Rocket Repay Home Loan (Interest Only)
- Last updated on 04 Apr 2020
based on $350,000 loan amount for 25 years
- 100% full offset account
- Parents can sign as guarantor
- Extra repayments + redraw services
- Comes with a credit card
- Discharge fee at end of loan
- Repayments may increase if RBA raises rates
Interest rate structure
$25k - $100m
Principal & interest
Loan term range
1 - 30 years
100% offset account
Unlimited extra repayments
Redraw fee: $0
Allows split interest
ACT, NSW, NT, QLD, SA, TAS, VIC, WA
Estimated upfront fees
Minimum SMSF Amount
Compare and review home loans with similar features
Westpac is Australia’s first bank and oldest company. Westpac was first founded in 1817 as the Bank of New South Wales and changed its name to Westpac Banking Corporation in 1982.
Westpac is one of Australia’s big four banks and has grown to serve over 13 million customers. It offers a wide range of home loan products, including owner-occupier loans and investor loans, as well as lines of credit and split loans.
Bad credit home loans can be dangerous if the borrower signs up for a loan they’ll struggle to repay. This might occur if the borrower takes out a mortgage at the limit of their financial capacity, especially if they have some combination of a low income, an insecure job and poor savings habits.
Bad credit home loans can also be dangerous if the borrower buys a home in a stagnant or falling market – because if the home has to be sold, they might be left with ‘negative equity’ (where the home is worth less than the mortgage).
That said, bad credit home loans can work out well if the borrower is able to repay the mortgage – for example, if they borrow conservatively, have a decent income, a secure job and good savings habits. Another good sign is if the borrower buys a property in a market that is likely to rise over the long term.