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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 70%
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 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%
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

Availability Loan type LVR Min loan amount Max loan amount
Owner Occupier Principal & Interest < 70% $150,000
Owner Occupier Principal & Interest 80%-95% $150,000
Owner Occupier Principal & Interest 70%-80% $150,000
Owner Occupier Interest Only < 70% $150,000
Owner Occupier Interest Only 70%-80% $150,000
  • Owner Occupier (Principal & Interest)
    LVR < 70%
    Loan: $150,000
  • Owner Occupier (Principal & Interest)
    LVR 80%-95%
    Loan: $150,000
  • Owner Occupier (Principal & Interest)
    LVR 70%-80%
    Loan: $150,000
  • Owner Occupier (Interest Only)
    LVR < 70%
    Loan: $150,000
  • Owner Occupier (Interest Only)
    LVR 70%-80%
    Loan: $150,000
Rate
7.44% p.a.
Comparison Rate
7.78% p.a.
Service fee
$395.00 yearly
Upfront fee
$0
Rate
7.84% p.a.
Comparison Rate
8.17% p.a.
Service fee
$395.00 yearly
Upfront fee
$0
Rate
7.54% p.a.
Comparison Rate
7.88% p.a.
Service fee
$395.00 yearly
Upfront fee
$0
Rate
8.03% p.a.
Comparison Rate
8.36% p.a.
Service fee
$395.00 yearly
Upfront fee
$0
Rate
8.13% p.a.
Comparison Rate
8.46% p.a.
Service fee
$395.00 yearly
Upfront fee
$0

Mozo editorial review Westpac Rocket Repay Home Loan (Premier Advantage Package) - last updated: 21 November 2023

binocular icon
What's hot
  • 100% offset account
  • Free extra repayments and redraw facility
  • Borrow with as little as 5% deposit
What's not
  • $8 loan account fee, charged monthly
Mozo snapshot

Offering a 100% offset account, free extra repayments, a redraw facility as well as a number of additional package perks, the Rocket Repay Home Loan (Premier Advantage Package) from Westpac delivers all the perks of a full-feature loan to owner occupier borrowers. Prospective homeowners will also be able to borrow with as little as a 5% deposit, meaning it could be a handy option for first time buyers.


key icon
Key features

Available to owner occupiers, the Rocket Repay Home Loan (Premier Advantage Package) from Westpac offers variable rates from 8.03% (8.35% comparison rate*) for borrowers with a loan-to-value ratio below 70% looking for a loan above $150,000. There are also higher rates available for borrowers with a larger LVR, as well as those wanting to make interest-only repayments. 

There are different rates depending on the LVR tier you're on. The tiers are:

  • Up to 70% LVR
  • 70.01% - 80% LVR
  • More than 80.01% LVR

While the interest rates on offer aren't much to write home about, 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 you’ll be able to withdraw those additional funds down the track with the free redraw facility.  

What about fees? Well you won’t need to pay any application, legal, settlement or valuation fees on the loan, but you will need to budget for the $8 loan account fee (charged monthly), as well as the $350 loan discharge fee you’ll be charged when you pay out your mortgage in full.

And as this is a package home loan, there are also a few extra perks. Rocket Repay Home Loan (Premier Advantage Package) customers will 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 an option worth considering for owner occupier borrowers looking for a full-feature home loan, especially if they can take advantage of the offset account and extra repayments, as well as the banking and insurance discounts on offer.

question icon
Any catches

Given that the monthly loan account fee of $8 will add up to $2,400 over the course of a 25 year loan, it’s worth weighing it up against the suite of features on offer. Alternatively, if you're looking for a lower cost, no frills home loan with Westpac then you may want to check out the Flexi First Option Home Loan offer.

Details

Rates and fees information correct as at 1 March 2024. 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

7.44% p.a.

n/a

n/a

n/a

7.78% 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.

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 1 March 2024. 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

7.84% p.a.

n/a

n/a

n/a

8.17% 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

80.00%

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.

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 1 March 2024. 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

7.54% p.a.

n/a

n/a

n/a

7.88% 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

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.

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 1 March 2024. 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

8.03% p.a.

n/a

n/a

n/a

8.36% 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.

Details

Rates and fees information correct as at 1 March 2024. 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

8.13% p.a.

n/a

n/a

n/a

8.46% 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.

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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.

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