I’m a Professional

Professional Home Loan packages are available for existing home owners, first home buyers and property investors.
A Professional Home Loan facility usually provides the client with a discount off the annual interest rate, and further discounts on other lender products if bundled all together and in return the lender charging an annual fee. The discount off the rate is based on clients loan amount size, and the bigger the loan, the higher the discount as most lenders offer a discount of 0.80%, off the Standard Variable Rate Loan however you need to be eligible to meet the lenders and facility criteria;
Professional Home Loan facility may start from as low $100,000 to $500,000 minimum and have no maximum depending on each lenders criteria.

A professional package, may comprise of the following range with varying degrees of discounts across the range of products;

By paying the annual fee which average at $395 per annum, you normally receive these benefits:

• No monthly fees on the loan
• No annual fee on the credit card
• No set up loan fees on establishing the facility (this varies from funder to funder)
• Discounts on various insurance products (Home & Contents, Landlord, Income Protection & other insurances)
• No ATM fees (some funders offer unlimited fee transactions)
• A few Lenders will waive the requirement of having Lenders Mortgage Insurance (LMI) as part of Professional Package between 80-85% LVR. An LVR at 85% with no LMI can save thousands on a large loan facility.

The savings can be substantial depending on your financial situation.

Professional Pack Loan features:

• Interest – Only options
• Off-Set Account
• Redraw facility
• Portability
• Split Loan
• Extra Repayment
• Top-up or Loan Increase
• Repayment Holiday
• Direct Salary Credit
• Construction
• Low Doc availability

A great example of the benefits a professional home loan package can provide a complete financial package without the added costs of monthly fees, service fees and charges on every account. Imagine holding a day to day transaction account, a mortgage, an off-set account and a credit card all with the same lender or a different lender. You would be charged an account fee or service fee on several of these accounts, however with a professional home loan 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 and other benefits.

A great example, the professional home loan package can offer 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 or waived by the annual package fee already charged, which could mean substantial savings to anyone building an investment property portfolio.

One of the primary reasons banks offer packaged products is to provide as many cross selling opportunities to customer’s and to meet all their banking needs possible. By offering a package lenders are hoping that you’ll move your entire banking needs over, so if you decide to move your accounts to another lender the whole proceed becomes too daunting.

Pros & Cons on Professional Packages

	The Pro’s for	The Con’s against
Loan facility less than $300,000	May only get a small discount	Loan amount not big enough to justify the annual fee & no savings
Loan facility more than $600,00	Receive sizable discount	May need to bundle with other products to make it worth while
Multiple loans (Home & Investment loans)	Maximum discounts & savings	Max out on approve loan amount or facility with one lender
Fixed rates loans	May only get a small discount	May get a better deal as a standalone facility
Cheap Annual Professional Pack Fee	Receive max discounts	Lender doesn’t or not able to provide full range of products
All loans & accounts with same Lender	Receive all the product benefits	Lender won’t lend you any more funds
Combo or Split Loans, part fixed & part variable	May only get small discount on the fixed portion of loan	May get better fixed rate loan with other lender

Professional Package Loans vary between lenders and you need to talk to an experienced Credit Adviser (Mortgage Broker) who understands each lender packages and criteria, and even more importantly YOU the client and your financial requirements to insure the benefits and saving are apparent when taking up a Professional Package facility.

For answers to your many questions, simply Call Us on 07 3315 0381 or by Clicking "CALL ME" or eMail ME and we'll talk to you at a time that suits.