Discounts for professionals
Save thousands in interest with a long-term discount on your mortgage rate.
Professional Packs
‘Professional Packages’ are a popular home loan feature that allow borrowers to access significant, long-term discounts on the mortgage interest for loans typically over $250,000. Lenders usually charge an annual fee of $300 to $400 for Professional Packs, which gives the borrower a discount on interest rate and additional services like insurance, cheque accounts, and credit card facilities. Also, regardless of how many loans you have, you only have to pay for one annual fee.
Why go for a Professional Pack? The savings can be huge over time, especially for larger loans. With the lender discounts, the variable rates can also be reduced by 0.50% to 1.10% under Professional Packs. The fixed rates, on the other hand, can be reduced by 0% to 0.25%. Interest rates can be further reduced when you apply for larger loans over $750,000 or $1,000,000. You can also enjoy discounts on other applicable fees on top of that. Other fees like application fee and miscellaneous fees can also be waived.
A Professional Pack may be suitable for you if:
- You intend to borrow a large amount.
- You want a whole package type of loan and would want to pay only one annual fee for the services and features of the package.
- You don’t mind switching banks to get the best deal or package you can have.
However, you might NOT consider a home loan Professional Pack if:
- You intend to borrow less than $250,000.
- You don’t have a need for several bank products.
- You don’t want to switch banks.
If you would like to know more about Professional Packs, please call 0434 390 688 to talk to one of our 3Carrots mortgage brokers for expert advice.