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Why choose a Rocket Repay variable rate home loan?

Make extra repayments

Get ahead on your loan with no cap on extra repayments and no associated break costs.

Save interest with an offset

Keep funds in an optional offset account to reduce the amount of interest you pay on your loan balance.

Withdraw excess funds

Access funds in your offset or redraw extra repayments if you need cash.

Split your home loan

Split your loan balance into separate fixed rate and variable rate accounts for the best of both worlds.

Extra benefits with the Premier Advantage Package#

  • Get 1.29% p.a. off the rate for loans above $150,000
  • Pay no establishment or monthly fees
  • Pay no fees to switch to a fixed rate loan or split into part variable, part fixed.
  • Pay no fees if you move house or want to increase your loan
  • Pay no annual fee on Westpac credit cards (other fees and charges may apply).


Get all this for an annual package fee of $395#.


3.29% p.a. (3.7% p.a. comparison rate*)

Rocket Repay Variable Rate Packaged Home Loan with P&I repayments

Applies to owner occupier home loans with principal and interest repayments and the Premier Advantage Package# ($395 annual package fee applies). Available on loans of $150,000 or more. These rates do not apply to existing Westpac Home loans.

Credit criteria and T&Cs apply.

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.

Key home loan fees

See all fees
Set Up Fees Cost
Establishment fee $600 ($0 with Premier Advantage Package#)
Maintenance fee $8/month ($0 with Premier Advantage Package#)
Home Loan increase fee $400 ($0 with Premier Advantage Package#)
Portability (taking your home loan with you) $300 per move ($0 with Premier Advantage Package#)
Progress draw setup $300

What else can you do with a Westpac Home Loan?

Parental leave

You can apply to reduce your repayments by up to 50% for up to 12 months when you go on parental leave. You may be eligible to apply if you’ve had a Flexi First Option home loan for more than 12 months and have a job to return to once your parental leave ends. Subject to approval, terms, conditions and fees apply. To determine if this feature is right for you, please read more about Parental Leave.

Offset account

Link an interest offset account to your home loan to reduce the interest charged on the loan balance. Pay no credit interest on the balance in the linked transaction account.

Increase your home loan

Apply to access more funds using our "top up / loan increase" facility (no fees apply if you have the Premier Advantage Package#) if you have equity in your loan and need access to extra cash.

An increase in your loan amount will also mean your repayments and interest charges will be higher. Before you apply, consider potential changes to your financial situation in the future and make sure your budget can accommodate higher repayments. Loan increases are subject to formal approval. Read more about loan increases.


What could your loan look like?

Use our home loan calculators to research repayments, borrowing power, stamp duty and more.

Estimate borrowing power

Find out how much you could be able to borrow with a Westpac Home Loan.

Get a sense of repayments

Use our calculator as a guide to what repayments could be on your new home loan.

Applying is simple, get started online

Get started online

Apply for a new home loan, conditional approval or switch from another bank. It should only take around 20 minutes to apply.

Learn how much you could borrow

We’ll show you what you could afford to spend on a property and estimated costs involved.

One point of contact

You’ll be assigned a home finance manager who’ll answer all your questions.

Track your progress

Follow your application all the way to settlement and get notifications so you know what’s coming next.


Already started an application? Retrieve your application


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.

The above rates exclude any LVR discounts available for new loans. 

#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 1MB)


^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.

* 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.

**$3k refinance 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 & 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. 


2 While the RP Data property reports are offered to Westpac customers with the permission of RP Data Pty Ltd t/a CoreLogic Asia Pacific ABN 67 087 759 171, Westpac accepts no responsibility for their accuracy or completeness. We recommend you seek independent advice before making a decision based on this information. While CoreLogic uses commercially reasonable efforts to ensure the CoreLogic Data is current, CoreLogic does not warrant the accuracy, currency or completeness of the CoreLogic Data and to the full extent permitted by law excludes all loss or damage howsoever arising (including through negligence) in connection with the CoreLogic Data.

3 Valuation is valid for 90 days. Your upfront bank valuation assessment may require further valuation assessment if your property does not fit lending guidelines.