Rocket home loan with Principal & Interest (P&I) repayments
Rates include: Premier Advantage Package ($395 annual fee applies)[#] discount of 2.34% p.a. on loans over $150,000 and a 0.10% p.a. discount for LVR[#] up to 70%.
LVR over 70%? Explore all home loan rates.
Rocket home loan with Principal & Interest (P&I) repayments
Rates include: Premier Advantage Package ($395 annual fee applies)[#] discount of 2.69% p.a. on loans over $150,000 and a 0.10% p.a. discount for LVR[#] up to 70%.
LVR over 70%? Explore all home loan rates.
| Key features | |
| Total loan term | Up to 30 years |
| Repayment | Weekly, fortnightly, monthly |
| Repayment types | Principal & Interest, Interest Only |
| Extra repayments |
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| Split with a fixed interest rate loan |
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| Redraw extra repayments |
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| Offset accounts |
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| Increase loan |
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| Reduced repayments |
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| Construction option |
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Rocket home loan with Principal & Interest (P&I) repayments
Rates with Package and LVR[#] discount include: Premier Advantage Package ($395 annual fee applies[#]) discount of 2.34% p.a. on loans over $150,000 and a 0.10% p.a. discount for LVR up to 70%.
| Owner Occupier | Variable rate |
| Standard rate | 8.73% p.a. (8.87% p.a. Comparison rate[#]) |
| With package[#]and LVR discount | 6.39% p.a. (6.77% p.a. Comparison rate[#]) |
Rocket home loan with Interest Only (IO) repayments
Rates with Package and LVR[#]discount include: Premier Advantage Package ($395 annual fee applies[#]) discount of 2.34% p.a. on loans over $150,000 and a 0.10% p.a. discount for LVR up to 70%.
| Owner Occupier | Variable rate |
| Standard rate | 9.32% p.a. (9.14% p.a. Comparison rate[#]) |
| With package[#]and LVR discount | 6.98% p.a. (7.00% p.a. Comparison rate[#]) |
Rocket home loan with Principal & Interest (P&I) repayments
Rates with Package and LVR[#] discount include: Premier Advantage Package ($395 annual fee applies[#]) discount of 2.69% p.a. on loans over $150,000 and a 0.10% p.a. discount for LVR up to 70%
| Investor | Variable rate |
|---|---|
| Standard rate | 9.28% p.a. (9.42% p.a. Comparison rate[#]) |
| With package[#] and LVR discount | 6.59% p.a.. (6.96% p.a. Comparison rate[#]) |
Rocket home loan with Interest Only (IO) repayments
Rates with Package and LVR[#] discount include: Premier Advantage Package ($395 annual fee applies[#]) discount of 2.69% p.a. on loans over $150,000 and a 0.10% p.a. discount for LVR up to 70%.
LVR over 70%? Explore all home loan rates
| Investor | Variable rate |
|---|---|
| Standard rate | 9.54% p.a (9.60% p.a. Comparison rate[#]) |
| With package[#] and LVR discount | 6.85% p.a. (7.10% p.a. Comparison rate[#]) |
Key fees
| Standard fees (fees may change) | Amount |
| Premier Advantage Package annual fee (optional) | $395[#] |
| Lending establishment fee (Owner Occupier) | $600 ($0 with Premier advantage Package) |
| Document processing fee | $100 |
| Loan account fee (monthly) | $8 ($0 with Premier advantage Package) |
| Extra repayments (up to $30k on fixed loans) | $0 |
| Redraw (if activated and extra funds are available) | $0 |
| Repayment holidays or Reduced repayments of up to 50% for up to 12 months (subject to approval) | $0 |
| Construction option (property valuer fees may apply) | $0 |
| Portability option (keeping your loan but changing the property securing the loan) | $0 |
| Loan switching (changing loan or repayment type) | $0 |
| Account-keeping fee (monthly) on a linked Westpac Choice[#] account used as an offset account | $0 for as long as the account is linked to a Rocket Repay Home Loan or Rocket Investment Loan as an offset account. |
Other fees (if applicable)
| Standard fees (fees may change) | Amount |
| Lenders Mortgage Insurance premium (may be payable if your loan-to-value ratio is more than 80% of your property’s value) | Individual calculation |
| Additional bank cheque at settlement | $10 |
| Missed payment fee | $15 |
| Overdrawn fee | $15 |
| Property valuer fee (may be payable if a valuation is needed) | Determined by external valuer's fee |
| Loan discharge fee | $350 per settlement activity |
It's an everyday bank account that links to your home loan. You can link up to 10 offset accounts, with the combined offset account balances counting towards lowering the amount of interest you pay. This works as you only pay interest on your loan balance minus your daily offset balance.
Here’s an example. Let’s say you have a $500,000 home loan. When you add up the balances in your offset accounts you have $50,000 in total. This means you won’t pay interest on the full $500,000. Instead, you only pay interest on $450,000.
Video - What are offset accounts?
An offset account is a transaction account that links to your home loan. Redraw on the other hand, gives you the freedom to make extra repayments into your home loan account, which you can withdraw (redraw) later, if you need the cash.
They work in different ways, but both can help you save on interest and pay off your home loan sooner. It’s possible to have a both an offset account and a redraw facility.
Here’s an example. Let’s say you have a $500,000 home loan. When you add up the balances in your offset accounts you have $50,000 in total. This means you won’t pay interest on the full $500,000. Instead, you only pay interest on $450,000. However, you could get the same result by paying the $50,000 into your home loan account for as long as you keep it there. If you have redraw activated on your loan, you can withdraw (or redraw) the money when you need it.
The best rate will depend on your circumstances and what you want out of your loan. A fixed loan’s designed to give people more certainty, while a variable loan’s designed to give more flexibility.
If you need help deciding which loan might work best for you, simply start by applying. In the next step in the application process, you’ll talk with one of our home lenders. Or we can help you choose right now.
A split home loan is when you separate your home loan balance into multiple loan products, some could be on a variable interest rate and others a fixed interest rate.
Splitting your home loan balance with a fixed and variable interest rate allows you to get the best of both worlds. With the fixed portion of your home loan, you can lock in your interest rate. This means you can be certain that your repayment amounts won’t change for the duration of the fixed rate term.
The variable rate portion of your loan lets you take advantage of any interest rate decreases. It also lets you get ahead with no limit on the number of extra repayments you can make. Learn how it works
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