Package home loans: the nuts and bolts

Haven’t got a clue what a package home loan is let alone whether it could be the right loan for you? You’re in the right place! Here's the low down: a package home loan involves bundling a home loan with other financial products or services like personal loans, credit cards or even savings accounts in order to access package discounts and other perks.

Keen to know more? Let’s dive in to see whether a package home loan could be right for you.

The nuts and bolts

In the same way that mobile, internet or energy providers might offer bundled deals when you take out multiple services with the one provider, a home loan package involves bundling one or more financial products, accounts or services with the one lender to access discounts, savings and other benefits - think reduced interest rates or account fee waivers.

Even though an annual fee is usually charged for package home loans, they are often more cost-effective overall with savings that come from avoiding separate annual fees for each product, as well as taking advantage of extra discounts and package perks.

Financial products that are commonly bundled in home loan packages include:

• Mortgage offset accounts
• Savings and everyday accounts
• Car or personal loans
• Credit cards

Package home loan benefits

Could a package home loan be right for you? Let’s look at some of the common benefits to help you weigh things up:

• Discounts on interest rates: One of the most common package benefits offered by banks and financial institutions is a discount on their standard variable home loan rates which could translate into thousands in savings over the life of your loan. 
• Account and other fee waivers: One or more account or transaction fees might also be waived with a package home loan. Take the Your Way Plus Home Loan for example - it offers waived establishment, valuation and top up fees as well as unlimited fee-free redraws, waived personal loan application fees and more.
• Added flexibility: Package home loans might also give you added flexibility when it comes to repayments, for example, the ability to make extra fee-free repayments which could mean paying your loan off faster to save on interest.
• Mortgage offset facility: Some package home loans also offer a mortgage offset facility when borrowers have a transaction or savings account linked to their loan account which could help them save thousands of dollars in loan interest.
• Extra benefits: For example, our Your Way Plus Home Loan offers essential workers like firies and emergency services workers an additional 0.05% interest rate discount on variable rate loans. 

What else does an FMB package home loan give me?

Your Way Plus Fixed or Variable package home loans can be used as owner occupier or construction loans, plus you’ll get access to great package benefits:

• Discounted Variable rates for the life of the loan
• PLUS extra 0.05% p.a. discount for essential workers^ (Variable rate only)
• PLUS 100% offset
• PLUS establishment, valuation* and top up fees waived 
• PLUS annual fee for essential workers^ first home buyers waived
• PLUS flexibility to make additional repayments on both fixed and variable loans
• PLUS access to fee-free redraw on both fixed and variable rate loans
• PLUS personal loan application fees waived 

Find out more about Your Way Plus package benefits here.

Keen to chat with a home loan expert?

Our Lending Specialists can help you weigh up your options and find the best loan to suit your needs, not somebody else’s.

You can request a call back to set up a time to talk to a Lending Specialist either at home, on the phone, or on a video call.

Request a call back.

Essential workers

^Eligible Essential workers include: School Principal, Faculty Head, Commissioned Fire Officer, Commissioned Police Officer, Ambulance Officer, Intensive Care Ambulance Paramedic, Supervisor Police Officer, Police Officer, Senior Fire Fighter, Fire Fighter, Registered Nurse, Registered Midwife, Registered Mental Health Nurse, Registered Developmental Disability Nurse, Enrolled Nurse, Pre-Primary School Teacher, Primary School Teacher, Secondary School Teacher, Special Needs Teacher, Special Education Teachers, University Lecturer, University Tutor, Vocational Education Teacher, English as a Second Language Teacher.

*Valuation fee waived for first home buyers only