For property investors, Suncorp Bank’s Residence Package Plus provides a 5-star answer. We caught up with Craig Fenwick, Suncorp Bank Executive Manager Customer Lending Items, for some insights into how consumers are using their package loans.
“There are a number of positive aspects for buyers picking a package product,” says Mr Fenwick. “Over the previous few months, Suncorp Bank’s Home Package Plus item has received a number of market awards in recognition of the outstanding worth it represents for consumers. In addition to buyer comfort, a competitive offering and credit card reward points, the solution provides charge discounts on residence loans and other banking, insurance coverage and wealth merchandise when bundled in their package. This could consist of no upfront or monthly account keeping charges on individual loans, discounted home and contents insurance coverage and limitless mortgage offset and renegotiation fees.”
In dollar terms, the prospective savings for package loan consumers are genuine. The CANSTAR Package Home Loan Star Ratings Report outlines typical annual savings for package clients who take advantage of the variety of merchandise accessible. The potential annual savings range from about $ 640 per year for these with a $ 150,000 property loan to around $ 3,370 per year for these with a loan amount of $ 500,000.
The key to the savings, of course, is in taking benefit of the discounts obtainable. According to Mr Fenwick, numerous clients are certainly switched on in this regard.
“We have a quantity of buyers who bring across their day-to-day banking accounts, credit cards and other insurance merchandise and bundle them with their home loan package,” he says. “Additionally, a lot of of our home package plus buyers take benefit of the house and motor insurance coverage discounts associated with the product.”
Suncorp Bank’s Property Package Plus product awards customers the flexibility to pick a fixed or variable residence loan rate, primarily based on the customer’s individual needs and situations. According to Mr Fenwick, the previous 12 months has noticed a proportional shift between the demand for fixed and variable home loans. “The demand for variable residence loans has increased substantially, which has been consistent with market trends,” he says. “In saying that, fixed house loans continue to be critical to many clients.”
At the end of the day, it is about having the flexibility and selection – a definite package benefit that can not be decreased to a dollar quantity.
Package up some merchandise to save
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