What is the Mortgage Advantage Package?
The Mortgage Advantage Package is a bundled banking product designed to group your home loan with other financial services, such as transaction accounts or credit cards, under a single arrangement. The primary structure involves paying an annual package fee in exchange for specific benefits, which typically include a discount on the interest rate of your home loan and waived or discounted annual fees on selected bank products.
It is worth noting that this type of package is generally suited to borrowers with larger loan balances, where the interest rate discount outweighs the cost of the annual package fee. Because the fee is charged regardless of how much you use the bundled products, it helps to calculate your potential savings carefully before deciding if the structure is the most cost-effective option for your specific financial situation.
| Category | Details |
|---|---|
| Methods | Online enquiry, phone, or branch appointment |
| Processing Time | Dependent on loan application timeline |
| Eligibility | Existing or new home loan customers |
| Key Requirements | Eligible loan amount and package fee commitment |
Steps to consider and apply
Because the package involves ongoing costs, you should approach it as a calculated financial decision rather than an automatic choice.
- Review your loan size: Check if your loan amount meets the minimum requirements for the package, as this is often where the most significant interest rate benefits are realized.
- Calculate the break-even point: Compare the annual package fee against the total dollar value of the interest rate discount and the savings from waived credit card or account fees.
- Consult a lender: Speak with a CommBank lending specialist. They can provide a comparison between a standard home loan and the Mortgage Advantage Package based on your current financial position.
- Finalize the application: If you choose to proceed, the package features will be applied to your account as part of your loan setup or during a restructure of your current facility.
Troubleshooting common issues
- MFA or login issues: If you cannot log in to view your package details, check that your digital token is synced or your SMS code service is active. If you remain locked out, you may need to call the bank's support line to verify your identity and restore access.
- Browser or app errors: If the online portal for managing your package fails to load, clear your browser cache or try an 'Incognito' window. These temporary display issues are often resolved by refreshing your session.
- Locked account or ID access: If your account access is restricted, it is likely a security measure following multiple failed login attempts. Contact the bank directly to confirm your details and unlock your profile.
Pro-Tip: Before committing, ask your lender for a comparison illustration that shows the total cost of the package fee versus the savings over 12 months. If the interest rate discount doesn't save you more than the cost of the annual fee, a standard home loan without the package might be the more economical choice.
Frequently Asked Questions
Q: Why would I choose a package over a standard home loan?
The main reason is the bundled discount; if you already use (or plan to use) multiple banking products like a premium credit card and a transaction account, the package can waive the fees for these items. However, if you only require a basic home loan and have no need for premium cards, the annual package fee may actually cost you more than you save. Always map out your total banking costs before opting into a package.
Q: Can I remove the package if my circumstances change?
Yes, you can typically request to switch from the package to a standard loan structure if the package no longer benefits you. Keep in mind that doing so may result in the loss of your interest rate discount and the reinstatement of fees on any bundled products you keep. Before removing the package, contact the bank to understand how the change will impact your interest rate and monthly repayment amount.
