Westpac Variable Rate Premier Advantage Package Review | Finder

Westpac Variable Rate Premier Advantage Package

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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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Expert review

Marc Terrano

Review by


Marc Terrano is a lead publisher and growth marketer at Finder. He has previously worked at Finder as a publisher for frequent flyer points and home loans, and as a writer, podcast host and content marketer. Marc has a Bachelor of Communications (Journalism) from the University of Technology Sydney. He’s passionate about creating honest and simple reviews and comparisons to help everyone get value for money.

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.

What fees and charges come with this loan?

  • Loan Establishment Fee: This is usually a $600 fee, but you do not pay it as an Advantage Package customer.
  • Annual Credit Card Fee: You don't have to pay this if you include your Westpac credit card as part of the package.
  • Loan Switching Fee: If you wish to switch your home loan from variable over to a fixed rate you don't have to pay the $300 switching fee.
  • Annual Package Fee: The $395 annual package fee can't be avoided; however, it does replace other fees that would usually come with these loans.

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2 Comments

    Default Gravatar
    Steven
    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?

      Avatarfinder Customer Care
      John
      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.
      Discounts.

      Hope this helps!

      Cheers,
      Reggie

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