CROSS SECURITISATION

  • A bank package fee, also known as a professional package fee or annual home loan package fee, is an annual charge (typically $300–$400) that provides a bundle of financial products and benefits with your home loan.

    🏦 What’s Typically Included in a Home Loan Package:

    • Discounted home loan interest rate – lower than standard fixed or variable rates.

    • Waived application and settlement fees – many upfront fees are reduced or eliminated.

    • Free offset account – helps reduce interest charged on your loan.

    • No annual fee on credit card – includes premium or rewards cards.

    • Fee waivers on everyday/savings accounts – no monthly account-keeping fees.

    • Redraw facility – access to extra repayments at no extra cost (if applicable).

    • Loan top-up flexibility – easier access to increase loan amount later.

    • Split loan facility – no extra cost to split between fixed and variable parts.

Bank Package Name Annual Fee
Commonwealth Bank Wealth Package $395
ANZ Breakfree Package $395
NAB Choice Package $395 - Old clients only
Westpac Premier Advantage $395
St.George Advantage Package $395
Macquarie Offset Home Loan Package $248

    • A home loan package fee can be worthwhile if the savings on interest and fees outweigh the yearly cost—something that becomes more likely with larger loan amounts.

    • You use multiple bank products (e.g. offset + credit card).

    • You want to avoid monthly and application fees across products.

    ⚠️ Watch out for:

    • The package fee applies every year, even after you've paid down much of the loan.

    • Not all included perks may be useful to you (e.g., if you don’t use a credit card or offset).

    💡 Simple Rule of Thumb:

    If the interest rate discount and fee waivers will save you more than the $395–$400 annual fee, a package is worth it.
    Otherwise, stick with a basic loan.

  • A basic home loan is a no-frills mortgage that offers a lower interest rate and minimal fees, but with fewer features compared to packaged or full-featured loans.

    It's ideal for borrowers who want to minimise costs and don’t need extras like offset accounts, credit cards, or complex repayment options.

    ✅ Pros:

    • Lower interest rate compared to full-feature loans

    • No ongoing or package fees

    • Simpler and easier to manage

    ⚠️ Cons:

    • No offset account (which can reduce interest)

    • Fewer flexible features (e.g. no splitting between fixed and variable)

    • Limited redraw or top-up options

    • May lack features useful over a long loan term

    💡 Best For:

    • Smaller loans (e.g. <$250,000)

    • Budget-conscious borrowers

    • Those who don’t need extra features or products

    • First-home buyers seeking low upfront and ongoing costs