The Bank Australia Premium Loan with package offers moderately-low interest rates across both fixed and variable mortgage options. It is also available on split loans, which combines assigns a portion of the loan a fixed rate and a portion a variable rate.
There are tiered and fixed rate discounts on offer, depending on the borrower’s loan size and deposit size.
The Bank Australia Premium Loan with package offers a range of features including a mortgage offset account and redraw facility, both of which are popular features.
The loan is available for owner-occupier borrowers and for investment purposes to existing customers only. But investor rates may vary from what is advertised to owner-occupier borrowers.
The loan also offers an interest-only repayment option.
The package feature also offers a number of fee waivers on other Bank of Australia products. But be aware that the lender may require that one or more financial products are bundled with this home loan to be eligible for the package, for instance an everyday bank account and / or credit card. This will depend on the lender’s criteria at the time of borrowing.
Who is the Bank Australia Premium Loan good for?
It might suit someone who prefers a moderately-low rate, but doesn’t mind paying an annual package fee in return for a number of additional features and discounts.
It might also suit a borrower who prefers to have several bank products with the same provider.
The Bank Australia Premium Loan with package is available for both owner-occupier borrowers and investors, though investors must be existing borrowers only.
Review - What RateCity says
The loan offers a number of popular features including free redraw and a mortgage offset account with an ongoing fee. However, Bank Australia may waive this fee as part of the package.
It has an ongoing package fee charged, which is higher than the average ongoing fee in the market.
The loan might suit owner-occupier borrowers and investors, though investors must be existing borrowers.
Bank Australia Premium Home Loan Options
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Advertised rate4.04%Fixed - 3 years
Advertised rate4.09%Fixed - 2 years
Advertised rate4.54%Fixed - 5 years
Advertised rate3.99%Fixed - 1 year
Advertised rate4.54%Fixed - 3 years
Advertised rate4.34%Fixed - 2 years
Advertised rate4.84%Fixed - 5 years
Advertised rate4.74%Fixed - 1 year
Advertised rate4.74%Fixed - 3 years
Advertised rate4.54%Fixed - 2 years
Advertised rate5.04%Fixed - 5 years
Advertised rate4.94%Fixed - 1 year