What is a professional package loan?
A Professional Package is a normal type of home loan mortgage. They are sometimes called or referred to as Pro Pack or discounted loans.
Nevertheless, a Professional Package usually comes with a discount applied to the loan. The discount is generally applied to the standard variable rate home loan. If you ever notice lenders offering a discount in some of their advertisements? This is usually the discount which makes your loan a Professional Package Home Loan.
Types of professions required for Pro Pack Home Loan
In previous years one must have belonged to a specific work profession to be eligible for a pro pack home loan. Today, this is no longer the case. In today’s market, you can be eligible for a professional package loan with different lenders regardless of whether you were a lawyer or a laborer. Today a Pro Pack is generally loan size specific. Hence it is your total loan amount which makes you eligible for a Pro Pack Home Loan.
However there are still some lenders who require you to be a member of certain professions in order to apply for a significant discount to your loan.
What types of discounts are applied to a Professional Package Home Loan?
The discounts applied to a Professional Package home loan differ between lenders. Your best bet is to contact our brokers who will determine which lender is applying the best rate for your situation.
Fee discounts with professional package home loans
In addition to offering discounts on rates, Professional Package home loans offer discounts on fees with many being waived or replaced by a single fee. The fee discounts could vary from lender to lender and it is possible to get a Professional Package loan with a combination of discounts applied to the interest rate, as well as having fees waived or reduced.
Loan products available with Professional Package Loans
With a Professional Package Home Loan, you could get any type of loan product. For example, you can get a Professional Package discount with any of the following types of loans:
- Standard variable
- Basic home loan
- Fixed rate home loan
- Offset home loan
- Construction loan
- Low doc home loan
- Home Loan with mortgage insurance is waived
Low doc home loan with a professional package?
It is possible to get a low doc loan with a Professional Package. Some lenders price these types of loans the same as a normal full doc loan. There are other lenders who offer a small discount compared to a normal full doc loan. It’s best to speak to one of our Mortgage Providers consultants to be guided to the best lender who can suite your low doc loan needs.
At Mortgage Providers, our staff have extensive experience putting together Professional Package Mortgages tailored to suite a client’s needs and expectations. We can guide you to the right lender who offers the best discount on the most suitable loan product whilst waiving any fees applicable. Send us an online enquiry and we will contact you. Alternatively give us a call on 1300 656 600.