Forget about rising interest rates with a fixed rate from RAMS
The RAMS Fixed Rate Home Loan could be an ideal way to protect yourself against the potential worry of rising interest rates. If you want to stick to a budget while managing your repayments, this flexible fixed rate mortgage could be for you. It may also be ideal for investors who need to keep an eye on rental cash flow without ruining their rate of return.
|Product Name||RAMS Fixed Rate Home Loan|
|Interest Rate Type||Fixed|
|Comp Rate^ (p.a.)|
|Minimum Loan Amount||$15,000|
|Minimum Loan Term||1 year|
|Maximum Loan Term||30 years|
|Maximum Insured LVR||95%|
|Mortgage Offset Account||No|
|Loan Redraw Facility||Yes|
|Split Loan Facility||Yes|
|Fixed Interest Option||Yes|
|Suitable for Investment||Yes|
|Available as equity loan/line of credit||No|
|Repayment Type||Principal & Interest and Interest Only Options|
|Lender's Legal Fee||$0|
|Ongoing Fees||$20 monthly ($240 p.a.)|
- You can make extra payments up to $30,000 without penalty during the fixed term.
- You can withdraw extra funds from the mortgage using the redraw facility (minimum $1000 redraw amount).
- Fixed Rate terms of 1-5 and 10 years available.
- Can be used for construction or the purchase of investment properties.
- There is an application fee of $595.
- There is a settlement fee of $285.
- There is a monthly service fee of $20 .
- A discharge fee of $295 applies when you close your home loan account.
- A $10 redraw fee applies.
Who is RAMS?
RAMS is a subsidiary of the Westpac Group, offering a range of competitive financial products with the backing of one of Australia's largest banks. RAMS has been offering flexible and affordable home loans since 1995.
Important points about the RAMS Fixed Rate Home Loan
This loan is available for owner occupiers or investors and can be paid either with principal and interest or interest-only repayments. It can be used to purchase an already established home or to fund the construction of a new property with a minimum loan amount of $15,000.
Key features of RAMS Fixed Rate Home Loan
- Maximum Loan-to-Value Ratio. You can borrow up to 80% of the purchase price of the property without having to take out Lenders Mortgage Insurance. RAMS can offer loans of up to 95% of the purchase price of the property provided you satisfy the qualifying criteria. If you're borrowing over 85% of the purchase price of the property you'll need evidence of 5% genuine savings.
- Lender's Mortgage Insurance or RAMS Risk Fee. In some cases add the cost of lenders mortgage insurance, or the 'RAMS Risk Fee' as they call it, into the total cost of your loan, meaning they can offer loans of up to 98.5% of the purchase price of the property on a full documentation loan if it's owner occupied and a principal and interest loan. Other loan types and repayment types have different maximum LVR's when this is capitalised will apply.
- A range of fixed terms available. RAMS allows you to choose a fixed rate term that is right for your individual needs. Terms are available for 1, 2, 3, 4, 5, or 10 years. Interest is calculated daily on the outstanding balance, so this means the interest payment may fluctuate in some months. For example, there will be 31 days interest due some months, but only 30 days interest due in others.
- Fixed Rate Lock. You can lock in the advertised interest rate at the time of application for a fee of 0.15% of the credit limit available and is applicable for up to 90 days from the date of the application being received by RAMS Origination.
- Splitting your fixed loan. RAMS will allow you to split your mortgage. You can choose to leave a portion of your home loan on a variable rate and fix the remaining portion. The minimum amount of any split you choose to make in your loan needs to be a minimum of $15,000.
- Flexible repayment options. Borrowers who choose the principal and interest option on their home loan have plenty of flexible repayment options. Payments can be made weekly, fortnightly or monthly. Alternatively, you can opt to pay interest only repayments but will need to have more deposit with the maximum LVR on interest-only loans being 80% with or without LMI or RAMS Risk Fee capitalised.
- Redraw Facility. If you have paid extra amounts into your home loan account and suddenly find you need that extra cash back again, you are able to redraw from your home loan. The minimum redraw amount allowed is $1,000.
- Extra Repayments. RAMS will allow you to pay up to $25,000 extra off your home loan throughout the fixed rate period. If you do end up contributing more extra payments into your mortgage throughout the fixed term, penalty fees may apply.
- Value Advantage Package. This loan can be taken out in Value Advantage Package form. This entitles you to an interest rate discount, but it comes with a $375 annual service fee.
Fees and charges
As with all RAMS Home Loans, fees and charges will apply to your account:
Start of loan and throughout:
- Application Fee: $595
- Settlement fee: $285
- Account-Keeping Fee: $20 per month.
- Redraw fee: $10.
End of loan or changing your loan:
- Discharge Fee: $295
- Valuation Fee: The first valuation is free. Subsequent valuations are charged at $220.
Ready to apply?
If you’re over 18 and interested in the RAMS Fixed Rate Home Loan,go to the RAMS website to find out more information. You can then contact RAMS:
You can then contact RAMS which will end up with one of two options:
- You can arrange a meeting with a RAMS home loan expert. This can be done by phoning RAMS directly or by filling out an online form and providing your name, postcode, contact details, employment status and borrowing needs.
- You can request a callback. Simply fill out your state of residence and your phone number in an online form to request that a call from a RAMS representative.
RAMS will then contact you as soon as possible to chat about your borrowing needs and help you find the right loan.
With a range of fixed rate terms and great features if your looking for a loan that gives you budget piece of mind then the RAMS Fixed Rate Home Loan should be included in your home loan comparison and search.