Rocket Loan: Variable home loan with offset
You could save on home loan interest with up to 10 offset accounts, and unlimited extra repayments.
At a glance
5.64% p.a. |
6.02% p.a. |
|
|---|---|---|
Variable rate |
Comparison rate* |
10 |
$0 |
|
|---|---|---|
Up to 10 optional linked offset accounts
|
Split loan or redraw fee
|
Rate includes a 0.10% p.a. discount for LVR+ up to 70%. Available on new Owner Occupier packaged# home loan with Principal & Interest repayments. $150k min loan. $395 annual package fee and T&Cs apply.
#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.
Premier Advantage Package Conditions of Use (PDF 293KB)
| Total loan term | Up to 30 years | |
| Repayment | Weekly, fortnightly, monthly | |
| Repayment types | Principal and interest, Interest only. | |
| Extra repayments | Yes | |
| Split with a fixed interest rate loan | Yes | |
| Redraw extra repayments | Yes | |
| Offset accounts | Up to 10 per home loan | |
| Increase loan | Yes, (subject to formal approval. Read more about loan increases.) | |
| Reduced Repayments | Up to 50% for up to 12 months (subject to approval) | |
| Construction option | Yes |
Extra discount for new home loans
If you are taking out a new home loan, and borrowing up to 70% of the bank's valuation of the property, you could be eligible to get an extra 0.10% p.a. discount off the standard interest rate. This LVR+ discount is available to new lending only.
LVR stands for the initial loan to value ratio. LVR is the amount of your loan compared to the Bank’s valuation of your property offered to secure your loan expressed as a percentage.
A $395 annual package fee applies to loans on the Premier Advantage Package.#
For a new home loan, with LVR+ up to 70%.
View our Owner Occupier rates:
The below rates include our 0.10% p.a. discount for LVRs+ up to 70%:
| Annual rate | Comparison rate* | |
|---|---|---|
| With Premier Advantage Package# | 5.64% p.a. | 6.02% p.a. |
| Without Package | 7.98% p.a. | 8.11% p.a. |
The below rates include our 0.10% p.a. discount for LVRs+ up to 70%:
| Annual rate | Comparison rate* | |
|---|---|---|
| With Premier Advantage Package# | 6.23% p.a. | 6.24% p.a. |
| Without Package | 8.57% p.a. | 8.37% p.a. |
How do I get the best rate?
Book an appointment with a dedicated lender to discuss discounted variable rates tailored to your situation and needs.
Extra discount for new home loans
If you are taking out a new home loan, and borrowing up to 70% of the bank's valuation of the property, you could be eligible to get an extra 0.10% p.a. discount off the standard interest rate. This LVR+ discount is available to new lending only.
LVR stands for the initial loan to value ratio. LVR is the amount of your loan compared to the Bank’s valuation of your property offered to secure your loan expressed as a percentage.
A $395 annual package fee applies to loans on the Premier Advantage Package.#
For a new home loan, with LVR+ up to 70%.
View our investor rates:
The below rates include our 0.10% p.a. discount for LVRs+ up to 70%:
| Annual rate | Comparison rate* | |
|---|---|---|
| With Premier Advantage Package# | 5.84% p.a. | 6.22% p.a. |
| Without Package | 8.53% p.a. | 8.66% p.a. |
The below rates include our 0.10% p.a. discount for LVRs+ up to 70%:
| Annual rate | Comparison rate* | |
|---|---|---|
| With Premier Advantage Package# | 6.10% p.a. | 6.34% p.a. |
| Without Package | 8.79% p.a. | 8.84% p.a. |
Why choose our Rocket loans
Offset and save
Every dollar in up to 10 linked offset accounts reduces the interest on your home loan.
Tailored discounted rates
Your lender can tailor a sweet rate, just for you.
Options
You can package and save for a $395 annual package fee#. As well as split your loan.
Repay faster or redraw
Make unlimited extra payments to pay off your loan sooner. Or redraw your funds if you need to.
More offsets, less home loan
You could save around $9k interest in the first year⁺⁺
Applying is simple, get started online
1. Apply for your home loan now
Apply in around 10-20 mins, or save and come back later. Tell us about you and see how much you could borrow. And don't worry, we'll let you know before the credit check. Need help? You can live chat with us to help you complete the application.
2. Fast approval
You could get unconditional refinance approval the same day you apply. Or conditional approval within 1 business day to help you confidently bid or make an offer for up to 90 days.
3. Discuss your rate and features with a lender
A dedicated lender will be in touch to go over the finer points of your loan. You'll have an opportunity to negotiate your rate, as there's no obligation until you accept your rate and loan offer.
4. On to settlement
Your lender will finalise your loan through to settlement. Accept our loan offer, and that's it.
Already started an application? Retrieve your application
Fees for our variable loan with offset
| Fee type | Cost with Premier Advantage Package# | Cost without package |
|---|---|---|
| Lending establishment fee | $0 | $600 ($0 for investor loans on principal and interest repayments) |
| Loan account fee | $0 | $8 per month |
Premier Advantage Package: $395 annual package fee#
Frequently asked questions
It's an everyday bank account that links to your home loan. You can link up to 10, and your combined offset account balances count towards lowering your home loan interest because you only pay interest on your loan balance minus your daily offset balance.
For example, if you have a $500,000 home loan and $50,000 total in your offset accounts, then you only pay interest on $450,000.
An offset account is a transaction account that links to your home loan. Your redraw facility 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.
For example, let's say you have a $500,000 home loan and $50,000 total in your offset. You’d only pay interest on $450,000. If you transferred the $50,000 from your offset to your home loan redraw facility, you'd still only pay interest on $450,000.
Enjoy the benefits of one stop banking
Spend $50 and you could get $50 cashback. Open a Westpac Choice everyday account by 31 March 2026. Then, add your new debit card to your mobile wallet and make one or more in-person, contactless payments that total at least $50. T&Cs apply.
You may also like
Things you should know
Conditions, credit criteria, fees and charges apply. Residential lending is not available for Non-Australian Resident borrowers.
This information is general in nature and has been prepared without taking your personal objectives, circumstances and needs into account. You should consider the appropriateness of the information to your own circumstances and, if necessary, seek appropriate professional advice.
Taxation considerations contained in this article (on this page) are general in nature. They do not take into account your personal circumstances and they should not be interpreted or used as tax advice or a tax guide. You should seek independent tax advice to determine the appropriate tax consequences relevant to your circumstances before making any decision based on this information.
+LVR stands for the loan-to-value ratio. LVR is the amount of your loan compared to the Bank's 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 won't change during the life of the loan as the LVR changes.
#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.
Premier Advantage Package Conditions of Use (PDF 293KB)
++Package Savings: This is an estimate of potential savings; actual savings may differ depending on your situation. Estimated savings amount calculated on a $400,000 home loan receiving 2.34% p.a. discount on a packaged Rocket Repay owner occupier variable rate home loan compared to an unpackaged Rocket Repay variable rate home loan. Premier Advantage Package Conditions of Use $395 annual package fee applies.
*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.
**Monthly $5 Westpac Choice account-keeping fee waived if you meet one of the following:
- You've linked it to your Rocket Repay Home Loan or Rocket Investment Loan as an offset account
- You deposit at least $2,000 each month
- You're under 30 years old, or a full-time tertiary student
- Westpac Choice Concession account holders
- You're new to Australia, or an expatriate customer (for the first 12 months).