RAMS Self-Employed Fixed Rate Home Loan review

The RAMS Self-Employed Fixed Rate Home Loan makes it easy for self-employed borrowers to get the funds they need to buy their next home.

If you’re self-employed and looking for a home loan, proving your income can be difficult. Fortunately, the RAMS Self-Employed Fixed Rate Home Loan offers a simple application process for self-employed borrowers and offers a competitive rate for a wide selection of fixed-rate periods.

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Review by

Marc Terrano is a lead publisher and growth marketer at Finder. He has previously worked at Finder as a publisher for frequent flyer points and home loans, and as a writer, podcast host and content marketer. Marc has a Bachelor of Communications (Journalism) from the University of Technology Sydney. He’s passionate about creating honest and simple reviews and comparisons to help everyone get value for money.

Expert review

This mortgage is available for self-employed borrowers and can be used by both owner-occupiers and investors. It’s also offered with a construction option for those looking to renovate their current home or build a new one. The RAMS Self-Employed Fixed Rate Home loan is a low-doc loan for borrowers unable to provide the standard proof of income.

Borrowers can choose to lock in RAMS’ competitive fixed rate for one, two, three, four, five or 10 years. With a maximum loan-to-value ratio (LVR) of 80%, the RAMS Self-Employed Fixed Rate Home Loan does not require you to pay for mortgage insurance. It also lets you choose between flexible repayment schedules and interest-only repayments for a set period.

About this loan

What are the features and benefits of the RAMS Self-Employed Fixed Rate Home Loan?

  • Maximum loan amount. The RAMS Self-Employed Fixed Rate Home Loan allows you to borrow between $15,000 and $1,000,000 if your LVR is less than 70%. However, borrowers with an LVR of over 70% can only borrow up to $1 million.
  • Maximum Loan-to-Value Ratio. You can borrow up to 80% of the value of your property with this loan, which eliminates the need to take out lender's mortgage insurance (LMI).
  • Repayment schedule. You can choose a weekly, fortnightly or monthly repayment schedule to suit your financial needs.
  • Extra repayments. The RAMS Self-Employed Fixed Rate Home Loan offers the flexibility of being able to make up to $30,000 of extra repayments during the fixed-rate period to help you pay off your loan sooner. Interest-only repayments are also available for one, two, three, four, five or 10 years.
  • Redraw facility. You can access your extra repayments through a redraw facility, but the minimum redraw amount is $1,000 and a $10 redraw fee applies.
  • Fixed Rate Lock-in Fee: Lock in the interest rate for 90 days from the date of application with RAMS for 0.15% of the credit limit available at application.
  • Value Advantage Package. This loan can be taken out in Value Advantage Package form. This entitles you to an interest rate discount, but it comes with a $375 annual service fee.

What fees and charges come with this loan?

  • Account-keeping fee: $20 per month. This covers the administrative costs associated with maintaining your loan.
  • 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.
  • Redraw fee: $10. This fee applies any time you redraw on your additional loan repayments.

How to apply

If you're over 18 and self-employed, you're eligible to apply for the RAMS Self-Employed Fixed Rate Home Loan.

To find out more about the loan, go to the RAMS website. You then have two options to choose from:

  • You can arrange a meeting with a RAMS home loan expert. This can be done by phoning RAMS directly or by filling out an online form and providing your name, postcode, contact details, employment status and borrowing needs.
  • You can request a callback. Simply fill out your state of residence and your phone number in an online form to request that a call from a RAMS representative.

RAMS will then contact you as soon as possible to chat about your borrowing needs and help you find the right loan.

You can also use the form on this page to reach out to a mortgage broker who can assist you with going through the application process with RAMS.

The RAMS Self-Employed Fixed Rate Home Loan is designed for self-employed borrowers and offers an easy application process. To apply for the loan, you will need to complete and sign a Borrower's Declaration to accompany your application. This form details your income and lets you state your ability to make your loan repayments.

If you're looking for a competitive loan for self-employed borrowers, the RAMS Self-Employed Fixed Rate Home Loan is worth a look.

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