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.
|Product Name||RAMS Low Rate Home Loan|
|Interest Rate Type||Variable|
|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||Yes|
|Mortgage 100% Offset||Yes|
|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||$0 p.a.|
- 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
- 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.