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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Review by

Richard Whitten is an editor at Finder, and has been covering home loans and the property market in Australia for the last 4 years. He has written for Yahoo Finance, Money Magazine and Homely, as well as multiple banks and lenders. Richard has a Certificate IV in Finance and Mortgage Broking, a Bachelor of Education from the University of Sydney and a Graduate Certificate in Communication. He enjoys helping people understand the ins and outs of mortgages so they can make smarter property decisions. Richard trained as a high school teacher but found it easier to manage personal finances than a classroom full of kids. Before joining Finder, he edited textbooks and taught English in South Korea.

Expert review

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

About this loan

What are the features and benefits of the Rocket Repay Home Loan?

  • 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.

How to apply

To find out more about this loan, or to apply, click the 'Go to site' button below. This will take you to the Westpac website where you can arrange a callback or start an application. To arrange a callback, you'll need to enter your contact details.

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    Default Gravatar
    February 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
      March 10, 2018

      Hi JJ,

      Thanks for reaching out to Finder!

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


    Default Gravatar
    May 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
      May 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 in keeping funds more than your mortgage balance.

      I recommend you read our guide on how offset account works for more details.

      Should you have further questions, please don’t hesitate to reach us out again.


    Default Gravatar
    March 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.

      Default Gravatar
      March 15, 2016

      Hi Paul,

      Thanks for getting in touch.

      You’ve come through to finder.com.au 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.


    Default Gravatar
    November 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
      November 16, 2015

      Hi Rach,

      Thanks for the question.

      Each bank has its own way of working out how much someone will be able to borrow. They will 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 will decide whether or not to lend to you.

      Generally speaking, a guarantor home loan 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 will earn a commission from the lender you choose), and can suggest lenders and help with the application phase.

      Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you.

      I hope this helps,

    Default Gravatar
    January 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
      January 20, 2014

      Hi Nik,

      Thanks for your comment.

      A redraw facility does not help you save on interest repayments, the feature allows you to withdraw on any extra repayments in case of an emergency. If you redraw a $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 and an offset account which may help.

      I recommend getting in touch with a licensed mortgage broker. A broker can help you understand your financial position and they can leverage their panel of networks to find a lender that is more inclined to review your application.


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