Packaged Loan
Packaged loan?
A professional package home loan was originally introduced to reward low-risk and high earning customers
Nowadays packaged loans are available to most people borrowing more than $250,000
A professional package home loan can have benefits, the borrower generally pays one annual fee for a bundle of features
These features are a bundle of banking products rolled together with generous interest rate discounts
These features over time can be of good value to customers (if the borrower uses the features)
Features included in a packaged loan can vary from lender to lender
Fees in the package loan
The annual fees for a professional package generally range from about $300 upwards
- A discounted interest rate on the lenders standard interest rate
- One annual fee with no ongoing hidden fees
- Generally discounts on financial products, like home, personal insurance
- Often transaction accounts and annual credit card fees can be waived
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