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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.
You can take advantage of a discounted interest rate, as well as waived credit card annual fees and discounted insurance products.
Premier Advantage Package rebates
You can get a $2,000 rebate when taking out a new Westpac Premier Advantage Package loan borrowing $250,000 or more. Interest only loans are excluded. You do have to pay the $395 annual package fee. You must apply by 30 September 2020 and settle the loan by 30 November 2020.
| Product Name | Westpac Premier Advantage Package Variable Home Loan |
|---|---|
| Interest Rate Type | Variable |
| Comp Rate^ (p.a.) | |
| Minimum Loan Amount | $150,000 |
| Maximum Loan Amount | $10,000,000 |
| Minimum Loan Term | 1 year |
| Maximum Loan Term | 30 years |
| Maximum LVR | 80% |
| Maximum Insured LVR | 95% |
| Loan Redraw Facility | Yes |
| Split Loan Facility | Yes |
| Loan Portable | Yes |
| Suitable for Investment | Yes |
| Extra Repayment | Yes |
| Available as equity loan/line of credit | Yes |
| Repayment Type | Principal & Interest and Interest Only Options |
| Application Fee | $0 |
|---|---|
| Ongoing Fees | $395 p.a. |
| Discharge Fee | $350 |
Pros
- No application fee for any loan packaged with the Premier Advantage Package
- Redraw facility available
- Low Doc option available
Cons
- There is a $395 annual package fee
- A $350 discharge fee applies when you pay off your home loan
Combine your home loan with the Premier Advantage Package
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.
Features 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.
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?
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