Westpac Variable Rate Investment Property Loan
Posted May 7th, 2010
and last modified January 30th, 2012Investment accounts can often be very restrictive and may not allow you to take advantage of additional features. The investment loan accounts are often void of additional features that are available with other loan accounts. The Rocket Investment Loan is a variable rate investment loan which gives you’re a great investment loan account with many additional features to help you save. This article will show you all the additional features and how to best use them so you can get the most out of your loan.
Features of the Westpac Variable Rate Investment Property Loan
The Rocket Investment Loan offers you a variety of features that are linked to your loan account. These features are:
- The ability to make additional repayments. The Rocket Investment Loan allows you to make additional payments at anytime. These additional repayments not only reduce the total loan amount but reduce the amount of interest that you will pay. By taking advantage of this facility you will not only pay off the loan faster but will pay less on the loan.
- The loan is portable. The term of your loan can often be quite long and it is impossible to predict what your situation will be many years from now. The Rocket Investment Loan gives you the freedom to move your home loan between houses if you need to move. This feature will save you money by eliminating the need for you to pay the application fees and other charges that come with applying for a new loan.
- 100% interest offset facility. Interest offset accounts are linked to your loan account. The funds that are in the interest offset account are considered to be paid onto the loan when interest is calculated. So the more money you have in the interest offset account, the more you will save through reduced interest repayments. The Rocket Investment Loan offers a 100% interest offset account so all the money that you have put into the account will be put against your loan and save you money.
- Take a break from your repayments. The Rocket Investment Loan offers you many ways to reduce your repayments for a period of time. These are:
- Reduced repayment option. The Rocket Investment Loan reduced payment option allows you to reduce your repayments for 6 months when you have other expenditures. You can use this facility twice over the term of the loan.
- Parental leave. The Rocket Investment Loan allows you to take a break from your full repayments if you are having a child. The Rocket Investment Loan parental leave feature gives you a 6 month period where you are able to reduce your repayments by up to 50%. This can help you by freeing up money during times when you may have had a child.
Most investment loans offer few features that give you flexibility and can help you save money. The Rocket Investment Loan is a variable rate investment loan that offers a great home loan package with a low interest rate. Furthermore, the Rocket Investment Loan also offers you a variety of features that can help you reduce the loan term, the total amount you pay on the loan and can give you the flexibility to free up money during periods where you may not have as much money. By using all the features available with the Rocket Investment Loan you can be sure that you are saving money and will pay off your loan faster. Please contact us to find out more about the Rocket Investment Loan.
| Minimum Loan Amount | $10,000 | |
|---|---|---|
| Maximum Loan Amount | $10,000,000 | |
| Maximum LVR | 92% | |
| Maximum Insured LVR | 87% | |
| Mortgage Offset Account | No | |
| Loan Redraw Facility | No | |
| Split Loan Facility | Yes | |
| Fixed Interest Option | No |
| Interest Rate Type | Variable | |
|---|---|---|
| Interest Rate | 7.09% | |
| Comparison Rate | 7.22% | |
| Offset Rate | 1.00% | |
| Repayment Type | Principle & Interest | |
| Repayment Frequency | Weekly | |
| Extra Repayments | Yes |
| Application Fee | $750 | |
|---|---|---|
| Service Fee | $8.00 | |
| Exit Fee | $250 |
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