In an effort to attract people on higher incomes or those regarded as low-risk borrowers, lenders offer special loan deals known as professional packages.

Traditionally restricted to professionals such as doctors, lawyers and accountants, these packages are now available to a wide variety of purchasers with sufficient income and/or assets.

If you feel you qualify, it pays to apply. Professional packages generally offer discounts of up to 0.7 per cent off lenders standard variable interest rate up to 0.25 per cent off fixed interest rates. Depending on the size of the loan, bigger discounts may apply.

Most lenders require the borrower to bundle all their personal banking into the one package. Most charge an annual fee ($390 is common) but offer a range of discounts on accounts such as credit cards, transactions margin loans and insurance. Some lenders will waive account fees in order to get your business.

Overview

• Suit low-risk borrowers
• Don’t have to be a professional
• Must have sufficient or assets
• Discounted interest rates and account fees