Many banks now offer professional packages for customers that often include a range of banking products designed to make your banking easier. Professional packages aren’t just for professionals or high income earners though. Many banks offer packages based on the amount of money you borrow, with the amount of discounts available increasing as your borrowing amounts increase, beginning with as low as $100,000.
Some professional packages even offer extra benefits, such as discounts off your interest rates or fee free transaction accounts or some may even waive the annual fees for your credit cards.
While on the surface most professional packages appear to be very similar, there are subtle differences that can benefit different people, depending on your long-term borrowing goals.
A prime example of this is the availability of a professional home loan package that offers investors a chance to purchase further properties without charging any monthly account fees, no extra valuation fees or any further loan establishment fees. These fees are absorbed by the annual package fee already charged, which could mean substantial savings to anyone building up a property portfolio in a hurry.
Another example of the benefits a professional home loan package can bring is a complete banking package without the added costs of monthly fees on every account. Imagine holding a transaction account, a mortgage and a credit card all with different banks. You could be charged an account fee on every account you own, but with a professional package you could benefit from paying one simple annual fee that covers the costs of all these products along with the benefits of a discounted interest rate on top.
Yet another option available with some professional packages are further discounts on car loans, access to discounted margin loans and further special offers that aren’t always available to customers with regular mortgage accounts.
Professional packages can also offer amazing flexibility, with banks willing to waive product switching fees for professional package customers who want to change a variable rate over to a fixed rate or maybe even customers who wish to convert a principle-and-interest type loan over to an interest only mortgage option.
One of the primary reasons banks offer packaged products in this way is to try and provide as many of their customer’s banking needs as possible. By offering a package they are hoping that you’ll move your entire banking needs over to their business, so it’s in their best interests to offer a package that will be worth your while considering.
To learn more about the many different professional home loan packages available to you and to find out which ones will benefit you the most, call an Origin Finance consultant today to discuss your mortgage needs.