Lender Name

WESTPAC

Product Name

ROCKET INVESTMENT 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 transactions fees).

Offset

100% Offset Account (Classic Plus Account) - Free of the monthly service fee.
Both the Classic Plus  Account and  your loan must be in the same name(s).

Fees

Establishment Fee:$750
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 if available): $300
Progressive Draw Fee: $300
Unlimited Free Transaction on Loan Account
Guarantor  Fee : $200 ( where a Guarantor is required for the loan ).
Additional Valuation Fees:
Independent valuers, contact lender for quote
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.

LVR

Owner Occupier Maximum LVR: N/A
Investment Maximum LVR 100% Loan Product Option availabe
Construction Maximum LVR 100% Loan Product Option availabe
Refinance Maxim LVR 97%
Vacant Land Maximum LVR 97%
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 and Fees (PIF) or Interest Only (IO) up to 10 years.

Repayment Options

Weekly, Fortnightly or monthly.

Repayment Method

Direct debit, Internet Banking, Bpay,Phone Banking (IO - direct debit only).

Extra Repayments

Additional Repayments: can be made with out charge.

Special Offers

Premier Advatage 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%..
Required if LVR above 80%.
Customers to borrow up to 85% LVR without Mortgage Insurance (MI) and new LVR limits apply for Security Types, Borrower Types, Security Locations and Loan Types. Refer to the LVR Table Introducer Net (Products Policy and Procedures, section titled ‘Security and LVR).
Customers who apply for a loan with an LVR between 80% and 85% will be able to choose to pay MI or not based on the following pricing rules:
Standard pricing will apply for loans originated outside of Premier Advantage Package (PAP).
All loans taken as part of PAP with an LVR between 80% and 85% without MI, will only be able to receive a discount of 0.40% pa. irrespective of loan amount. No additional discounts below carded rates (discretions) will be made available for loans in the 80-85% LVR band that choose to pay no MI. Customers with an LVR between 80 and 85% who wish to receive the usual PAP discounts will be required to pay mortgage insurance.

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

Available as a combination loan.

Special Notes

No Genuine Savings Option - This option allows the 3% deposit/equity to come from any source other than borrowed funds, for LVR’s up to 97% refer to Special Lenders Criteria - Savings History for details

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 Investment is a fully featured variable investment loan with an offset feature. It is a loan used to buy, construct or refinance residential real estate for investment purposes.