What Are Home Loan Packages?
Home loan packages are available from most financial institutions where other financial products are offered. Lenders encourage home loan packages to their customers which often leaves them locked into that company for most of their financial needs.
Home loan packages can cover many different product but typically cover the following:
- home loan account
- savings accounts (including mortgage offset capabilities)
- everyday debit account
- credit card account
- insurance products
If you take advantage of the discounts offered by the institution on their various financial products that are offered with home loan packages such as a personal loan or insurance, you will benefit from the value.
What to look for in Home Loan Packages?
However, if you are looking for a no frills home loan and do not need the other products, home loan packages may not be the best value for you. Often home loan package interest rates will not have the lowest home loan rates because they offer other areas of value.
It is also difficult to accurately compare home loan packages as it is hard to look at individual product attributes due to the packaged nature of the offering. Increase your understanding and awareness of each element of the package using RateCity.com.au and use this to negotiate the best home loan rate you can.