Westpac Variable Rate Premier Advantage Package

The Westpac Premier Advantage Package offers you discounts and waived fees when you package your variable rate home loan together with other financial products

If you opt to include a Premier Advantage Package as part of your home loan, the additional discounts available can save you money on interest and fees.

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Review by

Richard Whitten is a money editor at Finder, and has been covering home loans, property and personal finance for 6+ years. He has written for Yahoo Finance, Money Magazine and Homely; and has appeared on various radio shows nationwide. He holds a Certificate IV in mortgage broking and finance (RG 206) and a Tier 1 Generic Knowledge certification (RG 146).

Expert review

In exchange for an annual fee of $395, the Westpac Variable Rate Premier Advantage Package can package your home loan, a transaction account, a 100% offset account and a credit card. The annual package fee means your monthly account fees on each of those accounts and the credit card are waived.

You’ll receive discounts off the standard interest rate for your home loan as well as discounts off personal loans, margin loans and insurance products. If you have money in a savings account, you can also take advantage of bonus interest rates.

About this loan

What are the features and benefits of the Westpac Variable Premier Advantage Package Home Loan?

  • 100% offset account. An offset account is a transaction account linked with your home loan. The funds in your transaction account offset the amount you're charged in interest.
  • Flexible repayment options. Repayments can be made weekly, fortnightly or monthly, and can be principal and interest or interest-only. Additional repayments can be made at any time without penalty.
  • Redraw Facility. If you need those extra funds you have put into your loan back again for any reason you can simply redraw them from your home loan whenever you want to. This can be done using Telephone Banking or online via Internet Banking.
  • Discounts. The Premier Advantage Package offers savings on home loan interest rates and fees, and you won't need to pay the service fee for your Westpac Choice bank account or the annual fee on a range of Westpac credit cards. You will also receive discounts for insurance and other financial products you choose to package with your loan.

How to apply

To find out more about this loan, or to apply, click the 'Go to site' button below. This will take you to the Westpac website where you can arrange a callback or start an application. To arrange a callback, you'll need to enter your contact details.

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    Default Gravatar
    January 21, 2022

    We are planning to construct a house & need a loan. Is the Westpac Advantage premier package loan good compared to Flexi variable rate? There are no charges at all on flexi but premier has annual fees 395 + rate lock fee 150 for first 2 years. Please advice. Thank you.

      January 26, 2022

      Hi Uday,

      The decision in choosing between a fixed or variable rate depends on your needs or your preferences. Variable-rate loans can change at any time, and usually offers more flexibility in your repayment terms and refinancing costs.

      A fixed-rate loan, on the other hand, offers an exact certainty about your loan rate for a fixed period. It also means that refinancing a fixed-rate loan is breaking the loan with an associated fixed rate break fee because you’ve agreed to a specific rate.

      The $395 annual fee is because the loan is a package loan, meaning it comes bundled with other financial products. You may be able to get a similar loan without the package products or fee. Talking to Westpac about your options is a good idea.

      Also, it might be worth seeking help from a mortgage broker to get personalised advice and don’t forget to read the terms and conditions as well as the eligibility requirements to make sure that it would suit your needs.

      I hope this helps!


    Default Gravatar
    November 15, 2018

    Hello, What is the catch with the Premier Advantage Package? It seems only to help not to have any benefits to the bank? What am I missing?

      November 15, 2018

      Hi Steven,

      Thank you for leaving a question.

      The Westpac Premier Advantage Package offers you discounts and waived fees when you package your variable rate home loan together with other financial products. Please see overview of features below:

      100% offset account.
      Flexible repayment options.
      Redraw Facility.

      Hope this helps!


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