RAMS Self-Employed Fixed Rate Home Loan Review

Rates and Fees verified correct on December 6th, 2016

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.

With the added flexibility of making up to $30,000 of additional repayments within the fixed rate period without incurring any fees, the RAMS Self-Employed Fixed Rate Home Loan offers access to your extra payments through a redraw facility.

Interest Rate Max Insured LVR Max LVR
Employed Fixed Rate 1 Year (Investor)
4.99% p.a.
Comparison Rate
5.87% p.a.
80% 80%
Employed Fixed Rate 3 Years (Investor)
4.79% p.a.
Comparison Rate
5.70% p.a.
80% 80%
Employed Fixed Rate 2 year (Investor)
4.69% p.a.
Comparison Rate
5.75% p.a.
80% 80%
Employed Fixed Rate 5 Years (Investor)
5.09% p.a.
Comparison Rate
5.70% p.a.
80% 80%
Employed Fixed Rate 4 Years (Investor)
5.29% p.a.
Comparison Rate
5.71% p.a.
80% 80%
Employed Fixed Rate 10 Years (Investor)
6.34% p.a.
Comparison Rate
6.43% p.a.
80% 80%
Employed Fixed Rate 1 Year (Owner Occupier)
4.74% p.a.
Comparison Rate
5.63% p.a.
80% 80%
Employed Fixed Rate 2 Years (Owner Occupier)
4.49% p.a.
Comparison Rate
5.52% p.a.
80% 80%
Employed Fixed Rate 3 Years (Owner Occupier)
4.59% p.a.
Comparison Rate
5.47% p.a.
80% 80%
Employed Fixed Rate 4 Years (Owner Occupier)
5.04% p.a.
Comparison Rate
5.56% p.a.
80% 80%
Employed Fixed Rate 5 Years (Owner Occupier)
4.89% p.a.
Comparison Rate
5.47% p.a.
80% 80%
Employed Fixed Rate 10 Years (Owner Occupier)
6.09% p.a.
Comparison Rate
6.18% p.a.
80% 80%
Product NameRAMS Self-Employed Fixed Rate
Interest Rate TypeFixed
Comp Rate^ (p.a.)
Minimum Loan Amount$15,000
Maximum Loan Amount$1,500,000
Minimum Loan Term1 year
Maximum Loan Term30 years
Maximum LVR80%
Maximum Insured LVR80%
Mortgage Offset AccountNo
Loan Redraw FacilityNo
Split Loan FacilityYes
Fixed Interest OptionNo
Loan PortableYes
Suitable for InvestmentYes
Extra RepaymentYes
Available as equity loan/line of creditNo
Repayment TypePrincipal & Interest
Application Fee$595
Valuation Fee$0
Ongoing Fees$20 monthly ($240 p.a.)
Settlement Fee$275
Discharge Fee$295

Pros

  • Redraw facility
  • Make extra repayments up to $30,000
  • 10 year option available
  • First valuation is free

Cons

  • Application fee of $595
  • Monthly fee of $20
  • Settlement fee of $275

Things to consider about the RAMS Self-Employed Fixed Rate Home Loan

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.

If you would prefer the flexibility of a variable rate, you may wish to consider the RAMS Self-Employed Home Loan. Otherwise, your RAMS Self-Employed Fixed Rate Home Loan will convert to this variable loan option when the fixed rate period ends.

Features 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 $1,500,000 if your LVR is less than 70%. However, borrowers with an LVR of over 70% can only borrow up to $1 million.
  • Maximum LVR. 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.
  • 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.

Fees

Fees you can avoid

  • LMI: $0
  • Valuation fee: $0. Your first valuation is free, but any additional valuations will incur a fee of $220 each.
  • Annual fee: $0

Fees you can’t avoid

  • 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: $275. 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 for the RAMS Self-Employed Fixed Rate Home Loan

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, click the secure link on this page to be redirected 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 call back. 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.

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.

RAMS Self-Employed Fixed Rate Home Loan Review Interest Rate History vs RBA Cash Rate Graph

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This page was last modified on 1 October 2015 at 10:14.

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RAMS Self-Employed Fixed Rate

  • Interest Rate

    N/A

  • Comparison Rate

    N/A

  • App Fee / Annual Service Fee

    $595 / $20

  • Max LVR

    80%

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