The Loan Value Package is designed for Northern Inland customers who want to bundle a home loan and a Visa credit card.
Customers are eligible for an interest rate discount, depending on how much they borrow; the higher the loan amount, the higher the discount.
Its features include a 100 per cent offset, free redraw facility and the option to make additional repayments.
Borrowers also have the option of splitting their loan rate between fixed and variable rates.
The minimum loan amount is $250,000, with loan terms up to 30 years. Customers can borrow up to 95 per cent of the property value, but lenders’ mortgage insurance may apply for loans with a deposit below 20 per cent.
The Loan Value Package may suit borrowers with large loan amounts, given that they attract the highest interest rate discounts. It may also be suitable for borrowers who want to keep all of their financial products in one place, as the package includes a Visa credit card.
Northern Inland’s Loan Value Package has some very competitive interest rate discounts on offer, but to qualify for the best discounts, borrowers must have a reasonably large loan amount.
For those looking for a feature-rich package, the loan has plenty to mention, including split loan flexibility, additional repayments, an offset account and redraw facility. Just beware of the large annual fee.