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.

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Review by


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.

Expert review

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.

How to apply

To apply for this product or to get more information, click the green "Go to site" button and follow the application process to speak to a RAMS mortgage specialist. They'll talk you through eligibility requirements and help you with the application.

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8 Comments

    Default Gravatar
    Iqbal
    August 17, 2016

    I’m from Indonesia. would I get a loan?

      Avatarfinder Customer Care
      May
      August 17, 2016

      Hi Iqbal,

      Thank you for your question.

      Unfortunately, RAMS Fixed Rate Home Loan is only available to Australian residents. I’m afraid you might need to contact a lender or mortgage broker in Indonesia so you’ll be able to find a home loan facility for you.

      I’m sorry, I couldn’t be of more help.

      May

    Default Gravatar
    Melissa
    July 17, 2015

    I’m thinking of getting a home loan again, but we are ‘start overs’ or ‘start again’ buyers. Had a few years of bad luck (husband unemployed for nearly 3 years – he’s in a dying trade). But we are back on track, but finding it difficult to save while paying rent at the same time. I have an excellent credit rating, and a great ongoing job which I have been in for 4 years. Could we qualify for 95% home loan?

      Default Gravatar
      Belinda
      July 17, 2015

      Hi Melissa,

      Thanks for reaching out.

      Lenders have different eligibility criteria for home loans but generally, they will assess your ability to service the loan by reviewing your income and any existing debts or liabilities, as well as your ability to provide proof of genuine savings to complete the deposit, – among other factors.

      You can compare a range of competitive home loans to find one that’s right for you
      and you can use our borrowing capacity calculator to estimate how much you can afford to borrow.

      Please note that if you borrow more than 80% of the property price (i.e. LVR of > 80%), you will need to pay Lenders Mortgage Insurance (LMI). It’s generally advisable that you borrow an LVR of 80% or less to avoid this cost.

      I recommend getting in touch with a licensed mortgage broker. A broker can help you understand your financial position and they can leverage their panel of networks to find a lender that’s more inclined to review your application.

      Thanks,
      Belinda

    Default Gravatar
    Marilyn
    January 4, 2015

    I have an existing loan on a property that is now an investment property. Bank valuation of the property $320,000, loan $306,000.
    Currently loan is P&I. Current provider will not change the loan to IO.
    Are you able to provide an IO loan?

      Avatarfinder Customer Care
      Marc
      January 5, 2015

      Hi Marilyn,
      thanks for the question.

      RAMS offers interest only payment options on a range of their home loans. You can contact them by clicking the ‘Go to Site’ button on this page.

      I hope this helps,
      Marc.

    Default Gravatar
    Nimi
    April 10, 2014

    Hello there,
    We are currently looking for a land and a construction loan and would like to borrow up to 95% of the property value. Can someone please contact me and advise me on the LMI side and further info on borrowing
    Thank you

      Avatarfinder Customer Care
      Shirley
      April 10, 2014

      Hi Nimi,

      Thanks for your question.

      If you’d like specialised advice for the RAMS Fixed home loan (such as the amount of LMI liable), please contact RAMS directly.

      Alternatively, you can click ‘go to site’ which will redirect you an enquiry form, and a RAMS consultant can contact you.

      Cheers,
      Shirley

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