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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 418KB).

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 our top up / loan increase feature. This lets you extend the credit limit on your existing loan.

  • $400 per top up / loan increase
  • 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 2MB)

  • 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.

Rocket Investment Loan fees with or without Premier Advantage Package

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

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

Rocket Investment Loan

Fee With Premier Advantage Package Without Premier Advantage Package

Loan establishment fee

$335 (low doc loan)

$600 (one upfront fee) 

Loan maintenance fee 


$8 per month 

Redraw fee $0 $0
Top up / Loan increase 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 

Interest rates

Below is the variable interest rate for the Rocket Investment Loan with principal and interest repayments, 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.


Variable interest rates with principal and interest repayments

Loan Variable interest rate Comparison rate1
Rocket Investment Loan 5.56% p.a. 5.7% p.a.

View our Rocket Investment Loan interest rates for principal and interest repayments.

View our Rocket Investment Loan interest rates for interest only repayments.


Rocket Investment Loan interest rates with principal and interest repayments under our home loan package, Premier Advantage Package  

Loan amount
Package discount on new loan Interest rate Comparison rate1

$150,000 - $249,999

Your total packaged home loans - new and existing

Special Offer2

0.6% p.a. off the applicable interest rate Conditions apply. Special limited time offer available from 19/09/2016 which may be withdrawn or varied at any time.

4.96% p.a. 5.33% p.a.

$250,000 - $499,999

Your total packaged home loans - new and existing

Special Offer2

0.8% p.a. off the applicable interest rate Conditions apply. Special limited time offer available from 19/09/2016 which may be withdrawn or varied at any time.

4.76% p.a. 5.14% p.a.

$500,000 to $749,999

Your total packaged home loans - new and existing

Special Offer2

0.85% p.a. off the applicable interest rate Conditions apply. Special limited time offer available from 19/09/2016 which may be withdrawn or varied at any time.

4.71% p.a. 5.09% p.a.

$750,000 and above

Your total packaged home loans - new and existing

Special Offer2

0.9% p.a. off the applicable interest rate Conditions apply. Special limited time offer available from 19/09/2016 which may be withdrawn or varied at any time.

4.66% p.a. 5.04% 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.


View our Rocket Investment Loan interest rates for principal and interest repayments.

View our Rocket Investment Loan interest rates for interest only repayments.

How to save on home loan fees and charges

Take out a Premier Advantage Package and save

When you package your home loan and bank account, you could enjoy the benefits of our Premier Advantage Package, including interest rate discounts and savings on a range of great products and services. For an annual fee of $395 you could save up to $2,506 in your first year on a $250,000 home loan.

Benefits of packaging your loan

·        Discounts on a range of Westpac standard variable rate and Westpac fixed rate home loans

·        Pay no establishment fee on full doc loans and reduced establishment fee on low doc loans

·        For any packaged home loan, pay no loan maintenance fee, top up / loan increase fee, portability fee or switching fee (excluding switches to a non-package loan)

·        Pay no monthly service fee on your Westpac Choice account, regardless of total monthly deposit

·        Pay no annual fee on the card you select from a range of Westpac credit cards

·        Discounts on selected insurance products

·        Bonuses and discounts on a range of wealth products.

If you add up the savings offered by Premier Advantage Package, you could save over $1,200 in the first year and over $600 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)
0.2% p.a. discount on $250,000 Westpac Fixed Rate Investment Property Loan $500 $500
No establishment fee on Westpac Fixed Rate Investment Property 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 fee on Altitude Black credit card $395 $395 
Saving $1,651 $1,051
Less Premier Advantage Package fee $395 $395 
  $1,256 $656


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.


Make your payments on time, every time

By making your minimum repayment by the due date you can avoid late payment fees. Set up a direct debit so you never miss a repayment.

Only pay for what you need

Our lowest variable interest rate home loan is the Flexi First Option Home Loan. It offers a range of flexible options, but you only pay for them if you use them.

Ways to pay off your home loan sooner

Save a little more before you buy

If you've started saving you may start looking at buying once you have around 10% of the purchase price. However, if you have less than 20% of the purchase price, you may need to pay Lenders Mortgage Insurance. It may mean waiting a little longer, but if you can save a 20% deposit on your new home, you could avoid paying Lenders Mortgage Insurance.

Pay fortnightly versus monthly

Paying fortnightly means that there are 26 fortnightly repayments each year which adds up to the equivalent of 13 monthly repayments.  That's one extra monthly repayment every year to help you own your home sooner. This could work well if you’re paid fortnightly.

Benefit from extra and lump sum repayments

·        Any extra payments you make will reduce the balance of your loan and the interest charged.  Lump sums such as a tax return, a bonus from work, a gift or an inheritance can help you save on interest and shorten the life of your loan. Even paying a little bit extra on a regular basis can make a difference in the longer term.

·        Rounding up your home loan repayment just a small amount can make a dent on your home loan interest. For example, consider a loan amount of $300,000 at 5% over 25 years. If the monthly repayments of $1754 were rounded up to $2000 per month and continued until the end of the loan term, the loan would be repaid around 5 years early, and the interest owed reduced by around $54,000.

Use a home loan offset account

A Westpac offset account allows you to offset the balance of your eligible transaction account against the balance of your Rocket Repay Home Loan. This means you only have to pay interest on the difference between these account balances, which could save you thousands on interest payments and cut years off the life of your home loan. Our Rocket Repay Home Loan provides you with a 100% offset transaction account linked to your home loan. Every dollar you have in your transaction account saves you interest. To see how you could save with an offset account use our Westpac Home Loan Offset Calculator

Regularly review your home loan

Over time, your personal situation or financial needs may change. It makes sense to review your loan regularly to ensure you're only paying for the features or benefits you actually use or need. We can help to assess your requirements and ensure you’ve got the products and services that are right for you at each stage of your life.

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)
  • Property contract of sale (if you’ve chosen a property you’d like to purchase and if available)
  • Identification Checklist for Individual Customers (PDF 42KB)

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).
Things you should know

Premier Advantage Package Conditions of Use (PDF 63KB)


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.

2. Special offer conditions

Special interest rate discounts are only available:

 - On the applicable variable rate for Rocket Investment Loans for principal and interest repayments.

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

 - Special limited time offer available from 19 September 2016 which may be withdrawn or varied at any time.

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 347KB).

Special rate discount applies only to full doc loans and includes the standard package discount of 0.70% for loans of $250,000 or more and 0.40% for loans between $150,000 and $249,999.

Find out about Low Doc loan discounts.