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.

It is misnomer that professional packages are just for professionals! This is not the case anymore. In fact, the only requirement you need to access these loans is to meet the lender's minimum loan amount (which can start at $100,000).

Professional packages generally offer discounts of 0.5 to 0.7 per cent off lenders standard variable interest rate and up to 0.15 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.