Professional Package Loans  

Professional Package is a type of loan that caters to people who are borrowing a larger amount of money, usually over $250,000.
There is usually an annual fee of $300 to $400 charged by the lender and in return they will offer a significant interest rate discount and discounts on a range of additional services such as cheque accounts, insurance and credit card facilities.
Overall for people who are looking to get more than just a home loan from their lender the pro packs can offer an excellent way to bundle several products together and save.
What are the advantages?
Depending on the bank, professional packages often reduce the standard variable rate by 0.50% to 1.10% and the fixed rates by 0% to 0.25%. Sometimes further discounts to the interest rates are offered in the case of larger loans over $750,000 or $1,000,000.

On top of that, all this is usually accompanied with a reduction from a range of fees associated to the loan. Generally, the application fee will be waived and various miscellaneous fees such as switch fees, extra valuation fees and loan split fees are also waived.

You will also find that most professional packages are equipped with free fee offset accounts which would enable you to reduce the interest you pay even further.
Who is a professional package suitable for?
While the name ‘Professional Package’ implies that this type of loan is restricted to professionals alone, and although in the past banks only approved select professionals, this is no longer the case.
You do not need to be a doctor, lawyer or an accountant to get a professional discount. Usually a professional package is best suited for:

  • People who are intending to borrow a larger loan amount. For loans greater than $500,000 most lenders can now offer a discount of 0.5% to 0.9% from their standard variable rate.
  • People who prefer to apply for a whole package type of loan. This means that there will be an annual fee which would cover all the features that are included in the package. For most people, applying for a professional package would be a smart choice as you would not need to pay a fee for each feature separately.
  • Anyone who does not mind changing banks to get the best possible deal.

Who should not apply for a professional package?
A professional package may not be the best choice for you if:
  • You are borrowing less than $250,000.
  • You do not need a range of bank products.
  • You do not want to switch to a new bank.

Guarantor Loans 
Fixed Rate Home Loans
Variable Rate Home Loans

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