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Westpac Rocket Repay Home Loan

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Own your home sooner with the Westpac Rocket Repay Home Loan, including a linked offset account

If you are looking for a home loan that offers a competitive variable interest rate and is packed with features that are designed to save you money and help you cope with any changes that may arise in the future, then the Westpac Rocket Repay Home Loan might be for you. This home loan offers a redraw facility, offset account and lets you top up your mortgage.

Interest Rate Max Insured LVR Max LVR
LVR above 70% (Interest Only)
5.17% p.a.
Comparison Rate
5.31% p.a.
95% 70%
LVR above 70% (Principal and Interest)
4.58% p.a.
Comparison Rate
4.72% p.a.
95% 70%
LVR up to 70% (Interest Only)
5.07% p.a.
Comparison Rate
5.21% p.a.
70% 70%
LVR up to 70% (Principal and Interest)
4.48% p.a.
Comparison Rate
4.62% p.a.
70% 70%
Product NameWestpac Rocket Repay Home Loan
Interest Rate TypeVariable
Comp Rate^ (p.a.)
Minimum Loan Amount$25,000
Maximum Loan Amount$20,000,000
Maximum Loan Term30 years
Maximum LVR80%
Maximum Insured LVR95%
Mortgage Offset AccountYes
Mortgage 100% OffsetYes
Loan Redraw FacilityYes
Split Loan FacilityYes
Fixed Interest OptionNo
Loan PortableYes
Suitable for InvestmentYes
Extra RepaymentYes
Available as equity loan/line of creditNo
Repayment TypePrincipal & Interest and Interest Only Options
Application Fee$600
Lender's Legal Fee$0
Valuation Fee$0
Ongoing Fees$8 monthly ($96 p.a.)
Settlement Fee$0
Discharge Fee$350


  • You can borrow up to 95% of the property value with this loan.
  • You can link a 100% offset account to your home loan.
  • There is also a fee-free redraw facility.


  • A $600 application fee applies when setting up this loan.
  • A $8 monthly account fee applies.
  • A discharge fee of $350 applies when you close your home loan account.

Details to consider about the Rocket Repay Home Loan.

This home loan is available for first home buyers, owner-occupiers, refinancers and can be used as a construction option. It is available as a full doc and low-doc loan.

You can also combine this home loan with the Premier Advantage Package and have your loan establishment fee (full doc loans only), maintenance, top-up and portability fee waived, potentially saving you thousands of dollars.

Features of the Rocket Repay Home Loan

  • 100% linked offset account. Link a Westpac Choice transaction account to your home loan to reduce the amount of interest payable.
  • Fee-free repayment holiday. This option allows you to reduce the repayments on your home loan by up to 50% for up to six months if you are experiencing financial hardship. This is subject to you being able to fulfil the bank's criteria when you apply.
  • Construction option. The Westpac Rocket Repay home loan can be used if you want to build a new home. This means that you can draw down on the available funds to pay your builder or contractors.
  • Repayment flexibility. You can repay your loan either weekly, monthly or fortnightly. You also have the option to make extra repayments or increase your repayment amount without worrying about incurring any extra fees.
  • Interest-only option. You can make interest-only payments on the Westpac Rocket Repay home loan for up to 5 years. Some conditions may apply.
  • Package with the Premier Advantage Package. You are able to package this loan with the Westpac Premier Advantage Package. This package has an annual fee of $395 and gives you a complete banking solution by providing a discount off the standard variable rate and waiving your establishment fee. You will also have access to an everyday transaction account with no monthly fees, as well as a credit card with no annual fee and discounts off Westpac's insurance products.
  • Loan top-up. This features offers you the ability to increase the size of your home loan if you need to access additional funds. The loan top-up carries a $400 fee and is subject to the bank's approval, but can save you from paying common refinancing costs.

What fees and charges come with this loan?

  • Loan establishment fee $600. This fee is paid upfront for the creation of your loan. It is waived if you combine your home loan with the Premier Advantage package.
  • Loan maintenance fee $8 monthly. This fee is waived if you combine your loan with the Premier Advantage Package.
  • Top-up fee $400. This fee is waived if you combine your home loan with the Premier Advantage package.

How to apply for the Rocket Repay home loan

Visit the Westpac website where you can fill out an enquiry form and a Westpac home loan expert will call you back. Alternatively, you can head into your local Westpac branch or give them a call to discuss your specific lending needs.

Having the below information will help speed up the application process:

  • Personal information, including photo ID and contact details.
  • Financial information and details including any other loans or credit cards you may have, or assets such as investments or savings.
  • Property 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
  • If refinancing, your property details and loan statements for the past six months
  • If you're building a home, your plans, specifications, builder's contract and council approvals

Related Posts

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12 Responses

  1. Default Gravatar
    JJFebruary 19, 2018


    I wanted to build my first home and was shopping around for mortgages. I was told by all of the banks that I can borrow only 90% of the loan value if I were to build a house. Can you please advise some banks/lenders who are able to provide 95% loans for building a house ?

    • Default Gravatar
      LiezlMarch 10, 2018

      Hi JJ,

      Thanks for reaching out to finder!

      This page compares home loan offers of up to 95% of the property value. Kindly note that lenders asking for much lower deposit will often require Lender’s Mortgage Insurance (LMI) or a guarantor. Please read through the page to know how a 95% home loan works.


  2. Default Gravatar
    DavidMay 28, 2017

    If i had a mortgage of $490,000 what would be the highest amount of money i could place in my offset account

    • Default Gravatar
      LiezlMay 28, 2017

      Hi David,

      Thanks for your question.

      Actually, there’s no maximum deposit limit for this 100% offset account but you have to remember that the balance sitting on this account doesn’t earn interest. So there’s no benefit keeping funds more than your mortgage balance. You can get more information on how offset account works from this page.


  3. Default Gravatar
    PaulMarch 14, 2016

    We have a Rocket Repay Home Loan of 150000 against a property with the bank value between 490000-560000.If I was to increase the mortgage to 200000 ,what criteria would need to be met to allow this to occur ?
    Net annual family income at this time is 48000.

    • Avatarfinder Customer Care
      BelindaMarch 15, 2016Staff

      Hi Paul,

      Thanks for getting in touch.

      You’ve come through to so we don’t represent Westpac. However, you can apply to increase your home loan using the top-up feature. This enables you to extend the credit limit on your existing loan but keep in mind that a $400 fee applies.

      The top-up feature is only available for variable rate home loans and the amount you can borrow will be reviewed by Westpac depending on your personal financial situation and the value of your property.

      Please get in touch with a Westpac representative to organise this.


  4. Default Gravatar
    RachNovember 15, 2015

    Hi, my names Rach. I have a few questions. I’ll just simplify it though.

    I want to buy an apartment/studio for around 100,000. For myself. I currently live with my mum and I work part time after tax bringing him around 5 to $550. Is their any way I can get a loan for $100,000. I have good credit history. I brought my first car stuck with the loan repayments of $250 a week.

    I’m 25. If my mum went guarantor would that help ? Can it be done ? Or am I just dreaming ?

    • Avatarfinder Customer Care
      MarcNovember 16, 2015Staff

      Hi Rach,
      thanks for the question.

      Each bank has their own way of working out how much someone will be able to borrow. They’ll take into account things like your income, your debts (including credit cards, personal loans and other home loans), your liabilities (if you have any dependent children) and your assets (any property or shares for example) and finally your credit history (things like your car repayments, mobile phone contracts and other forms of credit you have had or enquired about in the past). Using this information they’ll decide whether or not to lend to you.

      Generally speaking, a guarantor can reduce the risk a borrower presents to a lender, but should not be entered into without first fully understanding how it works and the risks it presents to the guarantor.

      It may be helpful to use a borrowing power calculator to see an estimation of what you could borrow, or contact a mortgage broker or a lender directly to find out what your chances may be. A mortgage broker is usually free to you (they’ll earn a commission from the lender you choose), and can suggest lenders and help with the application phase.

      I hope this helps,

  5. Default Gravatar
    nikJanuary 19, 2014

    I have a rocket repay home loan account. It has a offset account and a redraw facility. I have been depositing lump sums directly into the loan account over the past 10 years. I was told (several times) that this would also reduce our interest repayments, as would if it was in the offset account.

    Our redraw amount ($200,000) is now more than what is owing ($100.000).
    Initial loan amount $300,000.

    Shouldn’t I be paying interest on $100,000, not $300,000??

    We do not keep much in our offset account. Just enough to pay our liabilities.

    When I have received bank statements it appears that the interest payable is the same as the principle amount. Why are my interest repayments so high? My statements do not indicate that I have saved much interest since the commencement of my loan. It does though show dramatically a decrease in the years to pay it off.

    I am now terrified that all my hard work of savings have been sitting in the wrong account and I have missed out on hundred and thousands of interest.

    Surely the bank would have picked it up during several appointments I have had with them.


    • Avatarfinder Customer Care
      ShirleyJanuary 20, 2014Staff

      Hi Nik,

      Thanks for your comment.

      Sorry I’m a little confused about your situation – a redraw facility doesn’t help you save on interest repayments, the feature allows you to withdraw on any extra repayments in case of an emergency. If you redrew $200,000 on top of your existing $100,000 loan amount then the total amount will go back to $300,000.

      If your Westpac representative has said that a redraw facility can help you save on interest, I would bring this up with them in your next meeting.

      This article explains the difference between a redraw facility and an offset account which may help.


  6. Default Gravatar
    vincentDecember 13, 2013

    if my loan has been approved and the amount is stated in the contract (loan offer), when can i see this money in my westpac choice account so i use it for buying property


    • Avatarfinder Customer Care
      ShirleyDecember 16, 2013Staff

      Hi Vincent,

      Thanks for your comment.

      After you loan settlement, the Rocket loan will have it’s own loan account, which is separate to the choice account – the lump sum will be paid into that account.

      The Choice account that you’ve just mentioned can be used as a offset account for the loan.

      Hope this helps,

Westpac Rocket Repay Home Loan

  • Interest Rate


  • Comparison Rate


  • App Fee / Annual Service Fee

    $600 / $8

  • Max LVR


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