What Is A Professional Packaged Mortgage?

This is an email question from Liz in Tuart Hill, What is a Professional Package (sometimes referred to as a pro pack) mortgage? This is quite a common question, and the title ‘Professional Package Mortgage’ can be a little confusing.

Quite a few bank and lenders offer professional packaged mortgages. Don’t be deceived by the name of it, ‘professional package’, as this type of home loan package that is generally available to anyone who has a mortgage (You don’t have to be a doctor or lawyer for example). Most banks or lenders offer ‘Pro Packs’ and they are generally a fully featured banking product.

A ‘Pro Pack’ from a bank or lender, is generally not a type of home loan, but a package that you may pay an annual fee for, and it may offer interest discounts on home loan products, offset or savings accounts, credit card annual fee waivers, insurances, it may offer discounts on a complete range of bank or insurance products.

Lets look at some of the possible advantages of a ‘Pro Pack’ Mortgage –

No application fees on multiple home loans

Interest rate discounts on variable home loans and lines of credit.

Some lenders offer discounts on fixed rate home loans.

No Monthly fee on home loan.

No monthly fees on an offset or savings account.

Annual fee waiver on some credit cards.

Discounts on different types of insurance products (like home, contents, life insurance, etc)

There could be some real savings with a ‘Pro Pack’ mortgage, depending on your personal financial needs. The Annual fee can vary between the banks and lenders, but generally a Professional Package mortgage will cost between $340 and $500 per year.

There is an article Professional Packaged Home Loans, have a read, it goes into more of the pros, cons and fees with this type of home loan product. If you have any questions or comments, please leave them below. If you would like more personal home loan information, or like to use my services as a mortgage broker, please contact me anytime.