Premier Advantage Rocket Repay Home Loan Premier Advantage Rocket Repay Home Loan $250K - $499K (Interest Only)

  • 4.44%
    p.a Standard Variable
  • 4.60%
    p.a Comparison**
  • $0
    Upfront fees
  • $395
    Annual fees
  • 80%
    Max LVR
  • $1,966
    Per Month*

About Westpac

Westpac Banking Corporation was founded in 1817 and was the first bank established in Australia. Now one of the Big4, Westpac has a long and proud history as Australia's first and oldest bank. It was established in 1817 as the Bank of New South Wales under a charter of incorporation provided by Governor Lachlan Macquarie. In October 1982 it changed its name to Westpac Banking Corporation following the acquisition of the Commercial Bank of Australia. Westpac’s vision is ‘To be one of the world’s great companies, helping our customers, communities and people to prosper and grow’. Their customer-specific focus on deposits, wealth and insurance have been key elements to their success story and has enabled them to appeal to a broader range of customers. Westpac continues to provide a strategic flexibility to financial solutions to better meet individual customer needs.

Standard Variable

Repayments calculated to take into account ongoing monthly and anual fees.

Monthly repayment*
rate per annum

Loan to Value Ratio

Borrow up to the maxium of 80% of the value of the property.

Lenders Mortgage Insurance, or LMI, will be payable on most loans where the borrowings are greater than 80% of the value of the property.

However, you may be able to capitalise LMI into your loan, increasing the overall loan amount by about 2% (in order to cover the cost of the insurance). Contact a loan market broker to find out how LVR and LMI might impact the cost of your loan repayments.

Capitalise LMI


For Construction, Owner Occupied, and Vacant Land in NSW, NT, QLD, SA, WA, VIC, TAS, and ACT.

1 - 30 years


The level of financial documentaion and credit history required to apply for the loan.

Full Doc
Credit History
Genuine Saving

Redraw Facility

Get quick access to cash by drawing on the loan to pay for renovations or other purchases.

Redraw Facility
Min Redraw
Redraw fee

Banking Features

Given the wide range of loans on offer – with different interest rates, product features and fees – it pays to shop around to find the loan that fits your needs and circumstances. Some loans offer features that may be appropriate for your situation and result in savings over the life of the loan.

Some features you may wish to consider include:

  • an offset account;
  • ability to make extra repayments;
  • a redraw facility; and
  • linked credit card and savings accounts;
  • ability to split your loan between fixed and variable interest rates
Offset Account
Redraw Available
Internet Banking
Telephone Banking
Credit Card
BPay Option
Portability of Loan
Professional Pack
Check Account
Direct Salary Credit
Free Transactions
Minimum Redraw
Redraw Fee


You can make your repayments Monthly.

Interest Only Option
Max Interest Only
5 years

Upfront Fees

Upfront fess associated with estabilishing the loan. Other loan set-up fees, such as valuation fees and lender's mortgage insurance, and Government charges, such as registration fees and stamp duty on property transfer, have not been included. These will be determined after application.


Ongoing Fees

Monthly and annual fees and charges during the loan period.

Ongoing Yearly

Exit Fees

Fees associated with prematurely ending the loan.

Early Repayment
Switch To Fixed


$1,250 Refinance Rebate for clients applying for a new Westpac consumer Owner Occupier or Investment home loan under the Premier Advantage Package (PAP). Eligibility: - $1,250 Refinance Rebate is available for new Westpac Owner Occupier or Investment home loans under the Premier Advantage Package (PAP). - "$1,250 Refi Rebate” must be noted in your application comments when submitting the application for an eligible home loan. - Only 1 rebate per property refinance will be paid regardless of the number of loans involved. - Rebate will be automatically deposited into the customer’s Westpac home loan account within 2 months of settlement. - Minimum loan size of $150,000. - Annual Premier Advantage Package (PAP) fee of $395 applies. - The client must either hold or be approved for a Westpac Choice transaction account in order to qualify and continue to receive the benefits of the Premier Advantage Package. - This offer can be withdrawn at any time. Exclusions: - This offer is not available for refinances of home loans within the Westpac Group, which includes refinances from Westpac, St.George, Bank of Melbourne, BankSA and RAMS. - This offer is not applicable for residential lending originated under family or company trusts. - Based on package eligibility this offer is not applicable for use with Flexi First Option Home Loans and Flexi First Option Investment Loans. - This offer is not applicable for Non-Residential Lending. - This offer is not available in conjunction with any other offer. SPECIAL - Extension of Premier Advantage Package offer. Full Doc only. If a customer chooses not to have a transaction account, they will not be eligible for the Premier Advantage Package. A discounted Establishment applies. This fee applies to each loan if taken as part of a combination. The Annual Package Fee will also apply. $300 once off Progress Draw Fee applies for construction loans. Combination loans not allowed with construction loans. Redraw not available until construction loan is fully drawn. Can only Switch between other Low Doc Loans in the First 3 years. Can only be taken in combination with other Low Doc loans. Customers refinancing to Westpac under PAP are eligible. Further Conditions for Low Doc Applications: - The main income earner must be self-employed for a minimum of 2 years and must be entered as the primary applicant, and - Irrespective of the number of applicants the total self employed income of the application must be >50% of all income entered Note: Where the primary applicant has less than 2 years in self employment but can demonstrate a long term history in the same industry, the application can be referred to credit for consideration.

LVR Notes

No LMI required. Max LVR is 80%. Interest Only Max LVR 80%. Building/Construction loans may exceed 80% LVR during the IO period if reverting to P&I after the construction period. LMI applicable above 80% LVR. Foreign Income Policy Non residents - no lending permitted Temporary visa holders - no lending for foreign income, 70% LVR for applications involving AUD Australian citizens - 70% New Zealand citizens - 70% Permanent visa holders - 70% * Applications for new purchases only - any refinances or cash out are not permitted.


5% Genuine Savings must be validated and verified for all mortgage insured applications where the LVR is more than 85%. Land Purchase, Construction and Renovation Loans: - If the property has been held for 3 months or more then treat as an existing property holding with any equity in the property counting towards the genuine savings. - If the property has been held for less than 3 months then the original purchase and the new application can be treated as one application for genuine savings purposes. Calculate the genuine savings applicable to the total new application then deduct any genuine savings that were verified in the original purchase to leave the net genuine savings required for the new application. Proposals involving Investment loans with LVR more than 90% requires applicants to demonstrate 10% equity in another property. The 10% Equity is to be qualified using the applicants estimated Market Value of their existing residential property against the total current exposure. Current exposure is to be calculated on loan account limit and not loan account balance.

Fee Notes

$300 once-off progressive draw fee applies for construction. Redraw not available during any construction period.

*Monthly Repayments

Monthly repayments are calculated to take into account the loan amount, repayment term and ongoing fees and charges over the life of the loan.

  • Variable rate loans show the monthly repayments at the current rate.
  • Fixed rate loans show the monthly repayment during the fixed period only.
  • Monthly repayment calculations are an approximate guide only. Speak to a LoanMarket Mortgage broker to understand the exact cost of a loan given your particular circumstances.

**Comparison Rates

A comparison rate is a tool to help consumers identify the true cost of a loan. It factors in the interest rate, loan amount, repayment term and ongoing fees and charges and displays this as a single percentage rate that can be used to compare various loans from different lenders.

Monthly Repayment and Comparison Rate* calculations do not include:

  • The use of account features such as early repayments and offset accounts which vary widely among loans and can reduce the cost of a loan significantly.
  • Cost savings such as fee waivers or special rate discounts.
  • Fees and charges associated with loan options or events that may or may not be used by the borrower, such as early repayment or redraw fees
  • Lenders Mortgage Insurance (LMI) which may be required to secure the loan and can increase the cost of the loan.
  • Government charges such as stamp duty or mortgage registration fees.
  • Fees and charges which aren’t available at the time the comparison rate is provided