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Bank Australia Premium Home Loan

Features

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?

The Bank Australia Premium Loan with package may suit borrowers who like the flexibility of being able to choose between fixed, variable or a split of both loan types.

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 Bank Australia Premium Loan with package has moderately-low interest rates available across a range of variable and fixed home loan options.

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

The Bank Australia Premium is available in a range of options, including fixed and variable, for investors and owner-occupiers. 

Product
Advertised rate
Comparison rate*
Monthly repayment
Go To Site
Details
Details
Details
Details
Details
Details
Details

Fixed Rates from

3.99%

Advertised rate

4.66%

Comparison rate

Variable Rates from

4.82%

Advertised rate

4.86%

Comparison rate
Pros
  • Mortgage offset account available.
  • Free redraw facility available.
  • Fixed, variable or split options available.
Cons
  • Upfront fees may apply.
  • Annual package fee may apply.
  • Discharge fee may apply.
Eligibility

Available to new and existing owner-occupier borrowers

Investment loans only available to existing customers.

Must meet lender’s serviceability requirements.

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
  • Investors
Fees
  • Estimated upfront fees: $0 - $595
  • Discharge fees: $250
  • Ongoing fees: $0

The Bank Australia Premium Loan with package charges upfront fees for both new and existing customers (refinancing from another Bank Australia home loan).

It charges a monthly offset account service fee as well as a discharge fee at the time of closing the home loan.

A package fee is also charged annually.

As part of the package, a number of fees may be waived on the loan and other Bank Australia products taken out in conjunction with the Bank Australia Premium Loan.

For instance, the fees are waived on the Bank Australia Platinum Rewards Visa credit card, the Everyday Access account or mortgage offset. No establishment fees are charged on the Bank Australia personal loans, and a discount is available on general insurance products. 

Features
  • Redraw facility
  • 100% offset account
  • Unlimited extra repayments
  • Weekly repayments
  • Fortnightly repayments
  • Monthly repayments
  • Loan allows split interest rate
About Bank Australia

Bank Australia, formerly bankmecu and previously Members and Education Credit Union (MECU), is a customer-owner bank. It has been operating in Australia since 1957.

As well as home loan products, Bank of Australia offers a range of financial services, including credit cards, savings and term deposits accounts, personal loans and business accounts. It also offers insurance products.

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