Rocket Loan: Variable home loan with offset
You could save on home loan interest with up to 10 offset accounts, and unlimited extra repayments.
Interest rates
Rocket home loan with Principal & Interest (P&I) repayments:
- Rates include: Premier Advantage Package ($395 annual fee applies) discount of 2.34% p.a. (Owner Occupier) or 2.69% p.a. (Investor) on loans over $150,000 and a 0.10% p.a. discount for LVR up to 70%.
LVR over 80%? Explore all home loan rates.
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.
- Premier Advantage Package: Details in ‘How does the Premier Advantage Package work?’ section.
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)
Rocket home loan with Principal & Interest (P&I) repayments
Rates with Package and LVR discount include: Premier Advantage Package ($395 annual fee applies) discount of 2.34% p.a. (Owner Occupier) or 2.69% p.a. (Investor) on loans over $150,000 and a 0.10% p.a. discount for LVR up to 70%.
| Owner Occupier | Variable rate | Comparison rate |
|---|---|---|
| Standard rate | 7.98% p.a. | 8.11% p.a. |
| With package and LVR discount | 5.64% p.a. | 6.02% p.a. |
| Investor | Variable rate | Comparison rate |
|---|---|---|
| Standard rate | 8.53% p.a. | 8.66% p.a. |
| With package and LVR discount | 5.84% p.a. | 6.22% p.a. |
Rocket home loan with Interest Only (IO) repayments
Rates with Package and LVR discount include: Premier Advantage Package ($395 annual fee applies) discount of 2.34% p.a. (Owner Occupier) or 2.69% p.a. (Investor) on loans over $150,000 and a 0.10% p.a. discount for LVR up to 70%.
| Owner Occupier | Variable rate | Comparison rate |
|---|---|---|
| Standard rate | 8.57% p.a. | 8.37% p.a. |
| With package and LVR discount | 6.23% p.a. | 6.24% p.a. |
| Investor | Variable rate | Comparison rate |
|---|---|---|
| Standard rate | 8.79% p.a. | 8.84% p.a. |
| With package and LVR discount | 6.10% p.a. | 6.34% p.a. |
- Premier Advantage Package: Details in ‘How does the Premier Advantage Package work?’ section.
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.
| 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 |
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.
Get interest rate discounts, plus savings on credit cards and insurance
More offsets, less home loan
Why choose a Rocket home loan?
Offset and save
Every dollar in up to 10 linked offset accounts reduces the interest on your home loan.
Discounted rates
Your lender can tailor a sweet rate, based on your needs. Repay weekly, fortnightly or monthly.
Handy loan options
Package and save for a $395 annual package fee and/or split your loan for added flexibility.
Repay or redraw
Make unlimited extra payments to pay off your loan sooner. Or redraw your funds if you need to.
What to know before and after you apply
Your eligibility
You must be:
- An Australian citizen or permanent resident
- Employed or self-employed
- 18 years or over.
Buying property with one other. To speed up the process, the first applicant submits the application for both of you. A lender then calls you both to finalise your application.
Refinancing with one other. The first applicant starts the application and submits their part. The second then gets an email inviting them to submit their part. A lender then calls both of you to finalise your application.
Applications with 3 to 8 borrowers. You won’t be able to apply online. Book an appointment with a lender who can work out your combined maximum loan amount. Remember to talk with your tax adviser and legal agent about the complexities of structuring ownership this way.
Switching your home loan to us?
If you qualify for Priority Refinance (PDF 2MB), you may be able to settle within a week. We may be able to:
- Securely verify your ID online
- Auto-verify your income, when it’s paid to other financial institutions.
Priority Refinance: Only available: on eligible new Westpac home loans; on eligible home loans with your current lender; if your other lender is on the Priority Refinance process list of eligible financial institutions. Your other lender may charge you an additional settlement agent fee, as well as fixed rate home loan break costs. Loan suitability for the Priority Refinance product is determined by Westpac in conjunction with the insurance product guidelines. Priority Refinance is provided by First American Title Insurance Company of Australia Pty Limited ABN 64 075 279 908 Australian Financial Services Licence 263876, trading as First Title, an Australian general insurance company authorised by the Australian Prudential Regulation Authority. Conditions, fees and charges apply. Lending criteria apply to approval of credit products. This info doesn't take your personal objectives, circumstances or needs into account, so please consider Priority Refinance's appropriateness and read the disclosure documents for your selected loan, including the Terms & Conditions, before deciding.
Your lender will be in touch
Once you submit your application, we'll match you with a lender and email you their details. They’ll then call to:
- Finalise your interest rate (you may be able to negotiate)
- Review your documents and info
- Answer questions
- Match you with the right loan deal
- Walk you through your next steps
- Help you apply for any applicable government grants or schemes.
Documents you may need
We'll let you know what home loan documents to share with your lender. You can upload your supporting documents online anytime. They may include:
- Bank statements
- Living expenses and tax returns
- Proof of income (self-employed? See what you'll need)
- Existing property details, if you have one
- New to Westpac? You’ll need 2 types of ID: passport, driver licence, Medicare card, birth certificate.
Pre-approval to buy a property
If everything looks good, you could get a 90-day conditional approval. This is also called pre-approval or approval in principle.
Need more time? You can extend it for another 90 days if you’re yet to find the right property. Just confirm that your financial circumstances haven’t changed.
Full approval and settlement
- We’ll value your property and make some final checks
- If offered full (unconditional) approval, you can accept the home loan contract online
- Then sit back, be guided through loan settlement, and pick up the keys on settlement day.
Your loan offer and contract will usually include:
- Details of the security (e.g. the property held as security against the loan)
- The loan amount
- Repayments, including: repayment type (Interest Only or Principal & Interest), repayment amount, frequency and any charges or fees payable
- Interest rate and type
- The loan terms and conditions.
Like any legal document, we recommend that you get independent professional advice. Check for errors and ensure you understand the details before you accept and sign.
Talk to a home lending specialist
Book an appointment and a home loan specialist will call you back, answer questions or match you with a Westpac lender. They’ll arrange a meeting by phone, video, in branch, or at a venue of your choosing.
Save time, apply online
Fees and costs
| Standard fees (fees may change) | Amount |
|---|---|
| Premier Advantage Package annual fee (optional) | $395 |
| Lending establishment fee (Owner Occupier) | $600 ($0 with Premier advantage Package) |
| Lending establishment fee (Investor) | $0 |
| Loan account fee (monthly) | $8 ($0 with Premier advantage Package) |
| Extra repayments (up to $30k on fixed loans) | $0 |
| Redraw (if activated and extra funds are available) | $0 |
| Repayment holidays or Reduced Repayments of up to 50% for up to 12 months (subject to approval) | $0 |
| Construction loan option (property valuer fees may apply) | $0 |
| Portability option (keeping your loan but changing the property securing the loan | $0 |
| Loan switching (changing loan or repayment type) Break costs may apply to a fixed rate loan | $0 |
| Account-keeping fee (monthly) on a linked Westpac Choice account used as an offset account | $0 (usually $5 but waived when used as a linked offset) |
Westpac Choice Account-keeping fee is waived for:
- Customers that deposit at least $2,000 each month
- Customers under the age of 30 or full-time tertiary students
- Westpac Choice Concession account holders
- New to Australia or expatriate customers (for the first 12 months)
- Customers that link their Choice account to their Rocket Repay Home Loan or Rocket Investment Loan as an offset account (for as long as the account is linked)
- Customers that open a new Westpac Choice account online (for the first 12 months).
- Customers aged 30 to 34 will be refunded the Account-Keeping Fee within 5 business days of the fee being charged.
Open a new Westpac Choice account online between 1 February 2024 and 30 September 2026 to have the monthly Account-Keeping Fee waived for the first 12 months. At the end of the 12-month period, the monthly Account-Keeping Fee (currently $5) will apply unless the minimum monthly deposit criteria are met. Individual(s) under the age of 30, New Arrivals, and students are ineligible for this Offer. This offer is not applicable to the Westpac Choice Concession account. For joint accounts, individuals must meet the eligibility criteria for the fee waiver to apply. Other fees and charges, terms and conditions apply to the Westpac Choice account. This offer may be repeated from time to time, withdrawn, varied, or extended at any time.
Break costs on fixed loan prepayments and switching: customers can make total prepayments of up to $30,000 (cumulative) for fixed loans, without costs or fees applying. You may incur a break cost and administration fee if your prepayments exceed this threshold, or if at any time before the end of a fixed rate period you switch to another product, interest rate (fixed or variable) or repayment type.
| Standard fees (fees may change) | Amount |
|---|---|
| Lenders Mortgage Insurance premium (may be payable if your loan-to-value ratio is more than 80% of your property’s value) | Individual calculation |
| Additional bank cheque at settlement | $10 |
| Missed payment fee | $15 |
| Overdrawn fee | $15 |
Document processing fee (may be payable if we deal with the mortgage or title document after settlement) |
$150 |
| Property valuer fee (may be payable if a valuation is needed) | Determined by external valuer's fee |
| Loan discharge fee | $350 per loan |
Upfront Government costs can include:
- Government transfer/stamp duty, based on your home’s value (first home buyers could be eligible for grants and concessions)
- Government mortgage registration fee
- Government land tax and registration of title.
Upfront non-bank costs can include:
- Legal or conveyancing fees
- Pest, building or strata reports
- Optional independent valuer’s fee.
Ongoing non-bank costs can include:
- Local Government council rates
- Utilities, like electricity
- Insurance
- Strata levies, for most units
- Home maintenance.
Frequently asked questions
It's an everyday bank account that links to your home loan. You can link up to 10 offset accounts, with the combined offset account balances counting towards lowering the amount interest you pay. This works as you only pay interest on your loan balance minus your daily offset balance.
Here’s an example. Let’s say you have a $500,000 home loan. When you add up the balances in your offset accounts you have $50,000 in total. This means you won’t pay interest on the full $500,000. Instead, you only pay interest on $450,000.
An offset account is a transaction account that links to your home loan. Redraw on the other hand, 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.
Here’s an example. Let’s say you have a $500,000 home loan. When you add up the balances in your offset accounts you have $50,000 in total. This means you won’t pay interest on the full $500,000. Instead, you only pay interest on $450,000. However, you could get the same result by paying the $50,000 into your home loan account for as long as you keep it there. If you have redraw activated on your loan, you can withdraw (or redraw) the money when you need it.
The best rate will depend on your circumstances and what you want out of your loan. A fixed loan’s designed to give people more certainty, while a variable loan’s designed to give more flexibility.
If you need help deciding which loan might work best for you, simply start by applying. In the next step in the application process, you’ll talk with one of our home lenders. Or we can help you choose right now.
A split home loan is when you separate your home loan balance into two different accounts. One will have a variable interest rate and the other a fixed interest rate.
Splitting your home loan balance with a fixed and variable interest rate allows you to get the best of both worlds. With the fixed portion of your home loan, you can lock in your interest rate. This means you can be certain that your repayment amounts won’t change for the duration of the fixed rate term.
The variable rate portion of your loan lets you take advantage of any interest rate decreases. It also lets you get ahead with no limit on the number of extra repayments you can make. Learn how it works.
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.
Help when you need it
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.