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Macquarie's Professional Packages: Tied Up With String
Macquarie Bank
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With a standard home loan, banks must protect their lending, so the more of a risk you are seen to be, the more you are likely to pay in fees, interest and lenders mortgage insurance. So, what happens if you're not considered much of a risk at all?
Once limited to professionals such as lawyers, doctors and accountants, professional packages such as Macquarie Bank's Executive Plus Express are now widely available to people regarded as low-risk borrowers, such as those on higher incomes or with significant assets.
Professional packages generally offer a discount off the lenders standard variable interest rate. Depending on the amount being borrowed, bigger discounts may apply. The Macquarie Executive Plus Express offers a step-down interest rate, which means the discount increases for each year of your loan, up to three years when the rate will plateau. The first year attracts a 0.25% per annum discount, the second year a 0.50% per annum discount and the third year a 0.80% per annum discount on the bank's standard variable rate.
This may sound very appealing, as this could end up saving you thousands of dollars over the term of your loan, but remember that discounts such as these may only bring the bank's interest rate to the same level as what many non-bank lenders may already be offering.
Executive Plus Express is a home loan product designed for self employed borrowers. In addition to the rate discount, it also offers an unlimited number of free electronic withdrawals with no minimum amount, the option to make additional repayments.
The downside of this type of package is that application and account management fees can be costly, eroding the benefits of a lower interest rate. Plus, having a range of your financial services tied to one lender may be limiting for some borrowers.
If you have a high enough level of income or assets to qualify for a professional package, be sure to shop around to get the best rate possible. Of course, in addition to the interest rate, you should also evaluate the fees and charges as well as features and flexibility of the loans you consider.
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