Westpac Rocket Loan

Features

The Westpac Rocket Loan is available for both owner-occupiers, via the Rocket Repay option, and investor borrowers, with the Rocket Loan.

Borrowers will be able to deposit funds into a 100 per cent offset account. Funds in this account can help to offset the amount of interest owed, helping borrowers to reduce the size of their loan more quickly.

The Westpac Rocket Loan allows borrowers to make additional repayments, which can be an effective way to pay off their mortgage sooner than would be possible with standard payments alone. These repayments can also be redrawn if the funds are needed elsewhere with the use of the loan’s free redraw facility.

If borrowers need a break from regular payments, and have moved ahead of what they owe using the extra repayment feature, then they can request a repayment holiday in proportion to the lead they have on regular repayments.

Borrowers expecting children will also be able to ask for a reduction in their payments for up to six months. The loan also features the ability to top up for renovations, a progressive drawdown facility for borrowers building their home, and low documentation requirements for self-employed borrowers.

The Rocket Repay Loan for owner-occupier borrowers is also portable so that borrowers moving house will be able to take their mortgage with them.

Who is the Westpac Rocket Loan good for?

The Westpac Rocket Repay Loan is a highly flexible loan with features that are likely to appeal to a large range of borrowers.

Owner-occupiers planning to start a family may find it particularly appealing, and investors will find its progressive draw and top up features useful for building or renovating properties.

Review - What RateCity says

The Westpac Rocket Loan is available to both owner-occupier and investor borrowers. It offers a number of popular features including a mortgage offset account and the ability to make extra repayments. A free redraw facility is also available to draw on any additional payments made.

The loan offers flexibility in repayment options, too, including the option to take a ‘holiday’ from standard repayments, should life require it. On the downside, the Rocket Loan has an above-average interest rate charged as well as ongoing fees charged monthly, making this a comparatively-expensive option. Upfront fees and a discharge fee also applies.

Westpac Rocket Loan Options

The Westpac Rocket Loan offers a range of options for the purposes of home buying and investment. For more information, click the links below.

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Variable Rates from

4.93%

Advertised rate

5.07%

Comparison rate
Pros
  • Flexible repayment options.
  • 100 per cent offset account.
  • Free redraw facility.
Cons
  • Ongoing fees charged monthly.
  • Upfront fees apply.
  • Relatively-high rate of interest.
Eligibility

Must be an Australian resident.

At least 18 years of age.

Must meet the lender’s serviceability requirements.

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
  • Investors
Fees
  • Estimated upfront fees: $600.00
  • Discharge fees: $350
  • Ongoing fees: $8 monthly

The Westpac Rocket Repay Loan will require borrowers to pay some upfront fees, along with an ongoing administration fee. Borrowers will also find that a discharge fee is payable at the time of the loan’s termination, and that other charges may apply to some services available as part of the Rocket Repay Loan. Borrowers may also be required to pay lenders mortgage insurance.

Features
  • Redraw facility
  • 100% offset account
  • Unlimited extra repayments
  • Monthly repayments
  • Loan allows split interest rate
  • Weekly repayments
  • Fortnightly repayments
About Westpac

Westpac is one of Australia’s largest banks, offering services throughout Australia and overseas. It began in 1817 as the Bank of New South Wales. It now operates throughout Australia, New Zealand, Asia and the Pacific. The Westpac group also holds a portfolio of brands including St George, Bank of Melbourne, BankSA and RAMS.  The Westpac Bank offers a range of personal and business banking solutions, including home loans, credit cards, everyday banking and insurance. It also offers superannuation, investing and advice services.

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