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Westpac Rocket Investment Loan
Posted July 28th, 2010
and last modified January 31st, 2012
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- 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
If you are looking for a home loan so you can buy an investment property then you should look at a Westpac rocket investment loan. This variable home loan has a large range of features that include interest only, redraw and offset account.
Westpac Rocket Investment Loans Features
The rocket investment loan offers the investment loan customer a wide range of options that are listed below these options help give the borrower flexibility and maximum return on their investment, including:
- Low Doc version. If you have your own business and currently don’t have documented income then you can use the low doc version of the Westpac rocket investment home loan. To apply for the low doc version you will need the following:
-signed borrower’s income declaration
-your registered business name.
-your Australian business number (ABN)
-your BAS for the last twelve months
- Offset Account. This option gives the Westpac home loan customer the chance to reduce the interest that’s charged on your home loan. This works by using any savings that you may have to offset any interest that’s charged on your home loan. So if you have $25,000 in offset account and a Westpac rocket investment loan with a balance of $300,000 you will only be charged interest on $275,000.
- Interest only. With a Westpac rocket investment home loan you have the option of having to pay just the interest portion of your home loan repayments. This option can be used for up to ten years, this means that you can free up some extra money that can be used for other investments.
- Redraw. If you have a Westpac rocket investment loan you have access to any of the extra repayments that you may have made on the home loan. This is an important option to have because it means that if you have some extra money you can use it to reduce the balance of you loan but can still get to it if needs be.
- Parental leave. Because having a baby can be a stressful and expensive time, Westpac offers the parental leave option on their rocket investment loan. This means that if approved by the bank you’re able to reduce your home loan repayments by up to 50% for up to 6 months but you will have to have had your investment loan for longer than 18 months.
- Can be used in building. If you’re thinking of building your new investment property because you have been unable to find an established property that suits your situation then you can use the drawdown option that’s provided by Westpac to pay the progress payments to your builder or subcontractors. Using the drawdown option means that you only paying interest on the balance that you have drawn on.
- Advantage package. You’re able to link your Westpac rocket investment loan to a Westpac advantage package this package offers the investor a full banking package, with a $395 annual fee and a range of extra features that will help save money, these include:
No monthly account keeping fee on your home loan.
No establishment fee on your home loan.
A Westpac credit card with no annual fee.
Discount on a range of Westpac insurance products.
A discount of up to 0.7% off the standard variable interest rate for as long as you have the advantage package.
- Fees and charges. The current variable interest rate offered on a Westpac rocket investment loan is 7.09% This home loan has a $600 establishment fee and an ongoing monthly fee of $8 and there are also fees for some of the options available with this home loan such as the $300 fee on the progress drawdown option.
If you think the Westpac rocket investment loan suits your current needs then contact Home Loan Finder using the online enquiry form or you can contact our Australian call centre where one of our experts will be able to give you more information about this and hundreds of other home loans.
Read the Westpac Rocket Investment Loan terms and conditions.
| Minimum Loan Amount | $25,000 | |
|---|---|---|
| Maximum Loan Amount | $10,000,000 | |
| Maximum LVR | 92% | |
| 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 | 7.09% | |
| Comparison Rate | 7.22% | |
| Repayment Type | Interest Only | |
| Repayment Frequency | Weekly | |
| Extra Repayments | No |
| Application Fee | $600 | |
|---|---|---|
| Service Fee | $8.00 | |
| Exit Fee | $250 |
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