Home loan and credit card packages
These packages offer discounted rates and fees for your home loan, credit card and more. How much could you save?
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A home loan or mortgage package gives you a way to bundle accounts together for a single annual fee. Each package is different, but you can usually get your a waived credit card annual fee when it's part of the bundle.
Depending on the card, that benefit alone could save you hundreds of dollars each year. But there are other features and costs you'll need to weigh up first.
What are mortgage and credit card packages?
A mortgage or home loan package offers discounts and other benefits when you bundle different accounts together, for an annual package fee of around $200-$400.
The biggest benefit you get is an interest rate discount. You generally qualify for an interest rate discount of up to 1%.
Most home loan packages offer to waive the annual fee for a credit card that you add to the bundle, which can save you up to $450 per year depending on the credit card you apply for.
Other benefits can include:
- no loan establishment fee
- waived fees for offset accounts and other bank accounts
- discounted insurance policies on home and contents insurance
Banks that offer home loan and credit card packages
While you can save money and get other value from mortgage packages, they also benefit banks by encouraging you to do more business with them.
The table below includes some of the biggest lenders in Australia that offer credit cards as part of a mortgage package, along with key details about the benefits you can get from each package.
| Bank | Key features |
|---|---|
| ANZ |
|
| Bank Australia |
|
| Bankwest |
|
| Citi |
|
| CommBank |
|
| Macquarie Bank |
|
| NAB |
|
| Newcastle Permanent |
|
| Suncorp Bank |
|
| Westpac |
|
Tips to help you make the most out of a home loan and credit card package
- Compare. 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 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.
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