Home loan package
Once you've selected the home loan that works for you and you've set up your Westpac Choice account, take advantage of the Premier Advantage Package to enjoy real savings.
You could receive up to 1.29% p.a. discount off the applicable variable rate on your new Rocket Repay Home Loan when your new loan or your packaged home loan borrowings including your new loan total $150,000 or more. More about the Premier Advantage Package discounts that apply to your new Westpac home loan.
There's no limit to the number of eligible loans you can have within a package that may receive an interest rate discount.
Variable rate for new home loans - for Rocket Repay Home Loan, Rocket Investment Loan & Equity Access Loan under Premier Advantage Package
1.29% p.a. discount on total package borrowing of $150,000 or more.
Fixed rate home loan – for Fixed Options Home Loan and Fixed Rate Investment Property Loan under Premier Advantage Package
0.2% p.a. discount on total package borrowings of $150,000 or more.
Fixed interest rates
|Home loan product||Interest rate||Comparison rate1|
|Owner occupier: 2 Year Fixed Options Home Loan||2.29% p.a.||3.53% p.a.|
|Investor: 2 Year Fixed Rate Investment Property Loan||2.59% p.a.||4.02% p.a.|
The above rates are for Principal and Interest repayment loans with the Premier Advantage Package# $395 annual package fee.
You could also save on your loan fees:
- No establishment fee - save $600
- No ongoing loan maintenance fees - save $96 - $120
- No "top up / loan increase" fees to increase your loan limit - save $400
(not available on fixed rate loans)
- No portability fee if you move house - security criteria apply - save $300
- No switching fee - save $300.
When you package your Westpac Choice, you'll pay no monthly service fee regardless of how much you deposit each month.
Westpac Choice provides you with:
- Unlimited free transactions across Westpac branches, Westpac Group ATMs, eftpos, Westpac Telephone Banking and Online Banking (Other fees apply including for the use of non-Westpac Group ATMs and overseas ATMs.)
- Access to your funds with Debit Mastercard®
- Link as an offset account to your Rocket Repay Home Loan and cut the interest on your loan.
Save on the annual card fee with a credit card from the great range below
With the Premier Advantage Package you can choose one of these credit cards with no annual card fee. Other fees and charges may apply.
Altitude Platinum Credit Cards
- No annual card fee
- Choose between two great rewards programs - Altitude Rewards or Altitude Qantas.
Altitude Black Credit Cards
- No annual card fee
- Choose between two great rewards programs - Altitude Rewards or Altitude Qantas
- Earn uncapped Altitude Points on eligible purchases.
Low Rate Credit Card
- No annual card fee
- A simple no frills card with a lower variable interest rate on purchases and a higher variable interest rate on cash advances.
Low Fee Credit Card
- No annual card fee on Low Fee Credit Card. The annual card fee (currently $30) is normally waived for the first year and waived for subsequent years when you spend $5,000 or more on purchases in the previous year using your card.
Also no annual card fee on 55 Day Gold cards. Annual card fee (currently $90) is normally waived for the first year and waived for subsequent years when you spend $15,000 or more on purchases in the previous year using your card. Please note that these cards are no longer for sale.
Low Fee Platinum Credit Card
- No annual card fee. Low Fee Platinum Credit Card annual card fee (currently $90) is normally waived for the first year and waived for subsequent years when you spend $10,000 or more on purchases in the previous year using your card.
Save on insurance to protect the assets you've worked hard for.
We’re here to do all we can to help protect your future, so we offer flexible cover to look after the things you cherish just in case. With the Premier Advantage Package you’ll save on your insurance premium.
Home and Contents Insurance
Collectively, your home and all the things you've collected over the years can represent one of your biggest investments.
Choose from three levels of cover to assist if unexpected events occur like storm, flood, fire, theft and more.
- Save up to 10%* on your Home and/or Contents Insurance Premium.
Home and Contents Insurance is issued by Westpac General Insurance Limited ABN 99 003 719 319 (WGIL) (except workers compensation cover where applicable). Westpac Banking Corporation ABN 33 007 457 141 distributes the insurance, but does not guarantee the insurance. This information does not take into account your personal circumstances. Read the Product Disclosure Statement, to see if this insurance is right for you. Call 1300 650 255 or visit the Home and contents insurance page for more information.
Protect the investment property with cover for storm, flood and fire, theft, loss of rent and malicious damage by tenants or rent default. We'll help you choose the right cover, so you only pay for the insurance you might need.
- Receive a 10% on your annual premium if you have a Premier Advantage Package
Landlord Insurance is issued by Westpac General Insurance Limited ABN 99 003 719 319 (WGIL) (except workers compensation cover where applicable). Westpac Banking Corporation ABN 33 007 457 141 distributes the insurance, but does not guarantee the insurance. This information does not take into account your personal circumstances. Read the Product Disclosure Statement, to see if this insurance is right for you. Call 1300 650 255 or visit the Home and contents insurance page for more information.
If you add up the savings offered by Premier Advantage Package, you could save over $3,800 in the first year and over $3,000 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.
|Potential savings||Saving (year one)||Saving (year two onwards)|
|1.29% p.a. discount on $250,000 Westpac Rocket Repay Home Loan||$3,225||$3,225|
|No establishment fee on Westpac Rocket Repay Home Loan||$600||N/A|
|No ongoing loan maintenance fees||$96||$96|
|No monthly service fee on Westpac Choice account (regardless of deposits)||$60||$60|
|No annual card fee on Altitude Black credit card||$250||$250|
|Save up to 10%* on your Home and/or Contents Insurance Premium||$50||$50|
|Less Premier Advantage Package fee||$395||$395|
This example is for illustrative purposes only and assumes the following:
- The Rocket Repay Home Loan is the first Westpac packaged loan taken out
- Westpac Rocket Repay Home Loan interest rate is discounted by 1.29% p.a.
- Interest only repayments - See Choosing the right repayment type
- Minimum contracted repayments are made on scheduled repayment dates through the life of the Rocket Repay Home Loan
- No additional repayments made
- The loan is fully documented.
This example does not include other fees that may be payable on the Rocket Repay Home Loan.
Get $3k cashback when you refinance to us**
$2k per refinanced property and a bonus $1k for your first application.
Owner Occupier loans (P&I repayments) and Investment loans, with LVR+ up to 80% and min $250k loan per property. Flexi First Option or packaged# home loans only ($395 annual package fee). Apply by 31 January 2021, settle by 31 March 2021. Excludes refinances within Westpac Group. Find out more
Things you should know
Credit criteria, fees and charges apply. Terms and conditions available on request. Based on Westpac's credit criteria, residential lending is not available for Non-Australian Resident borrowers. This information has been prepared without taking your objectives, needs and overall financial situation into account. For this reason, you should consider the appropriateness of the information and, if necessary, seek appropriate professional advice. This includes any tax consequences arising from any promotions for investors and customers should seek independent advice on any taxation matters.
Fixed rates: Interest Rates displayed are for Australian residents only. The Bank will apply the fixed rate that is available at the loan settlement date. At the end of the fixed rate period the interest rate will convert to the applicable variable home loan interest rate unless a new fixed rate term is selected and then the fixed rate is determined two business days prior to the refix.
#Premier Advantage Package: Conditions of Use and $395 annual package fee applies. 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 Premier Advantage Package. Applicants must have a Westpac Choice transaction account linked to the home loan at the time of settlement and must keep this account open for 60 days after settlement. Before deciding to acquire a Westpac Choice account, read the terms and conditions, and consider whether the product is right for you. Tax consequences may arise from this promotion for investors and customers should seek independent advice on any taxation matters.
*Home and Contents Insurance: If you are eligible for the Home and Contents combined discount, we will apply the Premier Advantage Package discount to any already discounted premium. Minimum premiums may apply. If you take out a Premier Advantage Package after WGIL has issued you with a Home and Contents Insurance policy then the package benefit will only be applied at your next renewal.
**$3k cashback offer: Credit criteria, fees and charges apply. Terms and conditions available at Westpac. $2000 Refinance Cashback per property for new refinance applications received between 23 September 2019 to 31 January 2021 and settle by 31 March 2021. Offer current as at 23 September 2019. Only 1 cashback per property refinance will be paid regardless of the number of loans involved. One $1,000 Bonus Refinance Cashback for a new refinance application submitted between 18 September 2020 to 31 January 2021 and settle by 31 March 2021 with maximum LVR of 80%. Offer current as at 18 September 2020. Only 1 bonus cashback will be paid regardless of the numbers of customers, properties or applications involved. Offers available for Owner Occupier with Principal and Interest repayments and investment loans. Offers available on the Premier Advantage Package and Flexi First Option Home Loans. Offers may be varied or withdrawn at any time. $250K min loan per property refinanced applies for the $2000 and $1000 bonus Refinance Cashback. Excludes Portfolio Loans, switches and refinances of home loans within the Westpac Group which include St.George, Westpac, Bank of Melbourne, BankSA and RAMS. Offer not available for Owner Occupier Interest Only loans or residential lending originated under family or company trusts. The cashback(s) will be paid into a Westpac Choice transaction account within 60 days of settlement. The transaction account must be linked to the home loan at the time of settlement, and kept open for 60 days after settlement. Tax consequences may arise from this promotion for investors and customers should seek independent advice on any taxation matters.
+LVR stands for the initial loan to value ratio at loan approval. LVR is the amount of your loan compared to the banks valuation of your property offered to secure your loan expressed as a percentage. Home loan rates for new loans are set based on the initial LVR and don’t change because of changes to the LVR during the life of the loan.
1.Comparison rate: The comparison rate is based on a loan of $150,000 over the term of 25 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.