Variable Rate Home Loans - Westpac - Rocket Repay |
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to select a different loan amount and loan term. Currently: $150,000 over 30 years |
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| Home Loan Lender |
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Westpac Home Loan |
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| Home Loan Product Name |
Rocket Repay |
| Interest Rate |
7.71% |
Comparison Rate
Estimated |
7.91% |
| Amount |
$150,000 |
| Term |
30 years |
Monthly Payment
Estimated |
$1,070.48 |
Total Paid
Estimated |
$391,770 |
| Establishment Fee |
$600.00 |
| Enquire/Apply |
 
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| Target Market |
Rocket Repay is a variable home loan with a linked 100% 'offset' transaction account (Classic Plus). By putting their whole income to work, customers can save interest and payoff their loan faster. Rocket Repay allows customers to run their day-to-day finances like a normal transaction account. Every dollar left in the transaction account is working to offset the interest payable on the loan. (NOT AVAILABLE FOR COMPANIES) |
| Acceptable Income |
Self Employed with 2 years financials to be supplied, salary and wage earner. |
| Loan Term |
Maximum overall loan term is 30 years. |
| Loan Size |
Minimum: $25K
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No maximum. |
| Repayment Type |
Principal ,Interest & Fees.or Interest only up to 10 years. |
| Repayment Options |
Weekly, Fortnightly or monthly. |
| Extra Repayments |
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| Split Loan Facility |
Can be taken as part of a combination. |
| Offset |
100% Offset Account (Classic Plus Account) - Free of the monthly service fee. |
| Redraw Facility |
Redraw Facility available if excess funds exist. ($0 Fee)
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Direct access to loan accounts via cheque, ATM, EFTPOS, Internet Banking, Bpay and branches with unlimited transactions (no excess transaction fees). |
| LVR |
Owner Occupier Maximum LVR 100%
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Investment Maximum LVR N/A
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Construction Maximum LVR 100%
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Refinance Maxim LVR 97%
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Vacant Land Maximum LVR N/A
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Debt Consolidation Maximum LVR 97%
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Low Doc Maximum LVR 82%. Lenders Mortgage Insurance (LMI) is required for loans with a Loan to Valuation Ration (LVR) greater than 60%, up to a maximum of 82%.
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Loan to Security Ratio (LSR) between 80 and 85% refer to Flyer in Lender Documents LMI Folder.
Premier Advatage Package benefits available.
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$150K<$250K 0.40% p.a. discount
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>$250K 0.70% p.a. discount
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Nil Establishment fee
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Premier Advantage Package fee is $395.
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Low Doc Discounts
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$150K - < $250K - 0.40% p.a. discount
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$250K - < $500K - 0.60% p.a. discount
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$500K+ - 0.70% p.a. discount
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Reduced Establishment Fee - $355 per loan account
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Premier Advantage Package fee is $395.
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Nil Loan maintenance/ Annual Service Fee |
| Fees |
Establishment Fee:$600
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Annual Service Fee:$199
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(Annual Service Fee is charged to the core loan account on the anniversary of loan drawdown)
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Top Up :Nil
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Smart Pay: Nil
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Switching Fees (from other products where available): $300
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Progressive Draw Fee: $300 (covers all draws)
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Unlimited Free Transaction on Loan Account
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All other fees as per Customer Loans Standard Fees and Charges Brochure and Personal Deposit Account Terms and Conditions Brochures
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Deferred Establishment Fee $900 will only be charged if a customer closes their loan with Westpac within 4 years of origination for reasons such as re-financing to another institution, selling their property or early
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repayment where they request to close their loan.
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Guarantor Fee $200. |
| Enquire/Apply |
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| Other Variable Rate Home Loans |
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| Other Westpac Home Loan Products |
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This Comparison Rate applies only to $150,000 with a loan term of 30 years. The loan amount and term will affect the comparison rate calculation. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparsion rate calculation but may influence the cost of the loan.
This rate is to be used as a guide only and we recommend that you confirm it with the lender before acting upon it.
The information provided in this website is a guide only and may not be complete for your purposes. ratesonline.com.au is not licensed to provide investment advice and recommends that you consult an independent financial adviser.
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