you to borrow up to 95% of the value of the property you’re purchasing. However, any amount above an 80% loan-to-value ratio (LVR) means you will have to pay for lenders mortgage insurance (LMI).
  • Loan purpose. This loan is available to owner occupiers or investors.
  • 100% offset account. The NAB Standard Variable Rate Choice Package comes with a free 100% offset account. This can help you pay your home loan off sooner by offsetting the amount of interest you’re charged by the funds in the account.
  • Flexible repayments. This home loan offers unlimited additional repayments. You can also access these additional funds with a redraw account.
  • Rate discounts. The NAB Standard Variable Rate Choice Package offers discounts of up to 0.90% off the bank’s standard variable rate. Loan amounts of $750,000 and above receive the 0.90% discount, loan amounts from $250,000 to $749,999 receive a 0.85% discount and loan amounts from $150,000 to $249,999 receive a 0.60% discount.
  • Fee discounts. This package waives the bank’s home loan application and monthly service fees. Package members also have annual credit card fees waived.
  • Other discounts. Package members are eligible for an ongoing 10% discount on NAB home insurance and NAB home insurance essentials as well as an ongoing 10% discount on NAB car insurance. NAB also offers package members discounts on fixed and variable rate margin lending products.

Fees

Commonwealth Bank Standard Variable Rate Wealth Package

  • Annual package fee. $395

NAB Standard Variable Rate Choice Package

  • Annual package fee. $395

Summing it up

Both the Commonwealth Bank Standard Variable Rate Wealth Package and the NAB Standard Variable Rate Choice Package offer fee waivers and discounts on a variety of products. Both carry an annual package fee of $395. While the Commonwealth Bank Standard Variable Rate Wealth Package offers a slightly higher LVR and a bigger discount on insurance products, the NAB Standard Variable Rate Choice Package offers bigger discounts off the bank’s standard variable rate.

If you’re looking for a package home loan, both the Commonwealth Bank Standard Variable Rate Wealth Package and the NAB Standard Variable Rate Choice Package offer big discounts and attractive features. Compare them with package loans from other lenders to decide what loan is right for you.

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comp rate of 3.66% p.a.

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Loans over $150k get a discount off an already low fixed rate. Available for NSW, QLD and ACT residents only.

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