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Home loan and credit card packages
Find out how you can save on account costs when you bundle your mortgage and credit card with one lender.
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Many lenders offer mortgage packages that let you bundle accounts together for a single annual fee. Each package option is different, but you can usually enjoy a waived credit card annual fee, as well as other fee-waivers and discounts for select products and services with the same bank. As well as credit cards, home loan packages could let you bundle offset accounts, personal loans, everyday bank accounts and more. The bigger your bundle, the more you can save. This guide explains how these packages work with credit cards, how you can benefit from them and what to look out for.
What are mortgage and credit card packages?
A mortgage or home loan package offers discounts and other benefits when you bundle different accounts together. Instead of paying multiple fees for multiple products, you pay just one annual fee for a home loan package, which usually ranges from $150-$400.
Most home loan packages offer to waive the annual fee for a credit card that you add to the bundle. Other benefits can include no loan establishment fee, waived fees for offset accounts and other bank accounts, plus discounted interest rates on the home loan.
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.
Which banks offer credit card and mortgage discount packages?
The table below includes some of the biggest lenders in Australia that offer credit cards as part of a mortgage package. We've also included key details about the benefits you can get from each package. And you can compare other mortgage package options in this guide.
| Bank | Mortgage and credit card package |
|---|---|
| ANZ |
|
| Bank Australia |
|
| Bankwest |
|
| Citi |
|
| CommBank |
|
| Macquarie Bank |
|
| NAB |
|
| Newcastle Permanent |
|
| Suncorp Bank |
|
| Westpac |
|
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.
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