Rocket Investment Loan

 

A fully features offset loan for investors
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Essentials

Special limited time offer when you package a new Rocket Investment Loan under our Premier Advantage Package: receive up to a total of 1% p.a. discount off the standard variable rate depending on the total packaged  loan amounts(new and existing)   Annual package fee of $395 and conditions apply  New loan must be conditionally approved by 31 July 2014.


Save on interest payments with a 100% offset to save on interest.

When you offset your Rocket Investment Loan with your Westpac Choice account you could:

  • Potentially cut years off your loan
  • Reduce the interest you'll pay.


Great flexible features

Rocket Repay Home Loan has great flexible features

  • Interest only option available
    Pay interest only for up to 15 years and keep your repayments to a minimum (conditions apply)
  • A handy redraw facility
    Set up a redraw facility to redraw excess funds from your loan at no extra cost
  • Increase  your home loan
    Apply to access more funds using the top-up facility (fees apply)
  • Make extra payments and take a repayment holiday
    If you've made extra repayments, you can take a break from making repayments.


Save by packaging your investment loan

You could potentially save thousands if you give your home loan the premier advantage, with our great home loan package (an annual package fee, currently $395 applies). 

For example, on a Rocket Investment Loan of $750,000:

With Premier Advantage PackageWithout Premier Advantage Package

4.98% p.a.(5.35% p.a. comparison rate1)


(This rate includes the standard discount plus an additional promotional discount of 0.3% p.a. available from 3 February 2014 for a limited time.)

5.98% p.a. (6.11% p.a. comparison rate1)

The package discount that applies to any loan is the discount offered at the time the loan is taken out.

Low doc loans under Premier Advantage Package may have different rates, depending on loan amounts. Total borrowings of $150,000 or more are required to bring your loan under Premier Advantage Package.


Talk to us

Our home loan experts can help you through every step of getting a home loan. Visit a branch or call us on 1300 650 105.


Limited time offer details

When you take out a selected new fully documented home loan in combination with our Choice transaction account and Premier Advantage Package: for total packaged  loans (new and existing) of $750,000 or more, receive 1% p.a. off the standard variable rate; of $250,000 to $749,999 , receive 0.9% p.a. off the standard variable rate and of  $150,000 to $249,999, receive 0.7% p.a. off the standard variable interest rate.

Special interest rate discounts are only available on 1) the standard variable rate on Rocket Repay Home, Rocket Investment and Equity Access Loans which are 2) included in a Premier Advantage Package (Package) and 3) applied for from 3 February 2014 and conditionally approved by 31 July 2014.

You must either hold or be approved for a Westpac Choice transaction account in order to qualify and continue to receive the benefits of the Package. Before deciding to acquire a Westpac Choice account, consider whether it is appropriate for you by reading the Deposit Accounts for Personal and Self-Managed Superannuation Fund Customers (PDF 379kb).

Special rate discount includes the standard Package discount of: 1% p.a. for both full and low doc loans of $750,000 or more, 0.9% p.a. for full doc loans between $250,000 and $749,999 and 0.7% p.a. for full doc loans between $150,000 and $249,999.   

Premier Advantage Package Conditions of Use apply. Discounts do not apply to internal refinances and are not transferable between loans. Package benefits cannot be taken in conjunction with, or in addition to other special offers, negotiated rates or discounts.

.
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Things you should know
  • The rates shown are for new business originated from 19 September 2005. A rate of 6.08% p.a. (Comparison rate 6.21% p.a. ) applies to loans originated prior to 19 September 2005. Fees and charges, terms and conditions and normal credit criteria apply. Interest rates and Premier Advantage Package discount margins are subject to change - including before you settle a loan. Terms and Conditions are available on request.
  • Discounts do not apply to internal finances and are not transferrable between loans. Package benefits cannot be taken in conjunction with, or in addition to other special offers, negotiated rates or discounts.

    The discount on existing loans within a package is that offered at the time you settled your loan. Any new packaged loan will have the benefit of the discounts set out above, subject to any conditions that may apply.

    1. More on comparison rates.

    This comparison rate is based on a secured loan of $150,000 over the term of 25 years.  WARNING: The comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

Features

Reduce your interest repayments with a 100% linked offset account

Linking a Westpac Choice transaction account to your Rocket Investment Loan allows you to reduce the amount of interest you pay on your home loan. That means a $300,000 home loan with a linked Choice account with a $10,000 balance would reduce the loan amount that interest would be calculated on down to $290,000. This means more of your repayment then goes towards paying off the principal.


Easy access to any extra repayments you’ve made with a handy redraw facility

When you set up a redraw facility you’ll be able to get same-day access to any extra repayments you’ve made to your home loan.  (No redraw fee applies.)

If you already have a Rocket Investment Loan you can set up a redraw facility by filling out the Redraw Authority form (PDF 58kb).

When you’ve set up a redraw facility, you can access any extra repayments via ATM, BPAY®, direct debit, Westpac Online, Mobile and Tablet Banking, Telephone Banking, EFTPOS, cheque or at any Westpac branch.


Increase your home loan

You can apply to increase your home loan using the top up feature. This lets you extend the credit limit on your existing loan.

  • $400 per top up
  • Free with Premier Advantage Package


Let your home loan move with you to your new home

If you’re moving house you can avoid the establishment and other fees of setting up a new loan by taking your current home loan with you and keeping the same account number (security criteria apply). That’s real portability.

  • $300 per move
  • Free with Premier Advantage Package


You can take a repayment holiday when you’ve made extra repayments

If you’ve made extra repayments, you can take a partial or full break from making repayments (conditions apply).

  • Fee free


If you’re having a child you can apply to reduce your repayments by up to 50% for up to 6 months

Rocket Investment Loan's parental leave feature means you could reduce your repayments by up to 50% for up to 6 months while you are on maternity/paternity leave. This feature is available after you’ve had your loan for 18 months. Conditions apply

  • Fee free


Reduce your repayments by up to 50% for up to 6 months

There are a number of reasons why you might want to reduce your repayments at some stage. You might be taking an extended holiday, taking a career break of planning major renovations.

This feature is available after you’ve had the loan for 12 months and is available twice during the life of the loan. Reduced repayments are subject to repayment history criteria and other conditions. At the end of the reduced repayment period your repayments will be adjusted so the loan is repaid within its approved term.

  • Fee free


When building a home you can make progress draws on your loan to pay builders and other contractors

Being able to progressively draw down funds means you’re able to minimise interest costs, by only accessing funds when you need them (drawings must be completed within 12 months).

  • $300 covers all


Lower your interest repayments by having your income paid into your loan account with SmartPay

The more money you have in your home loan account, the lower your interest repayments will be. Deposit your income directly into your home loan account, make more than your required loan repayments, and then set up automatic transfers to pay bills or transfer money to other accounts.

To activate SmartPay, fill out the SmartPay Authority form (PDF 188kb).

  • Fee free


A low doc Rocket Investment Loan is available

If you have a small business with an ABN that doesn’t have audited accounts, you may like to consider applying for a low doc home loan. This will mean you won’t need to give us as many documents to prove your income, assets and liabilities as you would with other loans. It’s important however that you check out the details of the low doc loan. For example, any interest rate discount that may apply if your loan is under Premier Advantage Package may be less for a low doc loan than for a full documentation loan. Different fees may also apply.  More details on low doc loans.

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Fees

Standard fees and home package fees

You save on standard fees when you choose the Premier Advantage Package, however an annual package fee of $395 applies. 

All fees shown apply to standard loans and low doc loans unless otherwise included.

FeeUnder Premier Advantage PackageStandard loan without Premier Advantage Package

Loan establishment fee

$0
$335 (low doc loan)

$600 (one upfront fee) 

Loan maintenance fee 

$0 

$8 per month 

Redraw fee$0$0
Top-up fee$0$400
Portability fee
(Taking your home loan with you)
$0$300 per move
Repayment holiday fee$0$0
Parental leave fee$0$0
Reducing repayments fee$0$0
Progress draw set up fee$300$300
SmartPay$0$0 
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Rates

Interest rates

Below is the standard variable interest rate for the Rocket Investment Loan and also the lower interest rates you'll pay if you package your new loan under our optional home loan package, Premier Advantage Package. An annual fee of $395 applies.

 

Standard variable interest rates

LoanVariable interest rateComparison rate1
Rocket Investment Loan5.98% p.a.6.11% p.a.

Rocket Investment Loan interest rates under our home loan package, Premier Advantage Package

Your total packaged home loans
- new and existing
Package discount on new loanInterest rateComparison rate1
$150,000 - $249,999

Special Offer2
0.7% p.a. off
the standard interest rate

Conditions apply. Loan must be conditionally approved by 31 July 2014. 

5.28% p.a.5.64% p.a.
$250,000 - $749,999Special Offer2
0.9% p.a. off
the standard interest rate

Conditions apply. Loan must be conditionally approved by 31 July 2014.
5.08% p.a.5.45% p.a.
$750,000 and above Special Offer2
1% p.a. off
the standard interest rate

Conditions apply. Loan must be conditionally approved by 31 July 2014.
4.98% p.a.5.35% p.a.

Interest rates shown are for fully documented loans. Find out more about our home loan package, Premier Advantage Package.

Total packaged home loan(s) means all your new and existing home loans that are under Premier Advantage Package.

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Things you should know
  • The rates shown are for new business originated from 19 September 2005. A rate of 6.08% p.a. (Comparison rate 6.21% p.a. ) applies to loans originated prior to 19 September 2005. Fees and charges, terms and conditions and normal credit criteria apply. Interest rates and Premier Advantage Package discount margins are subject to change - including before you settle a loan. Terms and Conditions are available on request.
  • The discount on existing loans within a package is that offered at the time you settled your loan. Any new packaged loan will have the benefit of the discounts set out above, subject to any conditions that may apply.

    1. More on comparison rates.

    This comparison rate is based on a secured loan of $150,000 over the term of 25 years.  WARNING: The comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

    2. Special offer conditions

    Special interest rate discounts are only available:

     - On the standard variable rate for Rocket Repay Home Loans 

     - When applied for from 3 February 2014 and conditionally approved by 31 July 2014 and

     - Which are included in a Premier Advantage Package (Package).

    To qualify and continue to receive the benefits of the Package you must either hold or are approved for a Westpac Choice transaction account.  Before deciding to acquire a Westpac Choice account, consider whether it is appropriate for you by reading the terms and conditions for this account in our Deposit Accounts for Personal and Self-Managed Superannuation Fund Customers (PDF 845kb).

    Special rate discount applies only to full doc loans and includes the standard package discount of 0.7% p.a. for loans of $250,000 or more and 0.4% p.a. for loans between $150,000 and $249,999.

    Find out about Low Doc loan discounts.

How to save

If you add up the savings offered by Premier Advantage Package, you could save over $2,000 in the first year and nearly $2,000 in the second year. You’ll continue to save for the life of your loan when you add up the savings offered by Premier Advantage Package.

Example:

Potential savingsSaving (year one) Saving (year two onwards)
0.7% p.a. discount on $250,000 Westpac Rocket Investment Loan$1,750$1,750
No establishment fee on Westpac Rocket Investment Loan$600N/A 
No ongoing loan maintenance fees$96$96 
No monthly service fee on Westpac Choice account (regardless of deposits)$60$60
No annual fee on Altitude Black credit card$395$395 
Saving$2,901$2,301
Less Premier Advantage Package fee$395$395 
 $2,506$1,906

 

This example is for illustrative purposes only and assumes the following:

  • The Rocket Investment Loan is the first Westpac packaged loan taken out
  • Westpac Rocket Investment Loan interest rate is discounted by 0.7% p.a.
  • Interest only repayments
  • Minimum contracted repayments are made on scheduled repayment dates through the life of the Rocket Investment Loan
  • No additional repayments made
  • The loan is fully documented.

This example does not include other fees that may be payable on the Rocket Investment Loan.


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About applying

All our home and investment property loan applications are completed with the help of one of our home loan experts, either over the phone or at a branch. Our expert will first listen and discuss your individual needs, then give you the information that will help you choose the right home loan for you.

To get started you can:

  • Fill out an enquiry form and a home loan expert will call you back
  • Call 1300 650 105 and talk to a home loan expert (8am-8pm, 7 days a week)
  • Pop into your local branch and have a chat.

Our home loan experts can give you the information you need to help decide which loan is best for you. They can also help you with your application.


What you’ll need to kick start your application

We’ve put together this checklist of what you’re likely to need when you apply. Having this information ready before you start could help speed up the process.


Standard information

  • Details of monthly expenses (including loans and credit card debts)
  • Lists of assets (what you own) and liabilities (what you owe)
  • Income confirmation (including trusts and investments)
  • Superannuation balances
  • Proof of savings (statements)
  • Proof of identity for new customers (driver’s licence or passport)
  • Property contract of sale (if you’ve chosen a property you’d like to purchase and if available).


If you’re a PAYG employee:

  • Your 2 most recent payslips
  • Your most recent payment summary or tax return.


If you’re self-employed:

  • Your business/company tax returns for the last 2 years
  • Your personal tax returns and assessment notices for the last 2 years.


If you’re refinancing:

  • Loan statements for the last 6 months
  • Property details.


If you’re building a home:

  • Plans, specifications, council approval and builders contract
  • Owner Builder Independent Adviser’s Report (if you’re the builder).
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