Westpac Rocket Investment Loan (Premier Advantage Package)

We have good relations with Westpac and have been with them for a long time. They contact us 6 monthly to review our interest rates and insurance policies. Only downside as now we are retired and relying on our investments we do not have the option to go anywhere else if we are not satisfied as we don't have enough income to support new loans.

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As part of our premier plus package we have an included credit card. Approximately 2 years ago we were carrying a large balance and wanted to reduce our card limit or transfer the balance to a lower rate card. The interest rate on the card is 21.99%. When contacted via the help line Westpac refused to lower our credit card limit and then when we asked about transferring to a lower rate card we were told we couldn't. In the end we took our credit card business to ANZ who gave us an excellent 0% interest deal for 24 months. When attempting to make extra repayments on our mortgage we were told that we had a redraw facility as part of our package but when we made extra repayments the full amount in excess of our standard payment was allocated to the loan balance and when we needed to redraw later we were told we couldn't and had to fight with the bank for 2 months to get the payments allocated properly and the redraw approved. Our interest rate is absolutely terrible, still sitting at 4.45% even after a 0.75% package discount. We went into a branch and sat with a manager asking them to price match lower products in the market, some as low as 3.25% but because of the LVR of our property they refused to assist us because they knew we wouldn't be approved for a loan with another lender because of the LVR. Our repayment record is flawless and we've banked with Westpac for over 20 years but until we have some capital growth on our property we're stuck and Westpac know it.

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This is our first mortgage, and it wasn't totally clear regarding the terms. When signing the contract was not provided to us in advance, and we were not given adequate time to read through the content. The content was not explained and we felt expected to sign without properly reading all the fine print - this was a miscommunication between mortgage broker and bank employee, I think. The online app is good.

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The staff are mostly not interested in helping nor have product knowledge to actually help. They are always the most expensive and when asked for a better rate only. they are only able to offer a slight reduction which is still more expensive than others - that is after the discount we get with our package.

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Easy to deal with and arrange mortgage from pre-approval to the draw down during building. Always able to contact to discuss any issues.

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