Variable Home Loan with Offset
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.
Featured interest rates and offer
Get $3K cashback when you refinance to us**
Apply by 31st August 2021, settle by 30th November 2021. Owner Occupier loans (P&I repayments) and Investment Property loans, with LVR+ less than 90% and min $250k loan. Flexi First Option or packaged# home loans only ($395 annual package fee). Only one cashback offer available per primary applicant within a 12 month period. Excludes refinances within Westpac Group.
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#.
Rates and fees
Extra discount for new home loans
If you are taking out a new home loan, and borrowing less than 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 at loan approval. 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.#
Loans on principal and interest repayments
|Annual rate||Comparison rate*|
|With Premier Advantage Package#||3.84% p.a.||4.24% p.a.|
|Without Package||5.13% p.a.||5.27% p.a.|
Loans on interest only repayments
|Annual rate||Comparison rate*|
|With Premier Advantage Package#||4.10% p.a.||4.49% p.a.|
|Without Package||5.39% p.a.||5.53% p.a.|
|Fee type||Cost with Premier Advantage Package#||Cost without package|
|Establishment fee||$0||$600 ($0 for investor loans on principal and interest repayments)|
|Maintenance fee||$0||$8 per month|
|Fee||Cost with Premier Advantage Package#||Cost without package|
|Switch loan or split balance||$0 (excludes switching to a non-package home loan)
|Premier Advantage Package fee||$395 per year||N/A|
|Discharge settlement fee||$350||$350|
|Progress draw set up||$300||$300|
What else can you do with a Westpac Home Loan?
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 Rocket Repay 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.
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.
Applying is simple, get started online
1. Apply online
Tell us some details about you and see how much you could borrow. Don’t worry, we’ll save as you go and there won’t be a credit check until you’ve spoken with a home finance manager.
2. Talk it through
A home finance manager will be in touch to answer all your questions, and progress things to the next stage.
3. Conditional approval, if needed
We may be able to provide you conditional approval to help you confidently bid or make an offer knowing how much you can afford. Conditional approval is valid for 90 days . Need more time? We can renew it.
4. Full approval
Once we’ve valued your property and completed other verification, we’ll let you know when your application’s been approved. Accept our loan offer and you’re on your way to settlement – congrats!
Not quite ready to apply?
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.
+LVR stands for the initial loan to value ratio at loan approval. 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 don’t change because of changes to the LVR during the life of the loan.
#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.
*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.
**$3K refinance cashback offer: Conditions, credit criteria, fees, charges, eligibility criteria and exclusions apply. Apply between 1st July 2021 to 31st August 2021 and settle by 30th November 2021 for refinance applications. Offer may be varied or withdrawn at any time. Min Loan amount $250k and LVR must be less than 90% (LMI may apply). Offer available for Owner Occupier with Principal & Interest repayments and Investment Property Loans (Principal and Interest & Interest Only repayments). Premier Advantage Package ($395 annual package fee and T&Cs apply) and Flexi First Option Loans. Limit of one $3,000 cashback payment regardless of the number of applications, applicants, properties or loans involved per 12 month period. For joint applications, only one cashback payment will be paid to the primary applicant. Excludes Owner Occupier Interest Only, Equity Access Loans, residential lending originated under family or company trusts and refinances within Westpac Group (Westpac, St.George, Bank of Melbourne, BankSA and RAMS). The cashback will be paid into an open Westpac Choice transaction account within 60 days of settlement. This account must be in the same name as the home loan account and linked to the home loan at settlement. Tax consequences may arise from this promotion for investors and customers should seek independent advice on any taxation matters.