RAMS Essential Home Loan

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

The RAMS Essential 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, IO)
4.04% p.a.
Comparison Rate
4.10% p.a.
80% 80%
(Investor, P&I)
3.74% p.a.
Comparison Rate
3.80% p.a.
90% 80%
(Owner Occupier, IO)
3.84% p.a.
Comparison Rate
3.90% p.a.
80% 80%
(Owner Occupier, P&I)
2.99% p.a.
Comparison Rate
3.05% p.a.
95% 80%
Product NameRAMS Essential 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
Valuation Fee$0
Ongoing Fees$0 p.a.
Settlement Fee$285
Discharge Fee$295


  • 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 $285 settlement fee.
  • A $295 discharge fee applies when you close your home loan account.
  • There is a $595 application fee.

Who is RAMS?

RAMS is a subsidiary of the Westpac Group, offering a range of competitive financial products with the backing of one of Australia's largest banks. RAMS has been offering flexible and affordable home loans since 1995.

Details to consider about the RAMS Essential Home Loan

The RAMS Essential 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 Essential Home Loan

  • Maximum Loan-to-Value Ratio (LVR). The RAMS Essential 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. Also, RAMS can capitalise the 'RAMS Risk Fee', which is payable when your LVR is over 80%, into the total cost of your loan as long as it doesn't push the total LVR over 98.2% for standard owner occupier loans with principal and interest repayments.
  • 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 Essential Home Loan allows interest-only repayments for up to 10 years. Your maximum LVR if you opt for interest-only repayments is only 80% even if you capitlise the RAMS Risk Fee it has to stay below 80% LVR.
  • Construction loan option. You are able to take out the RAMS Essential Home Loan for the use of building your new home, when you do this you have the same LVR conditions as a standard owner occupier loan but may have other fees and charges associated with this loan. However, if you are required to pay the RAMS Risk Fee you can only captialise it as long as the LVR doesn't go above 97% of the loan amount for owner occupier loans that are principal and interest or interest only repayments.
  • Investor options. This loan can be used for the purpose of purchasing an investment property with the option to repay either with principal and interest repayments or interest-only. The maximum LVR, before RAMS Risk Fee or LMI, if you choose to use it for this purpose is 90%. You can capitalise the RAMS Risk Fee into your loan as long as it does not increase the LVR over 90%.


There is no ongoing account keeping fees attached to this loan, there are other fees you will be asked to pay which are listed below:

  • Application fee: $595. This covers the lender’s costs incurred when processing your loan approval.
  • Discharge fee: $295. This fee applies when you discharge your loan.
  • Settlement fee: $285. This fee is charged when settlement of your loan is reached.
  • Switching fee: $295. This fee applies if you opt to change your loan from the RAMS Essential Home Loan to any other RAMS full doc home loan.

Note the first valuation done upon the creation of this loan is free, but additional valuations cost $220 each.

Applying for a RAMS Essential Home Loan

If you are interested in the RAMS Essential Home Loan you will need to fill out a short form online. 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.

Using this form you can then either request a meeting with a RAMS representative or a callback from a RAMS representative to discuss your lending needs. Please be aware that in order to apply for this loan you will need to be 18 years or older.

If you are looking for a loan that has a competitive rate and doesn't have a lot of the flashy features you may not use then it's worth adding the RAMS Essential Home Loan to your comparison.

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14 Responses

  1. Default Gravatar
    JodieJuly 4, 2019

    Hey hello,

    Can a pensioner student borrow for a home with a low credit score?


    • Avatarfinder Customer Care
      JeniJuly 4, 2019Staff

      Hi Jodie,

      Thank you for getting in touch with Finder.

      If you consider getting a home loan with RAMS, please get in touch with them directly. You may also seek help from mortgage brokers on this matter. Kindly go through this page to learn more on how to get a home loan if you’re a pensioner while this page is to know more on applying and getting approved for a home loan, even with bad credit.

      I hope this helps.

      Thank you and have a wonderful day!


  2. Default Gravatar
    GriaMarch 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.


    • Avatarfinder Customer Care
      MarcMarch 4, 2016Staff

      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,

  3. Default Gravatar
    JennyApril 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???

    • Avatarfinder Customer Care
      BelindaApril 17, 2015Staff

      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.


  4. Default Gravatar
    loganMarch 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

    • Avatarfinder Customer Care
      MarcMarch 17, 2014Staff

      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,

  5. Default Gravatar
    EliFebruary 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?

    • Avatarfinder Customer Care
      MarcFebruary 4, 2014Staff

      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,

  6. Default Gravatar
    KrystalNovember 5, 2013

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

    • Avatarfinder Customer Care
      MarcNovember 6, 2013Staff

      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,

  7. Default Gravatar
    reejoSeptember 4, 2013

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

    • Avatarfinder Customer Care
      ShirleySeptember 4, 2013Staff

      Hi Reejo,

      Thanks for your comment.

      Please use our borrowing power calculator to help you confirm this.


RAMS Essential Home Loan

  • Interest Rate


  • Comparison Rate


  • App Fee / Annual Service Fee

    $595 / $0

  • Max LVR


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