January 05, 2016
You may have heard of Professional Package home loans or Pro Packs, which are offered to borrowers who fit a certain lending criteria.
Pro Packs offer the borrower a very competitive discounted rate along with a range of popular features. The qualification criteria for a Pro Pack varies from lender to lender, as does the level of discount offered.
When first released over 15 years ago, Pro Pack home loans were only available to borrowers who worked in certain high paying professions such as medical specialists, surgeons and lawyers.
The good news is that nowdays you don’t have to be a professional to get a Pro Pack discount. The majority of lenders base the criteria on the size of the home loan but some may require minimum income levels. The discount is usually a set percentage off the standard variable rate, with only a few lenders offering a discount to fixed rate products.
Pro Packs normally have an annual fee but this is generally more than offset by the discounts received. They can also extend further than the home loan with fee exemptions on related savings accounts and credit cards and other bank services.
The popularity of Pro Packs has increased markedly in recent years, so much so that recent approval data from Mortgage Choice shows that over 50% of home loans approved during November 2015 were professional packages.
To find out more about professional package home loans, call us on 03 9432 6070 or contact us online at the top of this page.