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Getting a home loan with a credit card: worth it?

Some banks offer packages that include a home loan and a credit card. You can get a discount on the annual card fee plus other benefits.

Key takeaways

  • Many Australian banks offer a package that combines a home loan with a credit card and other products like an offset account, with waived or discounted fees.
  • Saving on fees is great, and it's really convenient to manage your saving, spending and loan repayments all in one place.
  • Just make sure the package fee is worth the cost. Both the home loan and credit card should be products that suit your needs and represent good value on their own.

Benefits of a credit card home loan package

A package home loan is an easy way to combine a home loan with a credit card. Not every loan package offers a credit card as part of the deal, but it's very common.

The benefits are:

  • Fee discounts. Most credit cards charge an annual fee that can range from $50 to $400. With a loan package many lenders discount or waive this fee and several others. But you do have to pay an annual package fee.
  • Rate discounts. Some loan packages also discount the interest rate on the loan. A lower rate save you thousands of dollars over time.
  • Convenience. Doing most of your banking in one app, including card spending and making loan repayments, is very convenient.

Some loan packages also offer discounts on insurance products.

Banks that offer home loan and credit card packages

BankKey features
Bank Australia
  • $0 annual credit card fee
  • There is an annual package fee
  • Discounted home loan interest rate options
  • $0 monthly fee for the mortgage offset account
Bankwest
  • There is an annual package fee
  • Waived annual fee for an eligible Bankwest credit card
  • Add up to 9 offset accounts
  • $0 home loan application fee and property valuation fees
  • Available for fixed rate or variable rate loans
CommBank
  • $0 annual fee on an eligible credit card
  • $0 upfront home loan establishment fee
  • $0 monthly home loan service fee
  • Discounted rates for home loans
  • There is an annual package fee
HSBC
  • Lower interest rate
  • Avoid multiple fees in exchange for one annual package fee
  • Available on multiple home loans
Macquarie Bank
  • Up to 10 offset accounts
  • $0 application and monthly fees
  • There is an annual package fee
Newcastle Permanent
  • $0 annual fee for the Newcastle Permanent Value+ credit card
  • $0 application fees for personal loans and car loans
  • Discounted home loan rates
  • Discounts on car, landlord or home and contents insurance
  • There is an annual package fee
Westpac
  • Credit card annual fee waiver
  • $0 on multiple home loan fees
  • Discounts on home loan rates
  • Discount on home insurance
  • There is an annual package fee

Finder survey: Would Australians package a home loan with a credit card?

Response
No40.83%
Yes37.32%
Unsure21.85%
Source: Finder survey by Pure Profile of 1112 Australians, December 2023

Should you get a home loan and credit card package?

A home loan credit card package with the same bank is pretty convenient and can save you money in fees. You just have to make sure every part of the package is a good product for you on its own.

Here's how to think about it:

  • Is the home loan a competitive deal? Don't just get a home loan because you like the credit card that comes with it. Make sure the loan has a low rate and features you need (like an offset account).
  • Is this the right credit card for me? There are so many credit cards out there. Make sure the card offers the perks and benefits you need.
  • Is the package fee worth it? Am I actually saving money? Yes, a package loan should come with fee discounts. But there is usually a package fee. Given that some home loans don't have many ongoing fees, the package fee might not be worth it.
  • Can I get better deals elsewhere? You should always compare home loans and cards from multiple providers.
Michelle Hutchison's headshot

"After comparing options, we found the best value for us was the CBA home loan package. At the time we received a $2000 cash back offer on sign up and got the annual fee waived for the first 2 years. I also really like how we have a lending manager who I can call any time I have a question or need anything such as opening more offset accounts. "

Michelle Hutchison
Finder crew member

Tips to help you make the most out of a home loan and credit card package

  • Consider all inclusions. Make sure that everything included in the package is useful to you, because you might not get full value for your package fee if you’re not utilising the entire package.
  • Check minimum requirements. Some requirements may apply. For instance, some loan packages may stipulate that your home loan be at least $750,000 to qualify.
  • Read the fine print. Familiarise yourself with the main details of the package, since some finer print may reduce the suitability of the package. For example, you may not be able to refinance a loan internally, or enjoy currently advertised discounts on an older loan.
Amy Bradney-George's headshot
Editor

Amy Bradney-George was the senior writer for credit cards at Finder, and editorial lead for Finder Green. She has over 16 years of editorial experience and has been featured in publications including ABC News, Money Magazine and The Sydney Morning Herald. See full bio

Amy's expertise
Amy has written 566 Finder guides across topics including:
  • Credit cards
  • Frequent flyer
  • Credit score
  • BNPL
  • Money management
  • Sustainability
Sarah Megginson's headshot
Co-written by

Head of editorial

As an authority on all things personal finance, Sarah Megginson is passionate about helping you save money and make money. She is an editor and money expert with 20 years’ experience and an extensive background in property and finance journalism. Sarah holds ASIC RG146-compliant Tier 1 Generic Knowledge certification, and she's a regular media commentator, appearing weekly on TV (Sunrise, Channel 7 news, Nine news), radio (KIIS FM, Triple M, 3AW, 2GB, 6PR) and in digital and print media. See full bio

Sarah's expertise
Sarah has written 190 Finder guides across topics including:
  • Home loans
  • Personal finance
  • Budgeting and money-saving tips
  • Managing the cost of living

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