Most banks offer a discounted rate to a variety of borrowers. This discount is usually a set percentage off the standard variable rate or a line of credit, with just a few banks offering discount to their fixed rate products.

The criteria for qualifying for a professional package varies form bank to bank, as do their tiers of discounts. The majority of lenders now base their criteria on the size of your loan – with discounts starting for loans greater than $150,000 with a limited number of banks. For loans greater than $500,000 most lenders will now discount their standard variable rate products by 0.7%.

Professional rate products are hard to beat if you qualify. They provide you with a very competitive rate along with all the features most borrowers are wanting today. Offset accounts are available on all Pro – Pac loans allowing for mortgage minimisation at a cheaper rate than normal.

The primary differences from Bank to Bank on a Pro-Pac are the ongoing fee they will charge for the facility, the level of discount available and whether they will allow you to have a one year discount product rolling straight to the discounted standard variable. This last feature is not available through many banks.

It is well worth a chat to one of our consultants, either via email or phone, to see what discounts could apply to your loan before you commit.