Professional packages may save you up to $2,000 a year when compared to a standard variable home loan, according to a new report.
Canstar Cannex has revealed that package loans offer rate discounts of 0.7% for larger loans, tapering down to 0.5% for loans under $250,000.
Whilst package loans come with annual fees, Canstar Cannex says the interest rate savings will compensate for this.
Professional packages work by bundling your home loan with a savings account and credit card, or similar financial products, and charging a single yearly package fee rather than separate credit card and account keeping fees on each individual product.
Professional packages are generally offered based on the size of your home loan – the larger your home loan, the greater the discount you may be eligible for.
Source: Broker News; www.loanmarket.com.au
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