1. Are professional package home loans suitable for everyone?
A professional home loan package may not be the best choice for you if:
- You’re borrowing a sum less than $250,000.
- You don’t require multiple banking products.
- You don’t want to switch to a new lender.
If, however, you’re borrowing a large amount and have multiple financial products, a pro pack home loan can give you access to multiple discounts and benefits. You can access a discounted rate on your mortgage, discounts and waivers on fees, and have the convenience of all your banking products under the same roof.
2. Are there any fees associated with a professional home loan package?
Most lenders charge you an annual fee in the range of $300 to $750 depending on the type of professional package you apply for. The good thing is that you only need to pay one annual fee for all your banking needs with a professional package home loan.
As part of a professional home loan package, some lenders offer credit card and transaction account fee waivers, and discounts on various insurance products. The savings of these waivers and discounts often make up for the usually higher annual fee associated with a professional package home loan.
3. Which lenders offer professional package home loans?
Most lenders in Australia offer bundled products with home loans. AMP offers several professional package home loans, including packaged loans for high net-worth borrowers, that include a range of benefits. Westpac and Commonwealth Bank also offer competitive professional package home loans with several add-ons like free credit card and 100 per cent offset account.
You can compare professional package home loans from various lenders online to see what’s in the market and what may suit you. Alternatively, you can speak to a mortgage broker who can guide you through the process of choosing the package that best suits your needs.
4. Is it possible to get a low doc home loan with a professional package?
Yes, you can get a low doc professional package home loan if you’re a high-income borrower looking for a large sum of money. However, some lenders may offer a smaller discount as compared to a traditional full doc loan.
It’s better to speak with a mortgage broker who can guide you to lenders that offer the maximum discounts to borrowers in a similar profession to yours. You can get in touch with a verified broker online to receive expert financial assistance for your home loan journey.
5. Do high-income borrowers receive additional discounts on package deals?
High-income borrowers earning more than $200,000 a year may be eligible for additional discounts when borrowing over $500,00. These professionals can include architects, business owners, CEOs, executives, IT consultants, university lecturers etc.
If you’re a high-income borrower planning to borrow a large sum of money, it’s worth connecting with a mortgage broker. They can assist you in finding a bundled package or negotiating an additional discount on a standalone mortgage.
6. Do you need to work with a mortgage broker to get a professional home loan package?
There’s no requirement for you to work with a mortgage broker to secure a standalone home loan or a professional package home loan. Although, brokers can ease the stress and confusion of your home loan journey by providing you with expert assistance at every step.
A broker can suggest tailored home loan deals at competitive prices, file your mortgage application and negotiate a better rate on your mortgage. They make the process of securing a home loan painless and hassle-free.
Working with a broker can also increase your chances of approval with your first application. Your broker understands the eligibility criteria of various lenders and will only suggest to you lenders that are more likely to approve your home loan application. Some brokers also have exclusive deals with lenders that lead to more savings. If you’re searching for a home loan, seek help from a mortgage broker online to understand your options better.
Talk to a broker today