The pros and cons of going pro

A professional package is a type of loan that caters to people who are borrowing a large amount of money, usually over $250,000.

Overall for people who are looking to get more than just a home loan from their lender, pro packs are a great way to bundle several products together and save.

Check out the current interest rate discounts available from our banks.

What are the advantages of professional packages?

Depending on the bank, professional packages often reduce the standard variable rate by 0.50% to 1.10% and the fixed rates by 0% to 0.25%. Sometimes further discounts to the interest rates are offered in the case of larger loans over $750,000 or $1,000,000.

On top of that, all this is usually accompanied with a reduction from a range of fees associated to the loan. Generally, the application fee will be waived and various miscellaneous fees such as switch fees, extra valuation fees and loan split fees are also waived.

You will also find that most professional packages are equipped with free fee offset accounts which would enable you to reduce the interest you pay even further.

Who should not apply for a professional package?

A professional package may not be the best choice for you if:

  • You are borrowing less than $250,000.
  • You do not need a range of bank products.
  • You do not want to switch to a new bank.

Which lenders have professional packages?

The interest rates and fees that can be offered for a professional package will vary across all lenders, however all the major banks will offer similar features.

Some of the common professional packages are:

  • CBA MAV Package line of credit / MAV standard variable OR Wealth Package
  • Rams- Line of credit professional package / Smartway professional package
  • Westpac- Premier advantage rocket repay home loan & investment loan
  • St George- Advantage home loan package portfolio loan / Advantage home loan package standard variable rate home loan
  • Suncorp- Money manager standard variable / Money manager asset line
  • ANZ Professional benefits package standard variable / Breakfree package standard variable
  • NAB Tailored home loan under the choice package
  • And many more…

You can view the lowest rates available from our banks on our home loan interest rates page.

What annual fees do I have to pay for a professional package?

The annual fees for a professional package range from $300 to $750 depending on what type of professional package you apply for i.e. a standard home loan package or a private banking package for high net worth borrowers.

The annual fee for a professional package usually covers the following:

  • Regardless of how many different loans you have, you only pay for the one annual fee.
  • There are no ongoing or hidden fees on your loan.
  • Discounts on products such as home insurance, personal insurance and financial planning.
  • Most of the account keeping type fees on your transactional accounts can be waived.
  • The annual fee on your credit card can also be waived.

Who is a professional package suitable for?

While the name ‘Professional Package’ implies that this type of loan is restricted to professionals alone, and although in the past banks only approved select professionals, this is no longer the case.

You do not need to be a doctor, lawyer or an accountant to get a professional discount. Usually a professional package is best suited for:

  • People who are intending to borrow a larger loan amount. For loans greater than $500,000 most lenders can now offer a discount of 0.5% to 0.9% from their standard variable rate.
  • People who prefer to apply for a whole package type of loan. This means that there will be an annual fee which would cover all the features that are included in the package. For most people, applying for a professional package would be a smart choice as you would not need to pay a fee for each feature separately.
  • Anyone who does not mind changing banks to get the best possible deal.

Apply for a professional package”

Please call us on 1300 889 743 or enquire online if you wish to talk with a mortgage broker who can give you expert advice on professional package discounts.

  • Carolina

    What is the basic difference between a simple loan and a professional package?

  • Hi Carolina,

    Basically, a professional package is a type a loan where you pay an annual fee for interest rate discounts and further discounts on extra services. These can include cheque accounts, insurance and credit card facilities.

    Some lenders will also give you discounts on personal loans, margin loans, share market trading and even premium service. Basically it means that you will get a full range of services and facilities from your lender.

    On the other hand a basic home loan comes with minimal features and services and usually does not even offer a cheque book, ATM card or Bpay. The trade-off is that you will get a low interest rate, almost no or low ongoing fees and possibly a waived or reduce application fee.

  • Brooks

    Will getting a pre-approval on my home loan have any affect on my credit score?

  • Hey Brooks.
    Yes because if you get a pre-approval, a credit enquiry will be recorded on your credit file, which automatically lowers your credit score. If you have too many of these, usually 2 or more over a 6-month period, then banks will generally not be comfortable lending to you. For more information, including how you can protect your borrowing power, please check this out:

  • Nathaniel

    How different are the equity loans offered between the various lenders?

  • Hi Nathaniel,

    The interest rates and fees that can be offered for an equity loan will vary across all lenders, however, all the major banks offer similar features for equity loans. You can check out some of the common products on the equity loans page:

  • Cinet

    I’d like an offset account and a pro pack with my home loan of $490,000.. Can you help secure this?

  • Hey,
    Yes, our mortgage brokers can help you with that. Please call 1300 889 743 to discuss your situation and loan needs in detail so we can help you find the best lenders for your situation.

  • hernando

    Do any lenders do offset accounts with fixed rate home loans?

  • The vast majority of lenders don’t allow 100% offset accounts for fixed rate home loans. However, we have a select few lenders that can consider this type of loan. You can find out more about 100% offset fixed rate loans on our flexible fixed rate page:

  • Jenner

    I have a mortgage fixed with AMP for 5 years. I want to refinance it with another lender. How do I calculate the break costs of a fixed rate?

  • Harrius

    I have multiple accounts with CBA. I’m planning to apply for a professional package with them, will they charge me for each loan account?

  • Hi Harrius,
    The general rule for the package is you only pay the annual fee once, regardless of how many different loans you have. They have their own package called MAV (Mortgage Advantage) package. You could contact the bank and they will apply the package to you.