The Westpac Premier Advantage Package is a financial product designed to bundle your home loan, transaction account, and credit card services under a single annual fee. By consolidating these services, package holders typically access interest rate discounts on eligible home loans and fee waivers on specific banking products that would otherwise incur individual costs.
For many property owners and investors, the primary value of the package lies in the potential for interest rate reductions on eligible loans of $150,000 or more, alongside the removal of ongoing monthly loan account fees and transaction account keeping fees. Deciding whether the package is appropriate for your financial situation generally depends on whether the total value of your fee waivers and interest savings outweighs the cost of the annual package fee.
| Category | Details |
|---|---|
| Application Methods | Online application, Phone appointment, In-branch consultation |
| Processing Time | Conditional approval typically within 1 business day |
| Eligibility | Individual or trustee borrowers; minimum $150k eligible lending |
| Key Requirements | Westpac Choice transaction account, eligible home loan, identity verification |
Steps to Apply for the Premier Advantage Package
1. Assess your eligibility: Ensure you have an eligible home loan (such as a Rocket Repay or Fixed Options loan) with a balance of at least $150,000 and an active Westpac Choice transaction account.
2. Discuss with a lender: You can start the process by booking an appointment with a Westpac home lending specialist or by applying through your mortgage broker. They will guide you through the bundling process.
3. Review the package terms: Carefully read the Premier Advantage Package Conditions of Use. This document outlines the specific fees, the interaction between your loan and the package, and how the annual fee is debited.
4. Finalize the application: Your lender will incorporate the package structure into your loan application. Once approved and settled, the package benefits—such as interest rate discounts and fee waivers—are applied to your eligible accounts.
5. Manage your package: After settlement, you can view your active package benefits and linked accounts through your digital banking dashboard.
Troubleshooting Common Access Issues
MFA or Login Issues
Cause: If you cannot log in to manage your packaged accounts, your registered mobile number may be outdated, preventing the receipt of essential SMS security codes.
Fix: Update your contact details through a secure channel, such as a branch visit or by calling the general support line if your digital access allows.
Fallback: Contact the support team directly; they can verify your identity using security questions if you are currently unable to receive MFA codes.
Browser or App Errors
Cause: Using an outdated browser or having a fragmented cache can prevent the display of current package benefits or accurate account fee information in your dashboard.
Fix: Clear your browser’s cookies and cache, or ensure your Westpac app is updated to the latest version available in the App Store or Google Play.
Fallback: Try logging in from a different device (e.g., switching to a desktop computer) to rule out software conflicts on your primary device.
Locked Account or ID Access Issues
Cause: Entering an incorrect password multiple times while attempting to manage your package will trigger a temporary security lockout of your online banking profile.
Fix: Wait for the standard security suspension period to pass (usually a few hours) before attempting to log in again with the correct credentials.
Fallback: Visit your nearest Westpac branch with your physical photo ID so a banker can verify your identity and manually restore your profile access.
Pro-Tip: Before committing to the package, calculate your "break-even" point. Take the total annual savings from your fee waivers (credit card fee, transaction account fee, and loan account fees) and add the estimated interest savings from the rate discount. If this total is consistently higher than the $395 annual fee, the package is likely providing you with net value.
Frequently Asked Questions
Can I add the Premier Advantage Package to my existing home loan?
Yes, in most cases, you can apply to bundle an existing eligible home loan into the Premier Advantage Package. The bank will review your loan eligibility and account structure to ensure it meets the requirements. Your next step is to speak with your current lending manager or visit a branch to request a review of your existing loan to see if it can be packaged, which may involve signing a new package agreement.
What happens if I close my linked transaction account?
To maintain the benefits of the Premier Advantage Package, you must hold or be approved for an eligible transaction account, such as a Westpac Choice account, and have it linked to the package. If you close your transaction account, the package may be cancelled on the date the next annual fee is due, meaning you would lose access to the interest rate discounts and fee waivers. Always ensure you have a replacement transaction account linked before closing an old one to prevent the package from lapsing accidentally.
