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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).
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.
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.
4 Comments
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!
Cheers,
Richard
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.
Discounts.
Hope this helps!
Cheers,
Reggie