What is a Package Home Loan?
Many financial institutions offer packaged home loans which allows you to sign up to a home loan as well as other financial products such as a credit card and transaction account with the same bank or financial institution. There are incentives too for choosing packaged home loans because they usually come with a discounted interest rate and lower fees which are combined with the other financial products.
It is important to compare the costs with your current financial products and other home loans and products on the market because packaged home loans may not always be the best value deal. For instance, many home loans do not have ongoing fees as well as basic credit cards and even transaction accounts. Make sure you understand the details, fees and charges for each individual product. Compare each product on RateCity then determine if a packaged deal is best for you. This may also help you gain a better deal on your packaged product.
You should always compare home loans to find the best home loan for your circumstances then use RateCity’s Australian mortgage calculator to find out what your repayments will be like both now and in the future.
Read RateCity’s Home Loan Guide for more information on home loans and mortgages and what you can do to find right product.