Westpac Rocket Loan - Owner Occupied - Variable

Ratings

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About this rate option

The Westpac Rocket Loan owner-occupier variable rate option charges 9.13% (comparison rate 9.27%) on a principal-and-interest basis, so the balance reduces over time and the rate can move when Westpac changes its rates. Borrowing is available up to 95% of the property value, though deposits under 20% usually attract Lenders Mortgage Insurance. Borrowers can make unlimited extra repayments and link up to 10 offset accounts to reduce the interest charged on the loan.

This summary was generated from Westpac’s published product data for this specific rate option. Always confirm current rates with the lender.

About Rocket Loan

Interest only loans have traditionally been tailored to investors so they can reduce their mortgage repayments and maximise their tax benefits and overall return on investment (ROI). However, getting home loan with interest only (IO) has its place and some lenders are willing to consider your application if you can provide valid reasons.

LVR is an acronym for Loan-To-Value Ratio. The LVR is the amount you are borrowing against the property value being used as security, represented as a percentage.

Fees & Costs

A 100% offset account is an account linked to your home loan where you can park your savings and spare cash to reduce the interest you pay. Then, when interest is calculated on your home loan, the balance in your offset account is deducted from the loan amount owing, and interest is only charged on what remains.
Westpac charge a discharge fee of $350, which covers the cost for removing the mortgage that has been registered on the title of your property.

Borrowing Limits

An LVR of 95% is a high risk, whereas an LVR of 80% or less is considered safe by most lenders. The majority of lenders will require you to pay Lenders Mortgage Insurance (LMI) if you borrow over 80% LVR.

💡 Tip: To get approved for an interest only home loan you need to have a strong enough income to afford principal and interest (P&I) repayments once your interest only term expires. Sometimes extending your interest only period can be tough and getting approved for a P&I refinance is a lot easier.

IMPORTANT:Lenders change their policy from time to time so this information is current only accurate at the time that it was written. You should always check with Westpac or a mortgage broker just to be sure. This information should be used as a guide only.

Other rate options for Rocket Loan

Investment Variable · Interest Only 0 Years · 70% LVR

9.54%

Investment Variable · Interest Only 0 Years · 80% LVR

9.64%

Investment Variable · Interest Only 0 Years · 90% LVR

9.94%

Investment Variable · Principal & Interest 0 Years · 70% LVR

9.28%

Investment Variable · Principal & Interest 0 Years · 80% LVR

9.38%

Investment Variable · Principal & Interest 0 Years · 95% LVR

9.68%

Owner Occupied Variable · Interest Only 0 Years · 70% LVR

9.32%

Owner Occupied Variable · Interest Only 0 Years · 80% LVR

9.42%

Owner Occupied Variable · Principal & Interest 0 Years · 70% LVR

8.73%

Owner Occupied Variable · Principal & Interest 0 Years · 80% LVR

8.83%

Owner Occupied Variable · Principal & Interest 0 Years · 95% LVR

9.13%

Frequently Asked Questions

Are there costs when I exit or refinance to another lender?

Westpac charge a discharge fee of $350, which covers the cost for removing the mortgage that has been registered on the title of your property.

Does Westpac Rocket Loan comes with an offset account?

Yes, Rocket Loan comes with a 100% offset account. A 100% offset account is an account linked to your home loan where you can park your savings and spare cash to reduce the interest you pay. Then, when interest is calculated on your home loan, the balance in your offset account is deducted from the loan amount owing, and interest is only charged on what remains.

What are the costs to apply for Westpac Rocket Loan?

There is upfront costs of $600 to apply for Rocket Loan. Application fee: $600 Rocket Loan also comes with ongoing account fees of $96 per year. Monthly fee: $8 per month

Fees

Application fee

Important Information

Lenders change their policy from time to time so this information is current only accurate at the time that it was written. You should always check with Westpac or a mortgage broker just to be sure. This information should be used as a guide only.