Lender Name

WESTPAC

Product Name

ROCKET REPAY HOME LOAN

Product Type

VARIABLE

Interest Rates

Latest Interest Rates

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Redraw Facility

Redraw Facility available if excess funds exist.  ($0 Fee)
Direct access to loan accounts via cheque, ATM, EFTPOS, Internet Banking, Bpay and branches with unlimited transactions (no excess transaction fees).

Offset

100% Offset Account (Classic Plus Account) - Free of the monthly service fee.

Fees

Establishment Fee:$600
Annual Service Fee:$199
(Annual Service Fee is charged to the core loan account on the anniversary of loan drawdown)
Top Up :Nil
Smart Pay: Nil
Switching Fees (from other products where available): $300
Progressive Draw Fee: $300 (covers all draws)
Unlimited Free Transaction on Loan Account
All other fees as per Customer Loans Standard Fees and Charges Brochure and Personal Deposit Account Terms and Conditions Brochures
Deferred Establishment Fee $900 will only be charged if a customer closes their loan with Westpac within 4 years of origination for reasons such as re-financing to another institution, selling their property or early
repayment where they request to close their loan.
Guarantor Fee $200.

LVR

Owner Occupier Maximum  LVR 100%
Investment Maximum LVR N/A
Construction Maximum LVR 100%
Refinance Maxim LVR 97%
Vacant Land Maximum LVR N/A
Debt Consolidation Maximum LVR 97%
Low Doc Maximum LVR 82%. Lenders Mortgage Insurance (LMI) is required for loans with a Loan to Valuation Ration (LVR) greater than 60%, up to a maximum of 82%.

Repayment Type

Principal ,Interest  &  Fees. or Interest only up to 10 years.

Repayment Options

Weekly, Fortnightly or monthly.

Repayment Method

Direct debit, Internet Banking, BPay, Phone Banking.

Extra Repayments

Additional Repayments: can be made with out charge.

Special Offers

Premier Advantage Package benefits available.
$150K<$250K 0.40% p.a. discount
>$250K 0.70% p.a. discount
Nil Establishment fee
Premier Advantage Package fee is $395.

Low Doc Discounts
$150K  - < $250K   -  0.40% p.a. discount
$250K  - < $500K   -  0.60% p.a. discount
$500K+                  -  0.60% p.a. discount
Reduced Establishment Fee - $355 per loan account
Premier Advantage Package fee is $395.
Nil Loan maintenance/ Annual Service Fee

Term

Maximum overall loan term is 30 years.

Loan Size

Minimum: $25K
No maximum.

Mortgage Insurance

Required if LVR above 80%.
Proposal may need to be referred to the insurer in certain instances and a higher premium may apply.

Acceptable Income

Self Employed with 2 years  financials to be supplied, salary and wage earner.

Product Change

Yes.

Statements

Combined monthly statement for Rocket Loan and linked Classic Plus (Offset) Account.

Portability

Available ($0 Fee).

Split Loan Facility

Can be taken as part of a combination.

Special Notes

Family Guarantee Option
This option allows borrowers to use additional guarantee support security provided by a parent/s to borrow up to a maximum of 100% of the purchase price of a property. Debtors are no longer required to contribute a minimum of 5% of the security value of the property being purchased and enables borrowers to cover costs related to the
purchase of new security into the loan amount for example Government costs, Solicitor's costs, Bank Fees and Insurance costs.
WestPac Term Loan Deposits in the name of a family member can be used as security for a guarantee.
Refer to Policy guidelines for complete details. For more information please contact your Business Development Manager . Not available on Low Doc Products.

100% Loan Product based on the following conditions:
Can have combination as part of the 100% LVR Option
Repayments only on a Principal, Interest & Fees (PI&F) basis
The loan not available for Premier Advantage Package interest rate discounts for the first 2 years. Maximum LVR is 100% . Applications for dwellings can be considered for loans up to $500K (depending on location) refer to Introduce Net for details on postcode categories by state. Applicants must demonstrate a positive net tangible asset position. Tangible assets include items such as Real Estate, Deposit account, Shares / Unit Trust, Vehicles.
Not available for non resident borrowers, Family Trusts, or Company borrowers.
Loans may be utilised for the purchase or construction of owner-occupied residence. Security owner occupied residence
All mortgagors must also be borrowers . Residential dwelling properties only. No Switching within the first 2 years except within acceptable products. Top-ups are not available. Portability is available conditions applicable.  Standard mortgage insurance guidelines still apply.
Additional requirements for 100% LVR for investment property loans:
Borrower must have at least 20% equity in another residential property
Borrower must have at least 1.25 times the required income surplus requirement
Broker action required
To ensure a valid credit decision is applied to your 100% Loan option   applications: Submit the application to the Broker Processing Unit with a clear notation on the first page of the Introducer Pack 100% Loan Option Online Applications - must also have the ‘100% Loan Option written on the Introducer Pack in all cases.
For further information refer to BDM.

Low Doc Loans can be included within Premier Advantage. Note that the benefits differ to standard products. See Premier Advantage Package profile for details.
Low Docs are available for construction loans, however only for licensed builders (not owner builders). Full valuations are required on all security properties.

Target Market

Rocket Repay is a variable home loan with a linked 100% 'offset' transaction account (Classic Plus). By putting their whole income to work, customers can save interest and payoff their loan faster. Rocket Repay allows customers to run their day-to-day finances like a normal transaction account. Every dollar left in the transaction account is working to offset the interest payable on the loan. (NOT AVAILABLE FOR COMPANIES)