Westpac Rocket Repay Home Loan
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.
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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.
About this loan
What are the features and benefits 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
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