A professional package caters to people who are borrowing a large amount of money, usually over $250,000. Overall it is more suited for people who are looking to get more than just a home loan from their lender, professional packages are perfect to bundle different products together to save money.
Professional packages are most suited to:
- People who are borrowing large amount over $500,000.
- People who want to package all their banking and finance facilities in one. By bundling everything together you reduce the ongoing fees charged from your bank.
Advantages of the professional packages
Depending on the bank, professional packages often reduce the standard variable rate by 0.50% to 1.10% and the fixed rates by 0% to 0.25%. With strong network and relationship with over 30 lender the Everrich team can apply further discounts to the advertised interest rates.
On top of that, generally, the application fee will be waived and various miscellaneous fees such as establishment fees, refinance fees, valuation fees and split loan fees.
In addition to this, most professional packages come with complementary offset accounts and credit card which would enable you to reduce the interest you pay even further.
Fees associated with professional package
The annual fees vary from $300 to $750 depending on what type of professional package you apply. The annual package fee usually covers the following:
- Regardless of how many different loans you have, you only pay one annual fee.
- Fee waivers on establishment fees.
- Fee waivers on valuation fee.
- Fee waivers on offset accounts.
- Fee waivers on your transaction banking account.
- Fee waivers on your annual credit card fee.
- Discounts on products such as home insurance, personal insurance and financial planning.
Talk to our Everrich Finance team and we can recommend a lender suitable for you.