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.
|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 withdraw extra funds from the mortgage using the redraw facility (minimum $1000 redraw amount)
- 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 $10 redraw fee applies
What do I need to know 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.
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 do I apply for this loan?
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.