Home Loan Package

A home loan package is a way of bundling your home loan and other financial products

such as a credit card and a transaction account into one package with the same institution at a discounted rate.

Home loan packages are a popular option, especially for first home buyers entering the property market. There are usually a minimum number of financial products you need to have such as three including a home loan with the one institution to be eligible for a package discount.

Some financial institutions offer their customers with a home loan package a discount off the home loan interest rate. Some may also offer a discounted rate on your credit card as well as lower account fees. Also some lenders may offer discounts on other products like home and contents insurance to help you save even more. How much discount you will receive will differ between financial institutions, so be sure to compare home loans online to see how much you can save.

In addition to the savings that can be made, a home loan package can also make your banking more convenient and easier to manage as all your banking is done with the one lender instead of numerous institutions.

Currently the major four banks hold a large share of the home loan market, as they have the ability over smaller lenders to offer home loan package deals. Because of their size they offer a wider range of products compared to smaller lenders like credit unions and building societies, which may only specialise in one or two products. These smaller lenders may also not have the ability to offer home loan packages.

When shopping around for a home loan, see if you will benefit from a home loan package. Be sure to consider all home loans on the market. While the discounts that some package deals offer can be good, you may be able to find a lower rate with another type of home loan. Especially if you are a first home buyer looking to enter the mortgage market for the first time, compare home loans online and work out which type of loan you will be better off with and which one will best suit your budget.

Check out the table below which lists some home loans currently advertised with banks or visit our home loans page to compare other types of home loans available.

by: Melissa Liao

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