Westpac Premium Option Home Loan
Posted July 28th, 2010
and last modified January 31st, 2012
What happens when I click Enquire Now?
- Clicking Enquire Now will take you to the lender's website
- After completing the contact form, a mortgage expert will contact you
- The mortgage expert will ensure you find the right loan, calculate your repayments, and explains all the associated fees
- After going through the enquiry process you will be able to know how much you can borrow, begin your application when you are ready to apply and be approved for a home loan
A great way to reduce the total amount you pay on a loan is to make additional payments on your loan. However, some providers do not allow you to make additional payments on your home loan. The Westpac bank offers the Rocket Repay Home Loan which is a premium option home loan that allows you to reduce the total amount you pay on the loan. The Rocket Repay Home Loan offers a home loan with a great low interest rate of 7.09% with many additional features that allow you to save money. This article will show you all the major features of the Rocket Repay Home Loan and show you how to best us the features to help you save.
Features of the Westpac Premium Option Home Loan
The Rocket Repay Home Loan offers many features that are added to help you save money. These features are:
- 100% mortgage offset account. The Rocket Repay Home Loan offers a mortgage offset account to help you save on interest charges to your account. The mortgage offset account allows you to deposit your savings into the account. These funds are then reduced off the total amount owing on your loan when interest is calculated. Therefore, the more money you keep in the offset account the less you will pay on interest. In addition to this, you can deposit your income into the offset account and use the smart pay option to manage your expenditure. The smart pay option allows you to organise automatic transfers to pay all your bills from your income from the mortgage offset account. This means you will be able to save the most money possible by keeping funds in the offset account longer.
- Make additional repayments. The Rocket Repay Home Loan allows you to make additional repayments at no extra cost. In addition to this you can redraw these funds at any time. This flexible feature allows you to repay you home loan faster, reduce the total amount of interest that is charged to your loan and have access to these additional funds if they are needed.
- The loan is portable. It can cost a lot of money and take a lot of time to apply for a new home loan if you plan on moving. The Rocket Repay Home Loan allows you take your home loan with you if you decide to move. Not only will this save you time but it will save you the additional fees that come with applying for a new loan.
- Take a break from your payments. The Rocket Repay Home Loan provides you with many ways to take a break from repayments. Firstly, if you have made additional repayments onto the loan account you can use these funds to pay off the loan for a while. Also, the Rocket Repay Home Loan also offers you a reduced payment period with the parental leave facility. If you are having a child you can reduce your payments by up to 50% for 6 months. This can give you the time to raise your child and alleviate some of the financial stress.
- Top up facility. If you are in need of additional funds while paying off your home loan the top up facility that is offered with the Rocket Repay Home Loan can help you. The top up facility allows you to borrow an extra $400 at any time on your loan.
Many home loans do not offer you ways to save money while paying off your loan. The Rocket Repay Home Loan is a premium loan package that allows you to take advantage of the mortgage offset facility and the ability to make additional repayments so you can pay less on your home loan. Furthermore, the Rocket Repay Home Loan also is very flexible and will save you money if your circumstances change or you need a break from repayments. Please contact us to find out more about the Rocket Repay Home Loan home loan.
Read the Westpac Premium Option Home Loan terms and conditions.
| Minimum Loan Amount | $10,000 | |
|---|---|---|
| Maximum Loan Amount | $10,000,000 | |
| Maximum LVR | 80% | |
| Maximum Insured LVR | 80% | |
| Mortgage Offset Account | No | |
| Loan Redraw Facility | No | |
| Split Loan Facility | No | |
| Fixed Interest Option | No |
| Interest Rate Type | Fixed | |
|---|---|---|
| Interest Rate | 7.86% | |
| Comparison Rate | 7.99% | |
| Repayment Type | Interest Only | |
| Repayment Frequency | Weekly | |
| Extra Repayments | No |
| Application Fee | $600 | |
|---|---|---|
| Legal Fee | $0 | |
| Valuation Fee | $0 | |
| Service Fee | $8.00 | |
| Exit Fee | $250 |
Top Home Loans
| Home Loan | Details | Interest Rate (p.a.) | Comp Rate^ (p.a.) | App Fee / Ongoing Fee | Max LVR | Min & Max Borrowing | |
|---|---|---|---|---|---|---|---|
 Loans.com.au - Dream Catcher | A home loan offer with a $0 application fee and one of the lowest available home loan interest rates. | 5.85% | 6.21% | $0 / $375 | 80% | $50,000 / $750,000 |
 
|
 Bankwest Online Home Loan | A low interest rate home loan with a $0 application fee and ongoing maintenance fees. This offer is exclusively available by applying online. | 5.97% | 5.97% | $0 / $0 | 80% | $100,000 / $1,000,000 |
|
 State Custodians Mortgage Company Standard Variable Offset Loan | Awarded Mortgage of the Year 2012 – this multi-award winner features 100% offset and a loyalty 0.25% rate drop after 5 years. | 6.02% | 6.23% | $0 / $345 | 95% | $150,000 / $1,000,000 |
|
 Illawarra Home Loans Bank Beater Home Loan | A low variable rate, beaten down even further by 0.05% p.a. after 5 years. | 6.07% | 6.35% | $0 / $345 | 90% | $250,000 / $1,000,000 |
|
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