Professional Package Home Loan: Costs and Eligibility

A professional package home loan bundles an eligible mortgage with discounts or linked-account benefits for an annual fee. The name alone doesn’t mean the borrower needs a particular profession. Recommend the package when its usable benefits outweigh its extra cost against a suitable non-package loan.

AMP’s current Professional Package fee is $415 a year in its 25 August 2026 fees guide. A client’s occupation, package eligibility and any profession-based concession need separate assessment.

Confirm the Professional Package

Confirm the exact lender product before treating a professional-package name as an eligibility rule. AMP uses Professional Package, while Commonwealth Bank (CBA) uses Wealth Package and National Australia Bank (NAB) retains Choice Package for existing holders. These names describe different product arrangements.

The comparison below uses lender pages as at October 2026. AMP’s fee comes from its 25 August 2026 guide, and CBA’s eligibility changes took effect on 14 March 2026.

Lender Arrangement	Availability and Eligibility	Annual Fee	Benefits That Can Affect the Decision
AMP Professional Package	Owner-occupied and investment options. Published rate tables start at $100,000, with pricing tiers based on amount and loan-to-value ratio (LVR), the loan divided by property value	$415	Up to ten offset accounts on variable loans. Fixed loans don’t have an offset
CBA Wealth Package	Owner-occupied and investment lending. New Standard Variable Rate and Fixed Rate home loans include package benefits automatically. Minimum loan is $10,000 per loan. Holders can be one or two individuals or a corporate entity, but not a business or family investment trust	$395, paid in advance and non-refundable	Published minimum discounts of 0.70 percentage points on Standard Variable and 0.15 on fixed loans. Fee waiver on one eligible card
NAB Choice Package	Owner-occupied and residential investment lending. Closed to new sales since 18 August 2023. Existing holders can add eligible lending under their package terms	$395	Loan application and monthly service fee waivers. Up to 0.90 percentage points off the Tailored Variable indicator rate for borrowing over $750,000. Eligible card fee waiver

CBA’s package changes remove the old $150,000 minimum package lending balance. Package benefits cannot be opted out of from 14 March 2026. A new CBA non-package comparison therefore needs a different eligible product, not the same Standard Variable loan with the package tick removed.

Use CBA’s Wealth Package terms to identify the discount on the proposed loan. A discount from a lender’s standard rate doesn’t establish a saving against another lender’s actual rate.

For an existing NAB Tailored Home Loan with Choice Package, establish that the package already exists and that the loan is included. NAB’s May 2024 terms exclude Base Variable and Introductory Rate home loans. Included products must be in the package holders’ names.

Mortgages for professionals can also include separate occupation-based concessions. A lenders mortgage insurance (LMI) waiver removes an insurance premium, while a higher permitted LVR changes the deposit requirement. Neither follows automatically from paying a package fee.

For example, ANZ’s August 2024 medical waiver sheet, checked in October 2026, includes medical practitioners, specialists and dentists. It requires current Generalist or Specialist registration with the Australian Health Practitioner Regulation Agency (AHPRA) and the largest or equal-largest ownership share. Assess the separate profession-based LMI waiver conditions without adding them to a package’s advertised benefits.

Use AMP as a Worked Example

AMP Professional Package eligibility starts with the borrower’s proposed loan and ability to repay, not a presumed professional qualification. Its 28 February 2025 target market determination defines customers by their needs and financial circumstances. It doesn’t impose an occupation list or professional-membership test for the package.

The determination includes residential purchase, renovation and refinancing, with owner-occupied and investment options. It excludes bridging and lending to a self-managed superannuation fund trustee. Borrowers need funds for repayments and fees, and sufficient money to benefit from an offset if they request one.

AMP’s broker policies, as at October 2026, give a general full-documentation minimum loan of $40,000. Its Professional Package’s advertised rate tiers start at $100,000. The general minimum doesn’t establish access to a particular advertised rate.

For an employed applicant, AMP requires two consecutive computer-generated payslips showing at least three months of year-to-date income. The most recent must be less than 60 days old at submission. Where the income history is shorter, the policy specifies extra evidence, such as the latest income statement or a qualifying employment letter.

AMP’s employment rule normally requires six months with the current employer. A full-time or part-time applicant with less tenure needs at least 12 months’ continuous work in the same occupation type or industry. A broker-submitted application also needs the Borrower Interview Guide or fact find required by the determination.

A medical practitioner applying for AMP’s package therefore supplies the income evidence relevant to their employment. Their registration doesn’t replace that evidence. For a separate ANZ medical waiver, the August 2024 sheet requires registration to remain current at submission and verifiable through AHPRA.

Keep professional-concession evidence separate from the ordinary loan documents. Record the lender’s accepted registration class and ownership share where relevant. For a concession based on professional membership or an income threshold, retain the required membership record and income calculation for that specific concession.

Price the Annual Package

Price the package over the period the client expects to keep the loan, using only savings against a suitable alternative. Add annual fees, required account charges and any establishment or switching costs that differ. Keep government charges and event-based fees in the calculation where they apply.

This hypothetical October 2026 comparison uses a salaried Australian permanent resident refinancing a $500,000 owner-occupied loan at 70% LVR. They have worked for the same employer for two years and apply individually.

They want variable principal-and-interest repayments and expect to keep the loan for three years. They won’t use an offset or a packaged credit card.

AMP’s Essential application criteria, as at October 2026, accept adults applying individually or as a couple. The published application limits are $250,000 to $2 million and no more than 80% LVR. The fictional applicant fits those limits and salary-income criteria, subject to credit assessment.

AMP’s 25 August 2026 fees guide supplies the package and account charges below. The example assumes both products have the same quoted interest rate and applicable third-party costs. That is a calculation assumption, not an AMP rate quote.

Comparison Input	AMP Professional Package	AMP Essential	Treatment
Annual package or account fee	$415	$0	Three years gives $1,245 against $0
Standard solicitor or mortgage processing cost	$295	$295	Count once for each new agreement. Equal cost doesn’t favour either loan
Package or account fees plus that cost	$1,540	$295	Difference of $1,245 over three years
Offset benefit	$0	$0	Applicant won’t hold offset funds
Credit card benefit	$0	$0	Applicant won’t use a packaged card
Rate saving	$0 assumed	Baseline	Equal-rate assumption. Replace with the actual offers before recommending

The amounts are Australian dollars, using the lender’s stated charges without adding a separate tax amount. The totals exclude government charges and non-standard third-party costs. They also exclude discharge, variation and fixed-rate break costs because the example assumes no such event during the three years.

Under those assumptions, Essential costs $1,245 less. Professional Package needs a real rate saving, used offset benefit or other relevant saving to cover that difference. This result doesn’t claim that AMP quotes the same rate on both products.

A rough first-year test on an unchanged $500,000 balance is $415 divided by $500,000: 0.083 percentage points of rate saving. A principal-and-interest balance falls, so calculate the actual interest difference over the repayment schedule. Don’t multiply that opening-balance estimate by three and call it a three-year saving.

An ANZ home loan package comparison needs a current alternative. ANZ discontinued Breakfree on 10 September 2022 and retained existing rate discounts without the package fee. As at October 2026, its optional ANZ One offset costs $10 per month per account.

One offset costs $120 a year or $360 over three years. Without it, that optional charge is $0. Compare those chosen features and the actual rate with the package, instead of attaching an obsolete Breakfree annual fee to ANZ’s current loan.

Match Linked Benefits to the Client

Count a linked benefit only when the client will use it and it changes their costs or meets a stated need. An unused card fee waiver has $0 value for this comparison. Opening a card just to obtain a waiver doesn’t produce a saving against a client who otherwise wants no card.

CBA’s Wealth Package, as at October 2026, waives the annual or monthly fee on one eligible credit card. Card approval and the relevant card conditions still apply. Count the saving only if that card replaces an expense the client would otherwise incur.

For AMP, its current Professional Package page, read in October 2026, limits offsets to variable loans. Its fixed component doesn’t gain offset value simply because it sits in the package. The offset policy guide explains the product and linked-account checks.

Estimate offset value from the balance the client will actually retain, after expenses and other commitments. For a hypothetical average offset balance of $10,000 at an assumed 6% loan rate, gross annual interest reduction is about $600. The rate is illustrative, and this estimate assumes a full offset for the whole year.

If the alternative has the same offset facility, compare the difference in charges and rates. Counting the whole $600 as a package advantage would overstate its value. If the money would otherwise sit in a savings account, include the interest the client gives up in the comparison.

AMP’s 25 August 2026 guide waives its $299 variation fee for Professional Package, while applicable solicitor and other charges remain. Count that waiver only for a likely variation that would attract the fee on the alternative. A hypothetical saving on a transaction the client won’t request belongs outside the value case.

A standard loan is the simpler choice when it meets the client’s requirements and costs less after these adjustments. A package can still fit a client who needs its variable offset structure or receives enough actual rate and fee savings. The recommendation follows the client’s expected use.

Record the Recommendation

Record the eligible package and suitable alternative beside the costs and benefits that support the choice. The best interests duty guide covers the broker’s comparison and recommendation records.

Keep a record that another broker can follow without rebuilding the calculation.

• Identify the borrower, loan purpose, amount and LVR, with the eligibility evidence for each candidate.
• Save the dated product terms, actual rate offers and applicable fee schedules.
• State the comparison period and the repayment assumptions. Include expected offset balances and material switching costs.
• Give unused benefits a value of $0. Explain each counted waiver against a cost the client would otherwise pay.
• Record why the chosen loan meets the client’s needs, including any feature worth an extra cost.

A broker can use Bulma to check borrower eligibility against quoted lender policy and retain the wording in file notes. Obtain rate and fee offers from the lender: Bulma doesn’t quote product pricing.

Before submission, recheck the terms and refresh any expired offer. If the package fee, eligibility or actual rate changes, update the comparison and recommendation before proceeding.