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Home Loan and Credit Card Packages

Maximise interest savings and enjoy fee waivers when you bundle your mortgage and credit card with one lender.

Amy Bradney-George
Amy Bradney-George

Updated

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You can kill two birds with one stone and enjoy massive savings if you bundle your credit card and mortgage with the one bank. This is because many banks offer competitive packages to help reduce the cost of borrowings as long as you bank with them alone. You can now bundle your home loan with personal loans, bank accounts, credit cards, insurance covers and equity trading portfolios. The bigger your bundle, the more discounts and freebies you’ll enjoy. This guide explains how these packages work, how you can benefit from them and the traps to look out for.

What are mortgage and credit card packages?

Personal banking packages are designed to improve banking customer loyalty. By letting you package common banking products and services together and offering discounts with them, banks attract you to do business with them exclusively. Instead of paying multiple fees for multiple products, you pay a single annual package fee.

On top of that, other benefits can include lower home loan interest rates, and loan establishment and administrative fee waivers. If you apply for a credit card you could enjoy annual fee waivers, bank account service fee waivers, and transaction and ATM fee waivers. If you take out life insurance you might receive discounts on general and risk insurance policies including home insurance, car insurance, life insurance, income protection and more. Other perks could also include discounts on financial planning services and share trading brokerage rates and margin lending interest rates, as well as other complementary perks.

Which banks offer credit card and mortgage discount packages?

BankMortgage and credit card package
ANZ
  • Credit card annual fee waived and additional cardholder fee waived.
  • Interest rate discount and fee waivers on eligible home loans.
  • Monthly account service fee waived on one everyday account.
  • Discounts on select insurance premiums and one-off financial planning fee.
Citibank
  • Credit card annual fee reduction or waiver.
  • Complimentary credit card international travel insurance.
  • Lower interest rates and monthly account fee waivers on eligible home loans.
  • Free everyday account, ATM withdrawals and instant global transfers.
  • Complimentary Citibank Dining Program membership, with a free bottle of wine each time you dine at a partner restaurant.
Macquarie Bank
  • Credit card annual fee waivers for the duration of the home loan.
  • Up to 10 offset accounts and unlimited loan accounts.
  • Lower variable and/or fixed interest rates.
NAB
  • Credit card application, annual and monthly service fee waivers.
  • Discounts on home loan variable or fixed interest rates, plus application and monthly service fee waivers.
  • Discounts on home and car insurance.
  • Margin loan interest rate discounts.
Suncorp Bank
  • Credit card annual fee and additional cardholder fee waivers for duration of home loan.
  • Home loan discounted interest rates, and service and establishment fee waivers.
  • Personal loan establishment and account service fee waivers.
  • Discounts on home and content insurance.
  • Discounted brokerage rates for online share trading.
  • Interest rate discounts on margin loans.
  • Free consultation with bank’s financial planner.
Westpac
  • Credit card annual fee waiver.
  • Discounted fixed or variable interest rates on home loans, as well as loan establishment and service fee reductions or waivers.
  • Discounts on select insurance items.
  • Bank account monthly service fee waivers.
  • Discounts and bonuses on select wealth products.

man relaxing on his thinking chair

What to remember when applying for a mortgage and credit card package

  • Compare. As with all financial products, make sure to still compare other available options before committing to the one lender. This is because other credit card/mortgage providers may be able to offer you a better deal or feature than this seemingly attractive loan 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 in excess of $750,000.
  • Read all terms and conditions. Make sure to familiarise yourself with all the details of the package, since some finer print may reduce the suitability of the package. For example, you cannot refinance a loan internally, or enjoy currently advertised discounts on an older loan.

In general, taking out a mortgage and credit card package will yield greater savings for you. Before you select one, however, make sure that you’ve compared packages from other banks, made the necessary calculations and met all the requirements and conditions for your chosen package.

Pictures: Shutterstock

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Data indicated here is updated regularly
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Save on new and existing interest charges with 0% interest on both balance transfers and purchases for the first 12 months.
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Qantas American Express Premium Card
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Citi Rewards Card - $500 Voucher Offer
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0% p.a. for 12 months
$99 annual fee for the first year ($199 p.a. thereafter)
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