Westpac Rocket Investment Home Loan
If you are looking for a home loan for an investment property then you may want to consider the Westpac Rocket Investment loan
This variable home loan has a large range of features that include interest-only repayment options, a redraw facility and an offset account. The loan is suitable for investors, and you can also choose to combine this home loan under the Premier Advantage Package for a discount off the standard variable interest rate.
About this loan
Details to consider about the Westpac Rocket Investment Home Loan
This loan is suitable for investors and can be used as a construction option. It is available as a full-doc or low-doc home loan.
To apply for the low doc version you will need the following;
- A signed borrower's income declaration.
- Your registered business name.
- Your Australian business number (ABN).
- Your Business Activity Statement (BAS) for the last twelve months.
If you choose to combine your Rocket investment loan into a Premier Advantage Package, you may be eligible for the following benefits:
- No monthly account keeping fee on your home loan.
- No establishment fee on your home loan.
- A Westpac credit card with no annual fee.
- Discount on a range of Westpac insurance products.
- A discount of up to 0.7% off the standard variable interest rate for as long as you have the advantage package.
What are the features and benefits of Westpac Rocket Investment Home Loan?
The Westpac Rocket Investment Home Loan offers the investor a wide range of options that are listed below. These options help give the borrower flexibility and maximum return on their investment, including;
- 100% offset account. This option gives you the chance to reduce the interest that's charged on your home loan by offsetting the amount on which interest is calculated by the funds in the offset account.
- Interest-only option. With a Westpac Rocket Investment Home Loan you have the option of having to pay just the interest portion of your home loan repayments for up to 10 years. This means that you can free up some extra money that can be used for other investments.
- Redraw facility. You can access any extra repayments you've made via the loan's redraw facility.
- Parental leave. Having a baby can be a stressful and expensive time, so Westpac offers the parental leave option on their Rocket investment loan. If approved by the bank, you can reduce your home loan repayments by up to 50% for up to six months, but you will have to have had your investment loan for longer than 18 months.
- Construction option. If you're thinking of building your new investment property you can use the drawdown option that's provided by Westpac to pay the progress payments to your builder or subcontractors. Using the drawdown option means that you only paying interest on the balance that you have drawn on.
- Advantage package. You're able to combine your Westpac rocket investment loan with a Westpac Premier Advantage Package. This full banking package features a $600 annual fee and a range of discounts on other Westpac products.
- Top-up facility. You can increase your home loan amount if you need the extra funds. This feature allows you extend the credit limit on your existing loan.
What fees and charges come with this loan?
- Loan maintenance fee: $8 per month. This is paid to maintain the account linked to your Rocket Investment home loan.
- Loan establishment fee: $600. This fee covers the cost of setting up your mortgage.
How to apply
If you'd like to apply for the Westpac Rocket Investment home loan or would like more information, please click "enquire" and you'll be safely redirected to the Westpac enquiry page. Fill out the enquiry page and a Westpac home loan expert will contact you. You will need the following information during the application process to help speed your application:
- Your financial information and details.
- The property's contract of sale.
- If you're a PAYG employee, your two most recent payslips and payment summary or tax return.
- If self-employed, your business tax returns for the last two years, as well as personal tax returns.
- Your property details and loan statements for the past six months if you're refinancing.
- Your plans, specifications, builder's contract and council approvals if you're opting for the construction option.
If you have any questions about this loan, you can use our live chat service. Alternatively, you can leave a question by clicking ask a question.
Home Loan OffersImportant Information*
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