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Westpac Rocket Repay Home Loan (Premier Advantage Package)

Advertiser disclosure

The details shown below are for an owner occupier taking out a principal & interest loan of at least $150,000 with an LVR below 95%

The details shown below are for an owner occupier taking out a principal & interest loan of at least $150,000 with an LVR below 70%

The details shown below are for an owner occupier taking out a interest only loan of at least $150,000 with an LVR below 80%

The details shown below are for an owner occupier taking out a interest only loan of at least $150,000 with an LVR below 70%

Choose the version of this loan that suits you best

  • Owner Occupier (Principal & Interest)

    LVR 70%-95%

    Loan: $150,000

  • Owner Occupier (Principal & Interest)

    LVR < 70%

    Loan: $150,000

  • Owner Occupier (Interest Only)

    LVR 70%-80%

    Loan: $150,000

  • Owner Occupier (Interest Only)

    LVR < 70%

    Loan: $150,000

Rate
3.29% p.a.
Comparison Rate
3.70% p.a.
Service fee
$395.00 yearly
Upfront fee
$0
Rate
3.19% p.a.
Comparison Rate
3.61% p.a.
Service fee
$395.00 yearly
Upfront fee
$0
Rate
3.88% p.a.
Comparison Rate
4.28% p.a.
Service fee
$395.00 yearly
Upfront fee
$0
Rate
3.78% p.a.
Comparison Rate
4.19% p.a.
Service fee
$395.00 yearly
Upfront fee
$0

Mozo editorial review Westpac Rocket Repay Home Loan (Premier Advantage Package)

Last updated: 18 September 2020.

binocular icon
What's hot
  • 100% offset account
  • Free extra repayments and redraw facility
  • Borrow with as little as 5% deposit
  • Up to $3,000 cashback (limited time offer)
What's not
  • $395 annual service fee
Mozo snapshot

As the name suggests, this really is a premier home loan package. Offering a 100% offset account, as well as free extra repayments and redraws, the Westpac Rocket Repay Home Loan (Premier Advantage Package) really does deliver all the perks of a full-feature loan. Prospective homeowners will also be able to borrow with as little as a 5% deposit, meaning it could be a handy option for first home owners.


key icon
Key features

Available to owner-occupiers, the Rocket Repay Home Loan (Premier Advantage Package) from Westpac offers a 3.29% variable interest rate (3.70% comparison rate*) for all loan amounts over $150k for an owner occupier making principal and interest repayments. Borrowers will be able to borrow with a deposit as low as 5% (thought that may require Lender’s Mortgage Insurance) while interest-only borrowers will need a deposit of at least 20% to secure a loan.

But the Rocket Repay Home Loan (Premier Advantage Package) really stands out when it comes to its range of features. Not only will borrowers be able to cut down on the interest they pay with the help of a 100% offset account, they’ll also be able to make extra repayments towards the loan - for free!

Speaking of extra repayments, if you are able to pay down more than you need to on your loan then you’ll be able to withdraw those additional funds with the free redraw facility, or use them to take a partial or full repayment holiday.  

What about fees you ask? Well you won’t need to pay any application, legal, settlement or valuation fees on the loan, though you will need to budget for the $395 annual service fee as well as the $350 discharge fee you’ll be charged when you pay out your mortgage in full.

And premier home loan package wouldn’t be complete without a few extra perks. Rocket Repay Home Loan (Premier Advantage Package) customers will also be eligible for a number of discounts and fee-waivers on select Westpac credit cards, bank accounts and insurance products.

snapshot
Who is it good for

The Westpac Rocket Repay Home Loan (Premier Advantage Package) could be a great choice for borrowers who can take advantage of an offset account and all the other perks of a  full-feature home loan, as well as the other banking and insurance discounts on offer.

question icon
Any catches

Given that the yearly service fee ($395) will add up to $9,875 over a 25 year loan, it’s certainly worth weighing it up against the suite of features on offer.

Details

Rates and fees information correct as at 21 January 2021. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • 3.29% p.a.

  • n/a

  • n/a

  • n/a

  • 3.70% p.a.

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

Fees
  • $0.00

  • $0.00

  • $0.00

  • $0.00

  • n/a

  • $395.00 yearly

  • $350.00

Other financial bits
  • $150,000

  • none

  • 70.00%

  • 95.00%

Features
  • Owner Occupier

  • Principal & Interest

  • Weekly, Fortnightly, Monthly

  • yes - free

  • yes

  • yes - free

  • none

  • yes

  • yes

  • none

  • Package includes $0 monthly fees on transaction account, fee waivers on selected credit cards and discounted insurance products.

  • Receive $2,000 cashback per property plus $1,000 for the first application when you refinance a property of at least $250,000 and an LVR <80% with a Flexi First Option loan or a Premier Advantage Package (excludes refinances from Westpac Group).

WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

Details

Rates and fees information correct as at 21 January 2021. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • 3.19% p.a.

  • n/a

  • n/a

  • n/a

  • 3.61% p.a.

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

Fees
  • $0.00

  • $0.00

  • $0.00

  • $0.00

  • n/a

  • $395.00 yearly

  • $350.00

Other financial bits
  • $150,000

  • none

  • none

  • 70.00%

Features
  • Owner Occupier

  • Principal & Interest

  • Weekly, Fortnightly, Monthly

  • yes - free

  • yes

  • yes - free

  • none

  • yes

  • yes

  • none

  • Package includes $0 monthly fees on transaction account, fee waivers on selected credit cards and discounted insurance products.

  • Receive $2,000 cashback per property plus $1,000 for the first application when you refinance a property of at least $250,000 and an LVR <80% with a Flexi First Option loan or a Premier Advantage Package (excludes refinances from Westpac Group).

WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

Details

Rates and fees information correct as at 21 January 2021. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • 3.88% p.a.

  • n/a

  • n/a

  • n/a

  • 4.28% p.a.

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

Fees
  • $0.00

  • $0.00

  • $0.00

  • $0.00

  • n/a

  • $395.00 yearly

  • $350.00

Other financial bits
  • $150,000

  • none

  • 70.00%

  • 80.00%

Features
  • Owner Occupier

  • Interest Only

  • Monthly

  • yes - free

  • yes

  • yes - free

  • none

  • yes

  • yes

  • none

  • Package includes $0 monthly fees on transaction account, fee waivers on selected credit cards and discounted insurance products.

  • none

WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

Details

Rates and fees information correct as at 21 January 2021. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • 3.78% p.a.

  • n/a

  • n/a

  • n/a

  • 4.19% p.a.

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

Fees
  • $0.00

  • $0.00

  • $0.00

  • $0.00

  • n/a

  • $395.00 yearly

  • $350.00

Other financial bits
  • $150,000

  • none

  • none

  • 70.00%

Features
  • Owner Occupier

  • Interest Only

  • Monthly

  • yes - free

  • yes

  • yes - free

  • none

  • yes

  • yes

  • none

  • Package includes $0 monthly fees on transaction account, fee waivers on selected credit cards and discounted insurance products.

  • none

WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

Customer Reviews

How are Westpac home loans rated by the Mozo community?

Overall
6.7/10
Price
6.2/10
Features
6.4/10
Customer service
6.9/10
Convenience
7.6/10
Trust
6.6/10

Latest reviews of Westpac Rocket Repay Home Loan (Premier Advantage Package)

  • Overall 10/10
    Efficient, accessible, flexible and accommodating

    Very helpful in refinancing my home loan. Accessible any time and reply in a matter of minutes to under an hour. By the same token no unnecessary annoying phone call or emails. Explain things step by step and very clearly. Was with my previous provider for 10 years and never had this level of service ever.

    Read full review

    Very helpful in refinancing my home loan. Accessible any time and reply in a matter of minutes to under an hour. By the same token no unnecessary annoying phone call or emails. Explain things step by step and very clearly. Was with my previous provider for 10 years and never had this level of service ever.

    Price
    9/10
    Features
    9/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Krishna, Queensland reviewed 3 months ago
  • Overall 9/10
    Westpac rewards loyalty.

    Often with pay television, electricity and other services you need to ring up regularly and threaten to leave in order to get the best deal. What I love about Westpac is they regularly ring me to offer a better deal than what's advertised. This rewards loyalty and is good business.

    Read full review

    Often with pay television, electricity and other services you need to ring up regularly and threaten to leave in order to get the best deal. What I love about Westpac is they regularly ring me to offer a better deal than what's advertised. This rewards loyalty and is good business.

    Price
    5/10
    Features
    10/10
    Customer service
    9/10
    Convenience
    9/10
    Trust
    10/10
    Less
    Rachel, Queensland reviewed 7 months ago
  • Overall 8/10
    A well packaged home loan with a trusted bank

    Overall a well packaged home loan offering 100% offset account, competitive rates and free redraw available. The only negative is the annual fee of $395.

    Read full review

    Overall a well packaged home loan offering 100% offset account, competitive rates and free redraw available. The only negative is the annual fee of $395.

    Price
    8/10
    Features
    8/10
    Customer service
    8/10
    Convenience
    9/10
    Trust
    9/10
    Less
    Hayley, New South Wales reviewed 7 months ago
  • Overall 7/10
    Intuitive online interface

    Long pre-approval times, but online platform is pretty easy to work with.

    Read full review

    Long pre-approval times, but online platform is pretty easy to work with.

    Price
    5/10
    Features
    7/10
    Customer service
    6/10
    Convenience
    8/10
    Trust
    5/10
    Less
    Don, New South Wales reviewed 8 months ago
  • Overall 7/10
    Average.

    Need more communication about new products.

    Read full review

    Need more communication about new products.

    Price
    6/10
    Features
    6/10
    Customer service
    8/10
    Convenience
    8/10
    Trust
    7/10
    Less
    Chris, Queensland reviewed 10 months ago
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About Westpac

As Australia's first bank, Westpac has been serving customers since 1817. Westpac merged with St.George to create Australia's largest financial services company, and customers can enjoy from peace of mind from having the security offered by a major bank behind them. Check out Westpac's range of banking products such as savings accounts, home loans, personal loans, credit cards and other financial services such as its car and home and contents insurance.

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WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.