CBA Wealth Package Review
CBA has been a trusted financial institution in Australia’s banking industry since 1912. CBA’s unique advantage in the banking industry, allows them the opportunity to monitor borrowers’ banking habits, so they can offer products that coincide with borrowers’ needs.
CBA Offers Simplicity For Their Customers
CBA recognised that borrowers with many CBA products, deserve rewards, too. CBA’s answer to banking simplicity, resulted in the development of the Wealth package.
The Wealth package allows customers with multiple CBA banking products to reap the rewards of trusting CBA with their financial life. Borrowers with a minimum loan of $150,000 may be eligible for unlimited access to their transactional accounts without withdrawal or monthly fees. Wealth package customers with one Commonwealth Bank MasterCard Credit Card will be alleviated from annual credit card fees and additional cardholders fees that are typically charged.
Benefits and Savings
Commonwealth Bank Wealth package borrowers only pay an annual fee of $375 to receive the rewards, benefits and discounts offered by the Wealthpackage home loan. Borrowers will notice a savings right away if they are approved. Up-front Establishment Fees and Loan Service Fees are waived. Wealthpackage home loan customers will also notice an immediate savings in their interest rate with competitive 0.50% p.a. to 0.70% p.a. discounts off standard and variable interest rates, and line of credit home loans.
In addition to home loan savings, CBA offers benefits for personal loans that are held by Wealthpackage customers. Borrowers will receive a 0.50% p.a. discount off standard variable and fixed rate personal loans with a balance of at least $10,000. Borrowers are also relieved of the Establishment Fee.
CBA’s Wealthpackage benefits extend far beyond their financial accounts. Borrowers will be eligible for savings on their insurance products, too. CBA and CommInsure have teamed up to offer 10% discounts off home and contents insurance, 5% off investment home insurance, and 10% off car insurance premiums. Borrowers who apply for Total Care, Income Care and Income Care Plus Plans with a CBA Planning Adviser, automatically receive a 5% savings off their first year’s premium