RateCity.com.au
Advertisement

Auswide Bank Freedom Package Loan

Features

Open to first home and established buyers, through to investors and refinancers, Auswide Bank’s Freedom Package enables you to have all your banking and loan needs housed with this lender.

To qualify, you need take out a new Home Loan Plus or Line of Credit for at least the minimum loan amount and pay an annual fee, which is in line with the package fees charged by the big banks and other lenders.

The interest-rate discount you get will depend on how much you borrow and whether you're an owner-occupier or investor, with slightly higher interest rates applying to the latter.

You’ll get a fee-free 100 per cent offset account, a Visa debit card, a fee-free Mastercard credit card and higher interest rates on term deposits.

Though, keeping your savings in your offset account will be the most effective of saving on interest costs. Benefits accrue as soon as there is cash in the offset account reducing interest payable on the home loan principal.

Other benefits include discounted home loan interest rates plus savings on everyday banking fees and discounted home and car insurance and credit cards.

You can make unlimited extra repayments on your home loan and there is also a free redraw facility. Rates can be variable or you can fix part of your home loan for up to three years.

From savings accounts to credit cards, Auswide strives to incorporate all your day-to-day needs within this home loan product.

Who is the Auswide Freedom Package Loan good for?

Borrowers looking for a financial institution that provides a range of products under one roof may be interested in Auswide Bank’s Freedom Package Loan. Competitive rates are the first thing people see, but there are other advantages for property buyers. The ability to save on a range of products other than loans such as insurance and credit cards are also drawcards.

Review - What RateCity says

If you are looking for a one-stop shop for all your banking needs, then a packaged home loan or line of credit could be the answer. The key advantage of combining all of your products into one package is that you’ll get discounts on other banking products, such as your credit card and transaction accounts.

In addition, if you are borrowing larger amounts, the interest rate discounts can also be substantial under this package. But if you’re on a tight budget and simply want the lowest cost home loan, then this may not be the most economic option and it may be worth reviewing what else is on the market.

Whatever your financial situation, do the sums before taking out this package to make sure you’ll get ahead by bundling together your financial products.

Auswide Bank Freedom Package Loan Options

With a range of options to suit, Auswide Bank’s Freedom Package Loan offers something for everyone. Compare the differences below.

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

Fixed Rates from

3.69%

Advertised rate

4.32%

Comparison rate

Variable Rates from

3.69%

Advertised rate

4.08%

Comparison rate
Pros
  • Very low variable interest rates available.
  • One-stop shop for all your banking needs.
  • 100 per cent offset and redraw facilities
Cons
  • Locked in to one financial product supplier.
  • Limited branch network.
  • Moderate annual package fee.
Eligibility

Must be able to provide proof of income.

Must be over 18 years of age.

Must meet serviceability criteria.

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
  • Line of Credit Loans
  • Investors
Fees
  • Estimated upfront fees: $0 - $150
  • Discharge fees: $0 - $350
  • Ongoing fees: $395 annually

A modest amount of upfront fees applies at the start of this loan, then after that there is just the annual package fee to pay. There is no discharge fee at the end of the loan term, which sets Auswide apart from most other lenders who do charge such a fee.

Features
  • Redraw facility
  • 100% offset account
  • Unlimited extra repayments
  • Weekly repayments
  • Fortnightly repayments
  • Monthly repayments
About Auswide Bank

Auswide Bank is formerly known as Wide Bay Australia and has been assisting home loan borrowers for more than 50 years. The bank prides itself its ability to understand an individual’s circumstances and provide solutions that meet their needs. Auswide Bank’s banking and financial services are available through its limited branch network, over the phone and at ATMs across the country.

Compare your product with the big 4 banks, or add more products to compare