RAMS Full Feature Home Loan review
Borrow up to 95% of the property value and make extra payments whenever you want with the RAMS Full Feature Home Loan.
The RAMS Full Feature Home Loan offers many flexible features to borrowers. With a maximum loan-to-value ratio (LVR) of 95% and no maximum loan amount, the loan doesn’t charge any account-keeping fees and lets you make extra repayments at any time without penalty. A redraw facility is also available with 25 free transactions per month via debit card, ATM or cheque.
Richard Whitten is a money editor at Finder, and has been covering home loans, property and personal finance for 6+ years. He has written for Yahoo Finance, Money Magazine and Homely; and has appeared on various radio shows nationwide. He holds a Certificate IV in mortgage broking and finance (RG 206) and a Tier 1 Generic Knowledge certification (RG 146).
The RAMS Full Feature Home Loan is available for owner-occupiers, first home buyers and investors. A construction option is also available for those looking to build a new home or renovate their existing home.
With a choice of weekly, fortnightly and monthly repayment schedules to suit your budget, the RAMS Full Feature Home Loan is available with interest-only repayment options of one to five years and also 10 years. A full-doc loan, the Full Feature product from RAMS does not place a limit on the number of additional repayments you can make.
About this loan
What are the features and benefits of the RAMS Full Feature Home Loan?
- Maximum loan amount. RAMS does not list a maximum limit for this loan, but the minimum amount you can borrow is $15,000.
- Maximum Loan-to-Value Ratio. The RAMS Full Feature Home Loan allows you to borrow up to 95% of the value of the property you are buying, although you will need to pay for lender's mortgage insurance (LMI) if you borrow more than 80% LVR.
- LMI or RAMS Risk Fee capitalisation. RAMS allows you to capitallise into your loan amount the LMI or RAMS Risk Fee as long as it stays below their allocated LVR cap which is 98.5% for owner occupier loans with principal and interest repayments. This differs for construction, investor and interest only loans.
- Offset account. You can link your loan with a 100% offset account to limit the amount of interest you need to pay on your loan.
- Repayment options. Choose from weekly, fortnightly or monthly repayments, and pay your loan off by direct debit, salary credit, BPAY, Bank@Post or myRAMS.
- Additional repayments. Enjoy the flexibility of unlimited additional repayments and pay your debt off more quickly.
- Redraw facility. You can access additional repayments through the RAMS Full Feature Home Loan's redraw facility, with 25 free transactions allowed each month.
- Package deal. The RAMS Full Feature Home Loan is also available with the RAMS Value Advantage Package, which entitles you to an interest rate discount and no monthly fees. However, an annual service fee of $0 does apply.
- Other options. Other options available with this loan include a construction option if you're looking to build or renovate, as well as a lifestyle option that allows you to defer your repayments for up to six months during times of financial hardship. Other terms, conditions and fees may apply with these options.
What fees and charges come with this loan?
- Application fee: $595. This fee covers the costs RAMS incurs when setting up your home loan.
- Discharge fee: $295. This fee is charged when you pay out your loan.
- Settlement fee: $285. This fee is charged when your loan is settled.
- Conversion fee: $295. This fee is charged when you choose to alter the loan you have with RAMS, for instance, if you opt to switch to a fixed rate home loan.
How to apply
In order to qualify for a RAMS home loan you will need to be at least 18 years of age and satisfy the RAMS lending guidelines.
If you want to find out more about the RAMS Full Feature Home Loan, go to the RAMS website. You then have two options:
- Arrange to meet with a RAMS home loan expert. You can do this by filling out an online form and supplying your name, postcode, email address and phone number, the purpose of your loan and your employment status.
- Arrange for RAMS representative to call you. You'll need to provide your state of residence, your phone number and the best time for a RAMS lending expert to phone you.
Depending on the option you choose, you'll be able to discuss your borrowing needs with a RAMS representative and start narrowing down your options to find the right home loan for you.
If you're looking for a home loan with flexible features, the RAMS Full Feature Home Loan is worth considering. Just make sure you compare it with a range of other home loans so that you find the mortgage that's right for you.