More Home Loan Package Perks
Besides a lower interest rate, when taking out a package loan, there is often the requirement to sign up for certain other products, such as credit card and transaction account with the one financial institution. Product packaging can be good value on a long-term basis, provided the ‘extras’ are of use to you.In general, you will be offered a low-fee credit card and a fee-free transaction account in your package deal. The type of credit card provided does vary between institutions, and some packages may only waive the annual fee for the first year. Institutions may also offer several credit card choices, so it pays to select the one which reflects your usage and repayment levels (refer to our Credit Card star ratings for more details on credit card profiles). How the credit card is used will affect the savings achieved from the package. Similar to credit cards, transaction accounts will not, in general, attract any ongoing maintenance fees. However, you may still have to pay transaction fees but with the growing trend of “No fee” accounts, some transaction costs are a thing of the past. So when deciding on a package loan, don’t forget to look beyond the home loan and ensure the other perks/benefits will provide a true benefit to you. The bottom line is that you pay for what you use with stand-alone products but with a package, you pay for the other products, regardless of whether you use them or not. Package Home Loans ... |
Australia | New Zealand
