RAMS Low Rate Home Loan

Rates and Fees verified correct on December 3rd, 2016

A no-frills home loan with a competitive interest rate and no monthly fees

The RAMS Low Rate Home Loan allows customers to take advantage of a low interest rate without having to pay for added features they may not use.

Interest Rate Max Insured LVR Max LVR
(Investor)
4.55% p.a.
Comparison Rate
4.61% p.a.
90% 80%
(Owner Occupier)
4.3% p.a.
Comparison Rate
4.36% p.a.
95% 80%
Product NameRAMS Low Rate Home Loan
Interest Rate TypeVariable
Comp Rate^ (p.a.)
Minimum Loan Amount$15,000
Minimum Loan Term1 year
Maximum Loan Term30 years
Maximum LVR80%
Maximum Insured LVR95%
Mortgage Offset AccountYes
Mortgage 100% OffsetYes
Loan Redraw FacilityYes
Split Loan FacilityYes
Fixed Interest OptionYes
Loan PortableYes
Suitable for InvestmentYes
Extra RepaymentYes
Available as equity loan/line of creditNo
Repayment TypePrincipal & Interest and Interest Only Options
Application Fee$595
Lender's Legal Fee$0
Valuation Fee$0
Ongoing Fees$0 p.a.
Settlement Fee$285
Discharge Fee$295

Pros

  • You can borrow up to 95% of the property value
  • You can make extra payments with no penalty
  • You can withdraw excess cash from the mortgage via the redraw facility
  • There is a $0 annual fee
  • There is a $595 application fee

Cons

  • There is a $285 settlement fee
  • A $295 discharge fee applies when you close your home loan account

Details to consider about the RAMS Low Rate Home Loan

The RAMS Low Rate Home Loan is available for owner occupiers or investors purchasing or refinancing a home. A bridging loan option also exists for those homeowners who wish to purchase a new home before selling their old home. The loan can also be used for construction or to purchase vacant land.

Features of the RAMS Low Rate Home Loan

Maximum LVR. The RAMS Low Rate Home Loan has a maximum LVR without lenders mortgage insurance of 80%. RAMS can offer up to 95% of the purchase price of the property, provided an applicant meets the various criteria given by RAMS, such as having evidence of 5% genuine savings and holding at least 10% equity in other residential real estate or income earning investments. In addition, RAMS can capitalise the 'RAMS Risk Fee' into the total cost of your loan, meaning they can offer loans of up to 98.5% of the purchase price of the property on a full documentation loan if it's principal and interest and owner occupied.

Flexible repayments. Repayments can be made weekly, fortnightly or monthly for principal and interest loans, and there is no penalty for extra repayments. Interest-only payments must be made monthly.

Redraw facility. If you've been paying extra amounts into the home loan account, it's possible to redraw these when you need to use that money for other purposes.

Interest-only repayments. The RAMS Low Rate Home Loan allows interest-only repayments for up to 10 years.

Find out what your repayments could be in a few seconds

Applying for a RAMS Low Rate Home Loan

To request a call back from RAMS you will need to fill out a short form online by clicking Enquire below. You will need to provide your basic details, your email address and phone number. RAMS also request some specifics in regards to your loan needs, your employment status and how you heard about RAMS.

RAMS Low Rate Home Loan Interest Rate History vs RBA Cash Rate Graph

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This page was last modified on 14 October 2016 at 11:33.

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12 Responses to RAMS Low Rate Home Loan

  1. Default Gravatar
    Gria | March 3, 2016

    I am single and on a disability pension, and currently pay $700 per month rent. I have found some houses in Tasmania for sale up to $100,000. I have never owned a house before so I would be a first home buyer. Would I be able to get a housing loan and what would be the maximum I could borrow. My current income is $1700 per month. I have no credit cards or other loans. I look forward to hearing from you soon.

    Cheers

    • Staff
      Marc | March 4, 2016

      Hi Gria,
      thanks for the question.

      Unfortunately as we’re not RAMS we cannot answer this question directly. You might want to try contacting them directly or alternatively another option might be to contact a mortgage broker to see what lenders and loans might be available to you.

      I hope this helps,
      Marc.

  2. Default Gravatar
    Jenny | April 13, 2015

    Hi. I am a nurse who works contracts- nothing permanent. Would I still be able to apply for a loan without a solid employment history???

    • Staff
      Belinda | April 17, 2015

      Hi Jenny,

      Thanks for your question.

      It is possible for you to apply for the RAMS Low Rate home loan even if you’re a contract worker. Depending on whether you’re PAYE or self-employed, RAMS will review your last two tax returns to assess your income. Based on this information, they will determine your ability to service your loan.

      Should you require more information regarding your application, or eligibility, please get in contact directly with RAMS.

      I hope you find this useful.

      Thanks,
      Belinda

  3. Default Gravatar
    logan | March 16, 2014

    Hi im a frst home buyer I have only ever had one car loan and no othr debts or loans or xredit cards, I want to buy a home ith my artner bt I have some enquries on my creit file from 2012 when iwas looking for my first car at that point I was asking evryone ns wasnt aware they go on yout credit file so I have a few will this impact my brrowing I also think I have 2 in the last six months when Ive requested my credit file .
    Thank you

    • Staff
      Marc | March 17, 2014

      Hi Logan,
      thanks for the question.

      A large number of recent credit enquiries can present a red flag to some lenders, as this can indicate to them financial stress. I’d recommend contacting RAMS directly before making any application (stress this when talking to them), and find out how much impact this will have on your application. In some cases, if you can meet with the lender and discuss your credit file and the steps you’ve taken to address any negative marks on it, you might be more successful.

      I hope this helps,
      Marc.

  4. Default Gravatar
    Eli | February 4, 2014

    Can you offer us a first home borrower, a 5% deposit on a loan of $469,000 house & lot. And because of FHBG of $15,000, can we include that on our initial 5%deposit? And the doc.stamp duty should be free of charge?

    • Staff
      Marc | February 4, 2014

      Hi Eli,
      thanks for the question.

      Each applicant with RAMS will be judged individually on the merits of their application, so you may wish to contact RAMS directly regarding what loan options are available to you. In terms of the FHOG, according to RAMS: “RAMS can apply for the First Home Owners’ Grant on your behalf, you simply need to submit the completed application and supporting documentation. If approved, we then make the First Home Owner Grant funds to you available at settlement.”

      There are some stamp duty concessions for first home buyers, and more information about these can be found on our FHOG page.

      I hope this helps,
      Marc.

  5. Default Gravatar
    Krystal | November 5, 2013

    I have a default on my credit will I still get approved

    • Staff
      Marc | November 6, 2013

      Hello Krystal,
      thanks for the question.

      This will depend on RAMS lending criteria. You may wish to contact RAMS before making a formal application and enquire. Be sure to stress that you’re just enquiring, as sometimes lenders will make a formal application on your behalf which may appear on your credit file, making it harder for you to be approved for further loans in the future.

      I hope this helps,
      Marc.

  6. Default Gravatar
    reejo | September 4, 2013

    I am a public servant in full pay maternity leave. Can I get approval for a home loan at this time? thanks

RAMS Low Rate Home Loan

  • Interest Rate

    N/A

  • Comparison Rate

    N/A

  • App Fee / Annual Service Fee

    $595 / $0

  • Max LVR

    80%

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