RAMS Line of Credit Home Loan

Enjoy easy access to the equity in your home and 25 free transactions per month with a RAMS Line of Credit Home Loan.

If you make additional repayments towards your home loan or the value of your property rises over time, the equity you have in your home will increase. If you want to access that equity to buy another property, pay for a holiday or any other expense, you will need a line of credit home loan.

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Review by

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).

Expert review

When you take out a line of credit loan to access the equity in your home, the property is used to secure that loan. With a RAMS Line of Credit Home Loan, you can then access the funds you want via debit card, BPAY, cheque or Bank@Post.

If your loan balance stays under the approved credit limit of your loan, you will not have to make any regular repayments. However, you will have to repay the line of credit within the agreed loan term.

About this loan

What are the features and benefits of the RAMS Line of Credit Home Loan?

The RAMS Line of Credit Home Loan offers the following features to borrowers:

  • Loan size. The RAMS Line of Credit Home Loan is available for loans of $15,000 or more. There is no maximum loan limit.
  • Maximum Loan-to-Value Ratio (LVR). The maximum LVR of this loan is 0% of the value of your property. If you borrow more than 0% LVR you will be asked to pay RAMS Risk Fee which upon approval from RAMS can be capitalised into your loan amount as long as you keep your LVR under 0%.
  • Owner-occupiers and investors. The loan is available to owner-occupiers and also the owners of investment properties.
  • Easy access. There are four ways to access your funds through a RAMS Line of Credit Home Loan: debit card, BPAY, cheque or Bank@Post. Borrowers are entitled to 25 free transactions per month across all access methods.
  • Interest-only payments. The RAMS Line of Credit Home Loan is available with interest-only payments, but no repayments are required if you remain under your approved credit limit. If you exceed your credit limit, repayments can be made weekly, fortnightly or monthly.
  • Redraw. The loan features a redraw facility with no minimum redraw amount or fees attached.
  • Value Advantage Package. Borrowers can also opt to take out the RAMS Value Advantage Package with this loan, which entitles you to a discounted interest rate and a range of other benefits.

What fees and charges come with this loan?

  • Application fee: $595. This fee covers the administrative costs of establishing your line of credit.
  • Account-keeping fee: $20 per month. This fee covers the cost of maintaining your line of credit.
  • Loan settlement fee: $285. This fee is charged upon the settlement of your RAMS Line of Credit.
  • Discharge fee: $295 (plus legal costs). You must pay the discharge fee when you repay your loan.
  • Loan switching fee: $295. You are able to switch your loan from line of credit to any other full doc loan available from RAMS but will incur this fee.

Note that with this loan, the first valuation is free, but additional valuations cost $220 each.

How to apply

If you feel this is the right option for you, you can visit the RAMS website to either:

  • Request a callback. Simply enter your phone number and desired callback time, or
  • Arrange a meeting with a RAMS home loan specialist. You will need to provide your name, address, contact details and loan needs.

You will then be able to chat with a RAMS representative to decide whether a RAMS Line of Credit Home Loan could be the right option for you. If you decide to apply for the loan you will need to provide:

  • Details of your income and employment
  • Information about your assets and liabilities
  • Details of your property and the equity you have in your home

If you're looking for a line of credit loan to provide you with flexible access to funds, compare the RAMS Line of Credit Home Loan with other similar loans at finder.com.au today.

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