Today, the Australian housing market is serviced by several high profile lenders .Each institution has a number of well-crafted financial products and services built for a variety of borrower needs and circumstances. Needless to say, the market can be highly competitive. Savvy companies are always evolving their platforms to service more selective needs and provide the type of incentives that matter to Australian home buyers.
Amidst all of this bustling activity, home financing lenders like Westpac have developed home loan packages that help borrowers save thousands of dollars in fees over the course of the loan term. Also, other incentives have been included to make these loan packages more attractive.
The Westpac Banking Corporation, one of Australia’s older financial institutions, has its own home loan package. The Westpac Premier Advantage Package combines several of the Westpac financial products into a single unit, which eliminates multiple annual fees and replaces them with on $395 annual fee. This aspect alone offers significant savings.
The Premier Advantage Package allows you to choose home loans from Westpac’s stable of fixed rate, equity access, and low doc loans. Each home loan is made available at reduced interest rates below the standard variable rate. Besides loans, you can choose to include other financial products like Westpac credit cards and Westpac saving accounts, both with discounts included.
As mentioned before, there are no separate annual fees for each product. Instead, you would pay one annual fee. Similarly, you would not have to pay annual fees on Westpac credit cards. Using the Premier Advantage Package, you can eliminate the monthly services charges, saving up to $60 a year, for a Westpac Choice account.
This loan package provides discounts on some of Westpac’s insurance products. This feature includes percentage discounts on home and contents, landlords’ protection insurance, life insurance, Mortgage Secure coverage, and Deposit Protect bonds.
Super and wealth products may be incorporated into the Westpac Premier Advantage Package with a variety of bonuses and discounts available. You could receive a $200 cash bonus when your BT Super for Life account reaches a balance of $1,000. If you have BT Margin Loans or Term deposits, you could see 0.25% discounts per year.
The operative word here is “savings.” That is something that Australian lenders have pursued by developing home loan packages like the Westpac Premier Advantage Package. Borrowers are looking for lending options that provide added advantages or can help them save some money in the process of buying a home.
You will be saving thousands in various fees or by receiving discounts on others. When you choose a Westpac home loan package, you will immediately see savings of around 0.7% per annum on the variable interest rates. Following this are additional savings on the loan establishment fee, monthly maintenance fees on the loan, as well as monthly transaction fees. If you have a Westpac credit card included, you will save money on the annual fees. All of these fees and more are replaced by the annual fee of $395. That is it; you pay one fee instead of four.
What sort of savings? Well, you could end up saving around $600 on the establishment fee. The removal of ongoing maintenance fees could save you between $96 and $120. Other fees like the switching fee, portability fee, and the Top Up fees are also eliminated with the Westpac Premier Advantage Package for a savings of around $1,000.
When you include the savings made from not paying credit card fees, transaction accounts, Mortgage Secure, life insurance, and other home insurance you increase the total to over $2,400. Not bad, is it? This can cut down the strain of paying the mortgage every month.Back « NAB Choice Package Home Loan Review
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