Rocket Repay Home Loan Rocket Repay Home Loan (Reverting to IO) (Interest Only)
5.83%p.a 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
Save on interest repayments by holding spare cash in an offset account.
- Offset account
Get quick access to cash by drawing on the loan to pay for renovations or other purchases.
- Redraw Facility
- Min Redraw
- Redraw fee
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
- Credit Card
- Internet Banking
- Telephone Banking
- 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 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.
Monthly and annual fees and charges during the loan period.
- Ongoing Monthly
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.
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.