Many banks offer professional packages for customers. These usually include benefits such as:
Discounts off your interest rates
Fee-free transaction accounts
Credit cards with the annual fee waived.
Professional packages aren't just for professionals or high income earners though. Many banks offer packages based on the amount of money you borrow, with benefits starting as low as $100,000 and increasing as the loan size increases.
Consolidating your banking
One of the main benefits of a professional package is the ability to consolidate your banking, without the added costs of monthly fees on every account.
With a professional package, you can generally pay one simple annual fee that covers the costs of all these products, along with the benefits of a discounted interest rate.
Some lenders may also offer discounted car loans or margin loans, and other special offers that aren't always available to customers with regular home loans.
Lenders want to provide as many of their customers’ banking needs as possible, so it's in their interests to offer a package that will be worth your while considering.
What should I look for in home loan packages?
While on the surface most professional packages appear to be similar, there are subtle differences that can benefit different people – depending on your long-term borrowing goals.
A prime example of this is a professional package that offers investors a chance to purchase additional properties without charging any further monthly account fees, valuation fees or loan establishment fees. This could mean substantial savings for someone who’s looking to build a property portfolio.
Professional packages can also offer greater flexibility, with some banks willing to waive ‘switching fees’ for customers wanting to change from a variable rate to a fixed rate, or convert a principle and interest loan to an interest only loan.
At Choice Home Loans, our mortgage brokers can help you find the right professional package for you.
To arrange a no-obligation consultation to discuss your borrowing requirements, contact us today.
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