RAMS Fixed Rate Home Loan
Home buyers and investors alike can forget about their repayments changing for a while with this flexible fixed rate from RAMS
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.
Richard Whitten is an editor at Finder, and has been covering home loans and the property market in Australia for the last 4 years. He has written for Yahoo Finance, Money Magazine and Homely, as well as multiple banks and lenders. Richard has a Certificate IV in Finance and Mortgage Broking, a Bachelor of Education from the University of Sydney and a Graduate Certificate in Communication. He enjoys helping people understand the ins and outs of mortgages so they can make smarter property decisions. Richard trained as a high school teacher but found it easier to manage personal finances than a classroom full of kids. Before joining Finder, he edited textbooks and taught English in South Korea.
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.
About this loan
What are the features and benefits of the 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.
- A range of fixed terms available. RAMS allows you to choose a fixed rate term that is right for your individual needs.
- 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.
- 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.
What fees and charges come with this loan?
As with all RAMS Home Loans, fees and charges will apply to your account:
- Application Fee: $595
- Settlement fee: $285
- Account-Keeping Fee: $20 per month.
- Redraw fee: $10.
- Discharge Fee: $295
- Valuation Fee: The first valuation is free. Subsequent valuations are charged at $220.