What is a Professional package (Pro-Pack)?
A Professional Package is a term often used by Lenders for a bundle of banking products rolled together with interest rate discounts and other account benefits. These packages are offered by the banks as an incentive for you to have all of your banking with them.
Different banks may offer different benefits to their customers, but you would find the following features in most professional package home loans:
- Between 0.5% to 1% discount on standard variable home loan rates and up to 0.25% discount on fixed interest rates.
- Discounted fees for many services, including insurance products.
- No fees for linked bank accounts and credit cards.
- An offset account linked to your home loan.
- Discounted interest rates on personal loans.
- Multiple loans available under the one package all with interest rate discounts.
Lenders usually charge a fee of up to $400 per annum for the professional package. In most cases the annual fee is worth it because the saving from the interest rate discount and fees is more than the annual fee.. We can see if it is best for you to have a professional package based on your situation.
Further Benefits for High Earning Occupations
Lenders target high income professionals as they tend to have more in savings and seek larger mortgages or more borrowings for investment loans.
Doctors and medical professionals
Doctors and medical professionals can borrow up to 90% of the value of a property and have the lenders mortgage insurance waived. This can be a huge saving. For example if a Doctor was to buy a home for $1,000,000 and borrow $900,000, the mortgage insurance would normally cost around $25,000. Other benefits and discounts are available for commercial loans for medical premises, and to buy or lease medical equipment.
To be eligible for a Doctor home loan, you must be a member of an accepted Medical Professional Association such as Australian Medical Association, Medical Practitioners Board of Australia, Australian Dental Association etc.
There are benefits available for other professions and occupations often negotiated by the industry professional associations including for:
- Accountants including actuaries, finance managers and auditors.
- Legal professionals including solicitors, barristers and lawyers.
- Professional athletes including AFL and NRL players, soccer players, cricketers, basketballers, motor sport drivers, cyclists, tennis players and Olympians.
- Entertainment professionals and celebrities including DJs, actors/actresses, musicians, models, photographers, filmmakers, journalists, presenters, producers, directors and writers/authors.
- Mining engineers including surveyors, quantity surveyors, geologists and geophysicists.
We have a list of acceptable associations and will find the best deal for your situation.
There are also deals available for high income and high net worth borrowers, such as business owners, CEO’s, executives and managers, property investors, and family groups, and for those Lenders see as working in professions with stable incomes and low unemployment sectors including for teachers, government employees, scientists and Australian Defence Force employees.
We are always on the lookout for the best deals, and will negotiate on your behalf to get you the best deal. Speak to us to see what we can do for you.