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Package Home Loans

Get a lower interest rate and other discounts when you move all your banking to one lender.

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Package home loans bundle together various products with your lender, including credit cards, personal loans and savings and transaction accounts.

You'll usually benefit from decreased fees and interest rates on your home loan and other linked products, and in exchange your lender will require you to pay an annual fee which ranges from $150 - $400, or even more in some cases.

Compare package home loan offers

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Loan purpose
Offset account
Loan type
Repayment type
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Name Product Interest Rate (p.a.) Comp Rate^ (p.a.) Application Fee Ongoing Fees Max LVR Monthly Payment Short Description
ME Flexible Home Loan Fixed with Members Package - 2 Year Fixed Rate LVR ≤ 80% (Owner Occupier, P&I)
2.19%
3.36%
$0
$395 p.a.
80%
Lock in a competitive rate for owner occupiers for two years. Comes with a 100% offset account.
ME Flexible Home Loan With Member Package - LVR ≤80% $400k up to $699,999 (Owner Occupier, P&I)
2.84%
3.29%
$0
$395 p.a.
80%
Unlock a range of savings with this competitive package home loan offer. Offset account and redraw facility included.
Newcastle Permanent Building Society  Premium Plus Package Fixed Rate - 3 Year Fixed (Owner Occupier, P&I)
2.49%
3.68%
$0
$395 p.a.
95%
$2,000 refinance cashback
A two year fixed rate home loan with no application fees. $2,000 cashback for eligible refinancers borrowing $250,000 or more.
Suncorp Home Package Plus Fixed - 3 Year Fixed Rate Special Offer $150k+ LVR ≤90% (Investor, IO)
3.19%
3.68%
$0
$375 p.a.
90%
Newcastle Permanent Building Society  Premium Plus Package Fixed Rate - 1 Year Fixed (Owner Occupier, P&I)
2.39%
3.85%
$0
$395 p.a.
95%
$2,000 refinance cashback
Enjoy a competitive rate with no application fee for this package loan. $2,000 cashback for eligible refinancers borrowing $250,000 or more.
ME Flexible Home Loan Fixed with Members Package - 3 Year Fixed Rate LVR ≤ 80% (Owner Occupier, P&I)
2.19%
3.30%
$0
$395 p.a.
80%
Get a low 3 year fixed rate with a 100% offset account and package discounts.
Newcastle Permanent Building Society  Premium Plus Package Fixed Rate - 2 Year Fixed (Owner Occupier, P&I)
2.44%
3.76%
$0
$395 p.a.
95%
$2,000 refinance cashback
Enjoy a discounted fixed rate and the ability to package the loan with other financial products. $2,000 cashback for eligible refinancers borrowing $250,000 or more.
Bankwest Complete Home Loan Package Variable - $200k to <$750k LVR ≤80% (Owner Occupier, P&I)
2.73%
3.18%
$0
$395 p.a.
80%
A low variable rate loan with a 100% offset account and package discounts.
ANZ Breakfree Package Home Loan - 3 Year Fixed (Owner Occupier, P&I)
2.29%
3.89%
$0
$395 p.a.
90%
Pay no application fee and fix your interest for 3 years with this ANZ package home loan.
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Common features of a package loan

Package home loans differ depending on the lender. However, some common features include:

  • An interest rate discount. This discount is often tiered on the amount you borrow. This means that even as official rates rise and your lender raises their interest rates you can maintain a lower interest rate.
  • A 100% offset account. Many package loans come with an offset account. This is a transaction account linked to your home loan. Any savings you put in there will offset your mortgage principal and thus reduce the amount of interest you pay.
  • Other financial products. The main point of a package loan is that it combines other financial products from the lender. This usually includes a bank account and credit card but can also include insurance packages and other products, with discounts on some or all of them.
  • An annual fee. In exchange for these benefits, a package home loan generally charges an annual fee between $150 - $400, or more in some cases. This often replaces multiple other fees the lender charges for each product separately.

What are the pros and cons of a package home loan?

Here are the main benefits and drawbacks of package home loans.

Pros

  • Convenience. Combining multiple financial products with one lender makes sense and is convenient. If the lender has a good app you can use your cards, accounts and mortgage seamlessly.
  • Discounts. You can often get decent discounts as part of the package which can save you quite a lot.

Cons

  • High annual fees. Package fees tend to be fairly high and are also charged every year.
  • Higher rates. A package may not be your lender's most competitive home loan rate.

You should look at it like this: if the package is convenient and you actually all the products in it then it may be a good deal. Just make sure the rate is competitive and the fees aren't too costly. If you don't need the other products in the package and you can find a lower interest elsewhere than a package loan isn't for you.

How to compare package home loans

So you tick all the boxes and you're eligible for a professional package home loan. Now the only thing left to do is for you to pick a lender that suits all your needs. But how do you compare one lender to another? Just follow these steps and take a look at the different tables shown below to get informed before making a decision:

  1. Compare interest rates. Look at both the advertised rate, also known as the annual percentage rate, and also the comparison rate (shown as 'comp rate' in the table above). The comparison rate is an indicative rate which takes into account some of the fees you'll pay over the life of your loan, and is generally worked out using the example of a $150,000 loan taken out over 25 years.
  2. Compare fees. As mentioned, package home loans come with annual fees. You'll want to make sure these fees are worth it in terms of features and interest rates.
  3. Compare features. Ensure that the loans you're looking at provide features you'll use. If you want to make extra repayments on your home loan, ensure your loan allows you to do this. If you want to have your salary paid into your account each month

Related Posts

Home Loan Offers

Important Information*
Logo for Westpac Flexi First Option Home Loan - Basic Variable Rate (Owner Occupier, P&I)
Westpac Flexi First Option Home Loan - Basic Variable Rate (Owner Occupier, P&I)

Up to $3,000 refinance cashback. A flexible and competitive variable rate loan. Eligible borrowers refinancing $250,000 or more can get $2,000 cashback per property plus a bonus $1,000 for their first application. Other conditions apply.

Logo for St.George Basic Home Loan - LVR 60% to 80% (Owner Occupier, P&I)
St.George Basic Home Loan - LVR 60% to 80% (Owner Occupier, P&I)

Up to $4,000 refinance cashback. A competitive variable rate loan from St.George. Refinancers borrowing $250,000 or more can get up $4,000 cashback for their first application (Other terms, conditions and exclusions apply).

Logo for Athena Liberate Home Loan - 70% to 80% LVR Owner Occupier, P&I (*now 2.59%, drops to 2.54% on 30 Sep)
Athena Liberate Home Loan - 70% to 80% LVR Owner Occupier, P&I (*now 2.59%, drops to 2.54% on 30 Sep)

A competitive variable rate mortgage for owner occupiers $0 application and $0 ongoing fees. This interest rate falls over time as you pay off the loan. This rate will drop to 2.54% p.a on 30 September 2020 for new and existing customers. You can get this rate if you apply today.

Logo for UBank UHomeLoan Variable Rate - Discount Offer for Owner Occupiers, Variable P&I Rate
UBank UHomeLoan Variable Rate - Discount Offer for Owner Occupiers, Variable P&I Rate

Take advantage of a low-fee mortgage with a special interest rate of just 2.49% p.a. and a 2.49% p.a. comparison rate.

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