Home Loan Packages

A home loan package lets you combine a mortgage with other products like credit cards or transaction accounts. Package loans are convenient, but if you don't need every product in the package then the annual fee means it probably isn't worth it.

We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!

Home loan packages can be a simple way to put some of your financial products together with one lender, such as your credit card, loan and bank account. The lender may waive some fees on these products too, but you will need to pay an annual package fee (usually around $200 - 400 a year).

When considering a home loan package, look beyond the discounts and bonuses. Ask yourself: does this loan have a competitive interest rate? Is it suitable for my needs? Will I really use all the products in the package? Is the fee worth the benefits? This will help you decide if a particular home loan package is right for you.

Compare package home loan offers

$
years
Name Product Interest Rate (p.a.) Comp. Rate^ (p.a.) Application Fee Ongoing Fees Max LVR Monthly Payment
Suncorp Home Package Plus Fixed
1.89%
2.85% p.a.
$0
$0 p.a.
80%
$547.35
Lock in a low fixed rate for 2 years. Available with a 20% deposit. Eligible new borrowers can get the annual package fee reimbursed for the life of the loan.
Newcastle Permanent Building Society  Premium Plus Package Fixed Rate
2.28%
3.63% p.a.
$0
$395 p.a.
95%
$576.78
$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.
BankSA Advantage Package Fixed Home Loan
1.99%
3.44% p.a.
$0
$395 p.a.
80%
$554.81
Up to $4,000 refinance cashback.
Fix to a low rate for two years and forget about rate rises. Refinancers borrowing $200,000 or more can get up to $4,000 cashback (Other terms, conditions and exclusions apply).
Newcastle Permanent Building Society  Premium Plus Package Fixed Rate
2.28%
3.84% p.a.
$0
$395 p.a.
95%
$576.78
$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.
Newcastle Permanent Building Society  Premium Plus Package Fixed Rate
2.19%
3.72% p.a.
$0
$395 p.a.
95%
$569.91
$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.
HSBC Fixed Rate Home Loan Package
1.88%
2.86% p.a.
$0
$390 p.a.
80%
$546.6
$3,288 refinance cashback offer
Lock in a low fixed rate for 2 years and buy your home with a 20% deposit. Eligible refinancers borrowing $250,000 or more can get a $3,288 cashback. Terms and conditions apply.
Bank of Melbourne Advantage Package Fixed Home Loan
1.94%
3.40% p.a.
$0
$395 p.a.
80%
$551.07
Up to $4,000 refinance cashback
Get a competitive home loan rate for two years. Requires at least a 20% deposit. Refinancers borrowing $250,000 or more can get up to $4,000 cashback (Other terms, conditions and exclusions apply).
St.George Fixed Rate Advantage Package
1.94%
3.40% p.a.
$0
$395 p.a.
80%
$551.07
Up to $4,000 refinance cashback
Borrowers with 20% deposits or equity can get this competitive fixed rate loan. Refinancers borrowing $250,000 or more can get up to $4,000 cashback (Other terms, conditions and exclusions apply).
loading

Compare up to 4 providers

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

More guides on Finder

  • RelayPay cryptocurrency card and app

    FInd out about how RelayPay works, what cryptos and fiat currencies it supports, the fees for using it and safety information.

  • Homestar Star Gold Variable home loan

    Here’s our review of Homestar’s Star Gold Variable home loan, a low-rate loan well-suited to refinancers.

  • Great Southern Bank Fixed Rate Car Loan

    If you’re in the market for a new car, the Great Southern Bank Fixed Rate Car Loan may be able to give you the funds you need. With the security of a fixed rate and flexible repayments, this loan might be what you need to own your new set of wheels.

  • Great Southern Bank Variable Rate Personal Loan

    With a Variable Rate Personal Loan from Great Southern Bank you get simplicity matched with the opportunity to save yourself hundreds of dollars in interest fees. The flexibility in repayments that this loan gives you makes it easy to keep up with and pay it off without incurring extra fees.

  • Great Southern Bank Fixed Rate Personal Loan

    When you have a large expense that your savings can’t cover, a personal loan at a fixed rate from Great Southern Bank is an option worth considering. With no fees and a competitive fixed interest rate, this could be the right loan for you.

  • Australian Unity Fixed Rate Home Loan Health Wealth Happiness Package

    A review of Australian Unity’s fixed rate home loan. Discover the features and benefits.

  • Payday loans with no credit checks

    These lenders won't complete a credit check when people apply for a loan, but there are other eligibility requirements that applicants must meet. Learn more here.

  • Emergency Loans For Single Mothers

    Emergency loans for single mothers are personal loans that are processed quicker than usual loans to give fast access to funds. Our guide explains the pros and cons of emergency short term loans.

  • Business car loans

    If you're after a business car, compare your vehicle finance and car loan options and get your business on the road.

  • 2021 MG ZS Review

    It seems the ZST is really a jack of all trades kind of car. It looks good, is specced well, drives nicely and is acceptably practical.

Home Loan Offers

Important Information*

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.
Go to site