A home loan or mortgage package gives you a way to bundle accounts together for a single annual fee. Each package is different, but you can usually get your a waived credit card annual fee when it's part of the bundle.
Depending on the card, that benefit alone could save you hundreds of dollars each year. But there are other features and costs you'll need to weigh up first.
Michelle Hutchison's experience
After comparing options, we found the best value for us was the CBA home loan package. At the time we received a $2000 cash back offer on sign up and got the annual fee waived for the first 2 years. I also really like how we have a lending manager who I can call any time I have a question or need anything such as opening more offset accounts.— Michelle Hutchison, Finder crew member
A mortgage or home loan package offers discounts and other benefits when you bundle different accounts together, for an annual package fee of around $200-$400.
The biggest benefit you get is an interest rate discount. You generally qualify for an interest rate discount of up to 1%.
Most home loan packages offer to waive the annual fee for a credit card that you add to the bundle, which can save you up to $450 per year depending on the credit card you apply for.
Other benefits can include:
While you can save money and get other value from mortgage packages, they also benefit banks by encouraging you to do more business with them.
The table below includes some of the biggest lenders in Australia that offer credit cards as part of a mortgage package, along with key details about the benefits you can get from each package.
| Bank | Key features |
|---|---|
| ANZ |
|
| Bank Australia |
|
| Bankwest |
|
| Citi |
|
| CommBank |
|
| Macquarie Bank |
|
| NAB |
|
| Newcastle Permanent |
|
| Suncorp Bank |
|
| Westpac |
|
| Response | |
|---|---|
| No | 40.83% |
| Yes | 37.32% |
| Unsure | 21.85% |
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