Rocket Repay Home Loan Rocket Repay Home Loan (Reverting to IO) (Interest Only)

  • 5.83%
    p.a Standard Variable
  • 5.88%
    p.a Comparison**
  • $600
    Upfront fees
  • $96
    Annual fees
  • 80%
    Max LVR
  • $2,227
    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 Monthly

Exit Fees

Fees associated with prematurely ending the loan.

Early Repayment
Switch To Fixed


Interest only is available up to 5 years upon product selection. Requests for interest only greater than 5 years (up to a maximum of 15 years) are subject to credit approval. $300 once-off progressive draw fee applies for construction. Redraw not available during any construction period. Combination loans not allowed with construction loans. Customers refinancing to Westpac under PAP are eligible. ALL APPLICATIONS INVOLVING A PROPERTY PURCHASE: BROKER ACTION REQUIRED: When submitting applications for a Property Purchase brokers MUST advise the bank of the following details (for Mortgage Insured as well as Non-mortgage Insured loans): - Product and purpose of loan - Costs as itemised values eg legal costs $2k, mortgage insurance premium $8k, stamp duty $800 - Amounts and sources of contributions (includes FHOG + State Government Assistance) - Source of genuine savings COMBINATION LOANS: Up to three Rocket Loans (Rocket Repay Home Loan and Rocket Investment Loan) may be taken in a Combination Loan. The following rules will apply when a Rocket loan(s) is selected in a Combination Loan: Combination Loan: home loan or home and investment loan Rocket Repay Home Loan must be the first loan chosen (i.e. as the core product in the combination) The second and third loan in the combination can include any of the following loans with a Rocket Repay Home Loan: Up to 2 Rocket Repay Home Loans or Rocket Investment Loans Up to 2 Fixed Options Home Loans or Fixed Rate Investment Property Loans Up to 2 Equity Access Loans Bridging Loan. Combination Loan: investment loan (only) Rocket Investment Loan must be the first loan chosen in the package The second and third loan in the combination can include any of the following loans with a Rocket Investment Loan: Up to 2 Rocket Investment Loans Up to 2 Fixed Rate Investment Property Loans Up to 2 Equity Access Loans. Special conditions: offset transaction account Only one offset transaction account can be linked to each Rocket loan The same offset transaction account cannot be linked to multiple Rocket loans The same offset transaction account must be in the same customer names as the Rocket loans For existing customers, the offset transaction account must be a Classic Plus or Westpac Choice account For new customers, the offset account can only be a Westpac Choice account.

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.

*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