Professional Packages for loans come with a number of features, benefits and additional discounts on lenders products and services that are bundled up with one annual fee. The idea or reason to take up a loan package products is for the benefits and discounts that can range from 0.50% to 1.30% off the proposed lenders Standard Variable Rate and even 0.05& to 0.25% off the lenders’ fixed rate products. Now, these discount do vary on the loan size, so the larger the loan the large r the discount.
these discounts remain with the loan for the life of the loan as long as you remain with that lender. If you refinance away to another lender your discounts are canceled which are not trsportable.
The other benefits are Nil Application fee, no ongoing fees, nil loan switching fee, free redraw fees, and a few more depending on the lenders’ product package.