Variable rate home loans

Flexibility and convenience.

For some of us, having a home loan that adapts with changing circumstances is paramount. Our variable rate home loan gives you flexibility plus a range of convenient features to help you save by repaying your loan faster.

Rocket Home Loan

Rocket Home Loan is our most popular variable rate loan. It's a full-featured loan that suits first homebuyers, investors and refinancers. It works by linking your variable home loan to a Westpac Choice transaction account. This means you reduce your daily home loan interest charges by offsetting every dollar left in your Choice account against the amount left on your loan.

Ways you benefit with a Rocket Home Loan

  • Special limited time offer. Discount of up to 0.95% p.a. with the Premier Advantage Package with a Westpac Choice Transaction Account.#2 See rates tab for specific discounts.
  • Discount of up to 1% p.a. with the Premier Advantage Package with a Westpac Choice Transaction Account. See rates tab for specific discounts.
  • You could cut years off your loan with 100% home loan offset. Every dollar in your linked transaction account saves you interest.
  • Flexible features include redraw, top-up and multiple access methods.
  • Convenient single statement showing your home loan and Westpac Choice account transactions.
  • Low doc version available.

New home loan package discount rates#

Total Package Borrowings Loan Discount
$150,000 - $249,999 0.7% p.a.
$250,000 - $749,999 0.9% p.a.
$750,000 and above 1% p.a.

See all our current rates

You save on standard fees when you choose the Premier Advantage Package. An annual package fee of $395 applies.

Fee Standard loan Under Premier Advantage Package Low doc loan under Premier Advantage Package
Loan Establishment fee $600 (one upfront fee) NIL $355
Loan maintenance fee $8 per month NIL NIL

Other fees and charges apply.

For a limited time, receive up to

1% p.a. off#

the standard variable home loan rate, when you take out a new eligible loan in combination with our Choice account and Premier Advantage Package*. Enjoy the full discount on loans of $750,000 or more, or receive a 0.9% p.a.discount on new loans between $250,000 - $749,999 or a 0.7% p.a. discount on new loans between $150,000 - $249,999. Loans must be conditionally approved between Monday 3 February and Wednesday 30 April 2014.

Things you should know

 

Things you should know:

Credit criteria, fees and charges apply. Terms and conditions available on request.

Interest rates are subject to change (and margins may apply).

*

Premier Advantage Package (PAP) Conditions of Use and deposit account Terms and Conditions apply. Annual fee, currently $395, applies. Package benefits cannot be taken in conjunction with, or in addition to other special offers, negotiated rates or discounts. Not available to company and trust account holders.

#

Special rate discounts only available on standard variable rate on Rocket Repay Home, Rocket Investment Property and Equity Access Loans which are conditionally approved by 30 April 2014. You must either hold or be approved for a Westpac Choice Transaction account in order to qualify and continue to receive the benefits of the PAP. Before deciding to acquire a Westpac Choice account, consider whether it is appropriate for you. You should read the Terms and Conditions before making a decision. Special rate discount includes standard PAP discount of: 0.7% p.a. for full doc loans of $250,000 or more and 0.4% p.a. for full doc loans between $150,000 and $249,999 and 0.7% p.a. for Low doc loans of $500,000 or more and 0.5% p.a. for low doc loans between $250,000 and $499,999. Low doc loans below $249,999 receive the 0.3% p.a. standard low doc PAP discount. PAP Conditions of Use apply and are available at westpac.com.au/. Discounts do not apply to internal refinances and are not transferable between loans.

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The discount rate applies to new loans where total borrowings under the package are $150,000 and above, and includes 'low doc' loans. Existing fixed rate loans are not eligible, unless the loan is refixed. Some exclusions apply. Interest rate and discounted margin are subject to change before settlement or before a rate is locked in. Fees and charges and normal lending criteria apply. Terms and Conditions apply and are available on request.

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The Bank will apply the fixed rate that is available at the loan settlement date or the date the fixed rate period commences, unless the customer locks a fixed rate in on the loan using our Fixed Rate Lock-in feature. The Fixed Rate Lock-in fee is 0.15% of the loan amount. At the end of the fixed rate period the interest rate will convert to the applicable variable Rocket Repay Home Loan rate. At the end of fixed rate period the interest rate will convert to applicable variable home loan rate and the prevailing Premier Advantage Package discount will apply to that rate.

  1. This savings applies when the minimum monthly deposit is less than $2,000. Monthly service fees are normally waived for any month where the customer initiated minimum monthly deposit is $2,000 or more. Before deciding to acquire a Westpac Choice account, consider whether it is appropriate for you. You should read the Terms and Conditions before making a decision. Other fees and charges apply.
  2. You must either hold or be approved for a Westpac Choice transaction account in order to qualify and continue to receive the benefits of the Premier Advantage Package.
  3. The comparison rate is based on a loan of $150,000 over a term of 25 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
  4. Not applicable for low-doc loans.

© 2014 Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714.