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
variable rate for Owner Occupiers
Rocket Repay Owner Occupier Home Loan with principal and interest repayments
variable rate for investors
Rocket Investment Home Loan with principal and interest repayments
Get $3K cashback when you refinance to us -
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 30th June 2021, settle by 30th September 2021. 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
You'll also get an extra 0.10% p.a. discount on these rates if your loan to value ratio (LVR) is below 70%.
What is LVR?
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.
For example, a loan of $400,000 to buy a property worth $500,000 results in a loan to value ratio of 80%. The interest rates below are for new loans. Home loan rates are set based on the initial LVR and don’t change because of changes to the LVR during the life of the loan.
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!
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 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.
#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: Credit criteria, fees and charges apply. Terms and conditions available at Westpac. $2,000 Refinance Cashback per property for new refinance applications received between 23rd September 2019 to 30th June 2021 and settled by 30th September 2021. Offer current as at 23rd 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 received between 18th September 2020 to 30th June 2021 and settled by 30th September 2021 with maximum LVR of 80%. Offer current as at 18th September 2020. Only 1 bonus cashback will be paid for the initial application 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 $2,000 and $1,000 bonus Refinance Cashback. Excludes Equity Access 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 in the same name as the home loan account and linked to the home loan at the time of settlement. This account must be 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.