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Professional Packages
When it comes to home loans, there is often more than meets the eye. This is particularly the case for professional packages. In an effort to attract people on higher incomes or those regarded as low-risk borrowers, lenders offer special loan deals known as professional packages.
Once restricted to professionals such as doctors, lawyers and accountants, these packages are now available to a wide variety of purchasers with sufficient income and/or assets.
If you think you qualify, it pays to apply. Professional packages generally offer discounts of 0.5 per cent off lenders’ standard variable interest rate and up to 0.25 per cent off fixed interests rates. Depending on the size of the loan, bigger discounts may apply.
Typically lenders require the borrower to bundle all their personal banking into the one package. Most charge an annual fee ($300 is common) but offer a range of range of discounts on accounts such as credit cards, transaction, margin loans and insurance. Some will even waive account fees in order to get your business.
At a Glance
- suit low-risk borrowers
- don't have to be a professional
- must have sufficient income or assets
- discounted interest rates and account fees
- most include all-in-one or offset account facilities as standard
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