Package deals are as the name suggests bundle more than one financial product into the home loan. It could be as simple as the addition of an offset account, savings account, or credit card, They might also have reduced fees in addition to discounts on items like share trading, insurance policies or financial planning sessions.

The aim of the game is so all your banking needs are in one neat package with one lender. This is convenient for you, and also a winner for the lender. If it comes time to refinance the home loan it may be more difficult to unwind that product because so many other products come bundled in.

The problem for consumers is that although the rates may seem attractive, they may not be the best home loan rates available. And the packaged products like credit cards and savings accounts may also not have the best rates available.

You may find yourself not making use of a product that attracts fees - such as a credit card - which if not managed correctly can end up costing a lot more in the long run. Plus, it's hard to compare different packages across different institutions when they are packaged in slightly different ways.

Lenders offering packaged home loans

Three of the four major banks offer packaged home loans with various inclusions, along with a host of smaller banks and lenders. ANZ closed its Breakfree package offer to new customers in early 2022.

  • Commonwealth Bank

  • Westpac

  • NAB

  • AMP

  • Australian Unity

  • Auswide Bank

  • Bank Australia

  • Bank of Sydney

  • Beyond Bank

  • Community First Bank

  • Credit Union SA

  • First Option Bank

  • Greater Bank

  • HSBC

  • Gateway Bank

  • Illawarra Credit Union

  • Macquarie Bank

  • ME Bank

  • Newcastle Permanent

  • QBank

  • RAMS

  • Suncorp

This list may not be exhaustive.

Is a home loan package cheaper than a home loan with no package?

The answer to this depends on the details of the products in the package. For borrowers the trick is to consider which products suit your needs.

Signing up to financial products just because they are offered as part of a package deal with your home loan could leave you with unwanted credit cards or accounts that could potentially add to your expenses.

You will not only have to compare the home loan interest rate, but also the comparison rate and annual package fees. Other products' fees to keep an eye out for include:

  • Credit card annual fees, and interest rates if you have a balance.

  • Bank account keeping fees.

  • Uncompetitive fees or interest rates on other products such as car loans, personal loans, and share trading.

So while it's great to get a discount and a package deal discount sounds awesome, comparing the cost of a package deal requires you to compare the cost of each individual product with others in that market.

Update resultsUpdate
LenderHome LoanInterest Rate Comparison Rate* Monthly Repayment Repayment type Rate Type Offset Redraw Ongoing Fees Upfront Fees LVR Lump Sum Repayment Additional Repayments Split Loan Option TagsFeaturesLinkCompare
5.99% p.a.
5.90% p.a.
$2,396
Principal & Interest
Variable
$0
$0
80%
Featured APPLY IN MINUTES
  • No application or ongoing fees. Annual rate discount
  • Unlimited redraws & additional repayments. LVR <80%
  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
6.04% p.a.
6.06% p.a.
$2,408
Principal & Interest
Variable
$0
$530
70%
Featured Online ExclusiveUP TO $4K CASHBACK
  • Immediate cashback upon settlement
  • $2000 for loans up to $700,000
  • $4000 for loans over $700,000
5.94% p.a.
5.99% p.a.
$2,383
Principal & Interest
Variable
$0
$600
80%
5.99% p.a.
6.51% p.a.
$2,589
Principal & Interest
Variable
$0
$530
90%
5.99% p.a.
5.99% p.a.
$2,396
Principal & Interest
Variable
$0
$150
60%
5.99% p.a.
6.36% p.a.
$2,396
Principal & Interest
Variable
$395
$0
70%
6.01% p.a.
6.14% p.a.
$2,401
Principal & Interest
Variable
$10
$440
90%
6.09% p.a.
6.11% p.a.
$2,421
Principal & Interest
Variable
$0
$210
80%
6.14% p.a.
6.20% p.a.
$2,047
Interest-only
Variable
$0
$835
70%
6.14% p.a.
6.17% p.a.
$2,434
Principal & Interest
Variable
$0
$445
60%
6.14% p.a.
6.17% p.a.
$2,434
Principal & Interest
Variable
$0
$799
80%
  • Up to $3,000 when you refinance with an IMB home loan
6.14% p.a.
6.15% p.a.
$2,434
Principal & Interest
Variable
$0
$0
80%
6.14% p.a.
6.16% p.a.
$2,434
Principal & Interest
Variable
$0
$250
60%
6.14% p.a.
6.39% p.a.
$2,434
Principal & Interest
Variable
$248
$350
60%
  • $0 application fee
  • Fast turnaround times
  • Estimate your borrowing power in as little as 1 minute
6.44% p.a.
6.76% p.a.
$2,618
Principal & Interest
Variable
$0
$0
70%
6.59% p.a.
6.59% p.a.
$2,552
Principal & Interest
Variable
$0
$160
70%
6.49% p.a.
6.87% p.a.
$2,526
Principal & Interest
Variable
$395
$200
60%
Speak to a broker about this loan
6.84% p.a.
6.88% p.a.
$2,618
Principal & Interest
Variable
$0
$0
95%
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Important Information and Comparison Rate Warning

Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) repayments. All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here.

Monthly repayment figures are estimates only, exclude fees and are based on the advertised rate for a 30 year term and for the loan amount entered. Actual repayments will depend on your individual circumstances and interest rate changes. For Interest only loans – the monthly repayment figure is applicable only for the interest only period. After the interest only period, your principal and interest repayments will be higher than these repayments. For Fixed rate loans – the monthly repayment is based on an interest rate that applies for an initial period only and will change when the interest rate reverts to the applicable variable rate.

The Comparison rate is based on a secured loan amount of $150,000 loan over 25 years. WARNING: These comparison rates apply only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees together with costs savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. Comparison rates are not calculated for revolving credit products. Rates correct as of . View disclaimer.

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