Westpac Rocket Loan : Variable Home Loan with Offset (Investor)
Variable rateOffsetRedraw
You could save on home loan interest with up to 10 offset accounts, and unlimited extra repayments.
- Interest rate a year, from
- 6.84%
- Comparison rate
- 7.21%
- Upfront fees
- $600
- Annual fee
- $395
- Monthly fee
- $8
Monthly repayment
$600,000 over 30 years
What it would cost
At the lowest rate of 6.84% (variable, investment, principal and interest), including the monthly fee. The rate you are offered depends on your deposit and the loan you choose, and upfront fees are not included.
- Monthly repayment
- $3,936
- Total repayments
- $1,416,798
- Interest and monthly fees
- $816,798
Rates
Every rate Westpac publishes for this loan. LVR is the loan as a share of the property's value: 80% for a 20% deposit.
| Rate | Property | Repayments | LVR | Interest rate | Comparison rate |
|---|---|---|---|---|---|
| Variable | Investment | Principal and interest | Up to 70% | 6.84% | 7.21% |
| Variable | Investment | Principal and interest | Up to 70% | 9.53% | 9.67% |
| Variable | Investment | Principal and interest | 70% to 80% | 6.94% | 7.31% |
| Variable | Investment | Principal and interest | 70% to 80% | 9.63% | 9.77% |
| Variable | Investment | Principal and interest | 80% to 95% | 7.24% | 7.60% |
| Variable | Investment | Principal and interest | 80% to 95% | 9.93% | 10.07% |
| Variable | Investment | Interest only | Up to 70% | 7.10% | 7.35% |
| Variable | Investment | Interest only | Up to 70% | 9.79% | 9.85% |
| Variable | Investment | Interest only | 70% to 80% | 7.20% | 7.45% |
| Variable | Investment | Interest only | 70% to 80% | 9.89% | 9.95% |
| Variable | Investment | Interest only | 80% to 90% | 7.50% | 7.75% |
| Variable | Investment | Interest only | 80% to 90% | 10.19% | 10.25% |
Comparison rates are for an example loan of $150,000 over 25 years. WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
Fees and features
Fees
- Upfront fees
- $600
- Annual fee
- $395
- Monthly fee
- $8
Features
- Offset account
- Yes
- Redraw
- Yes
- Highest LVR
- 95%
- Loan amount
- From $10,000
How it compares
Against the other home loans we compare, for a home you live in with a 20% deposit. Typical means the middle half of them.
Upfront fees
$600
Typical upfront fees are $600.
Annual fee
$395
A typical annual fee is $350.
Smallest deposit
5%
Most loans need at least 10% of the price.
Pros and cons
Pros
- An offset account. Money in it is taken off your balance when interest is worked out, so your savings and pay cut the interest while staying easy to reach.
- Extra repayments. Paying more than the minimum pays the loan off sooner and cuts the interest you pay.
- Redraw. You can take back extra repayments later if you need the money.
- No early repayment fee listed. You can pay the loan off early, or refinance, without a penalty. Check the terms to be sure.
- Interest only available. Some investors use it to keep repayments down for a few years, though the balance doesn't fall in that time.
Cons
- A $15 late payment fee. Setting up automatic repayments avoids it.