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Westpac Rocket Repay Home Loan (Premier Advantage Package)

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 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%

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%

    Loan: $150,000

  • Owner Occupier (Interest Only)

    LVR 70%-80%

    Loan: $150,000

Rate
3.29% p.a.
Comparison Rate*
3.71% 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
3.78% p.a.
Comparison Rate*
4.19% 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

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

Last updated: 1 April 2020.

binocular icon
What's hot
  • 100% offset account
  • Free extra repayments and redraw facility
  • Borrow with as little as 5% deposit
  • Up to $2,000 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.

snapshot
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 6 August 2020. 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

  • 3.71% 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 when you refinance a property with a Flexi First Option loan or a Premier Advantage Package with a minimum loan size of $250,000 (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 6 August 2020. 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 when you refinance a property with a Flexi First Option loan or a Premier Advantage Package with a minimum loan size of $250,000 (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 6 August 2020. 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.

  • Receive $2,000 cashback per property when you refinance a property with a Flexi First Option loan or a Premier Advantage Package with a minimum loan size of $250,000 (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 6 August 2020. 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.

Customer Reviews

How are Westpac home loans rated by the Mozo community?

Overall customer rating
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 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 about 1 month 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 about 1 month 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 3 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 4 months ago
  • Overall 8/10
    Good products, good service and the IT works well.

    They were the only bank to support me as an owner builder so I have stuck with them since. The offset homeloan is a good way to save. Service has been great, no issues, and the online/mobile app banking works well.

    Read full review

    They were the only bank to support me as an owner builder so I have stuck with them since. The offset homeloan is a good way to save. Service has been great, no issues, and the online/mobile app banking works well.

    Price
    6/10
    Features
    10/10
    Customer service
    9/10
    Convenience
    10/10
    Trust
    8/10
    Less
    Scott, New South Wales reviewed 4 months ago
Westpac

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.