RAMS Home Loans

RAMS – One of the Best Choices Available in the Australian Market

RAMS offers Australians alternative banking options, providing a wide variety of flexible products featuring advantageous interest rates. These include home loans, savings accounts and transaction accounts. The company has been in the retail market since 1995, offering their clients numerous advantages through their simple and practical products.

Whether you are self-employed, looking to get your first home, refinance previous loans or buy an investment property, the home loans offered by RAMS can help you overcome any potential challenges and reach your goals in a timely fashion.

Starting out as a non-bank lender, RAMS have been able to excel in the Australian financial market since the deregulation of the industry in the 1980s. This made room for innovative, flexible and dedicated lenders to provide an alternative to the big banks in Australia who were previously able to exert a stranglehold over the market, and didn't have to be competitive on fees and interest rates.

Awards and Achievements

• 2012 Your Mortgage Magazine - Best Non Bank Intro Rate Home Loan Award
• 2009 and 2010 Money Magazine - Non Bank Lender of the Year Award
• 2009 Canstar Cannex 5 Star Rating - RAMS Basic Loan and RAMS 2, 3 and 5 year Fixed Loans
• 2009 Money Magazine, Best of the Best Awards - 1st Cheapest Low-Doc Loans (2008 products)

Community Focus

Currently there are over 73 RAMS Home Loan Centres established in Australia in both metropolitan and regional areas, with new centres opening all the time. RAMS Home Loan Centres are open Monday to Friday and Saturdays by appointment. If customers cannot make it to a RAMS Loan Centre for whatever reason, a RAMS Home Loan Specialist is more than happy to come to you at your home or office.

Why Should You Choose RAMS Home Loans?

When it comes to RAMS, the call of the day is flexibility and simplicity. The company is well-known for its ability to provide a wide variety of innovative home loan solutions for Australian customers, offering support for first home buyers, self-employed borrowers and advantageous transactional loans for all those looking for better offers.

RAMS Home Loan Products

Apart from the excellent advice, tools, information and support you can find on the official RAMS website, you will also see a brief introduction of all the great home loan products they offer to their customers. Let's take a look at each of them in part, and see how much they can be of help to those searching for better deals:

Fixed Rate Home Loan

The Fixed Rate Home Loan offer comes with a set of fixed rate periods ranging from one to ten years. The maximum LVR is at an impressive 97%, and you can borrow a minimum of $15,000. During the fixed rate period, you can deposit up to $25,000; the loan also comes with a redraw and loan splitting option, as well as various flexible features including a construction and lifestyle option, a value advantage package to help you save money and a deposit bond to help you arrange deposits without having to touch upon your savings.

Full Feature Home Loan

The RAMS Full Feature Home Loan has many features and is suitable for first home buyers, owner occupiers and refinancers. Deposit your salary into your mortgage and you could reduce your loans faster and have easy access to your redraw facilities which includes 25 free transactions per month with your debit card, ATM and cheque access. If you combine your loan with the Value Advantage Package, you may be eligible for a discounted interest rate.

Low Rate Home Loan

This ‘no frills’ loan can offer you no fuss and a low rate which makes it ideal for first home buyers and owner occupiers. With the option of a 0.15% p.a. introductory discount for the first 3 years from the base rate, as well as the option of interest only repayments for up to 10 years for investors, this loan can give you the extra funds you need. You also have the flexibility to make extra repayments on your loan.

Investor Home Loan

As the name describes it, the Investor Home Loan package is ideal for those looking to invest in the real estate market. The 5.35% p.a. interest rate loan comes with a variety of great features, including a construction option, the ability to borrow up to 97% LVR (with LMI) and a Fast Track feature to help you get your first home sooner and save on Mortgage insurance payments. There is a service fee of $240 a month, and payments can only be made on a monthly basis.

Line Of Credit

The Line of Credit offered by RAMS is a special offer that acts as a credit card, but at home loan interest rates. The rate is 6.45% p.a. and you don't have to make regular repayments as long as you keep under the credit limit. Additional advantages include: easy access (using BPAY, cheque, Bank@Post or a debit card), unlocking of the equity in your home and interest changes only applicable on your outstanding loan balance.

Self-Employed Low Doc Fixed Rate Home Loan

With the Self-Employed Low Doc Fixed Rate Home Loan, RAMS tries to provide the very best offer for those who are self-employed. The application process is extremely quick and simple, the fixed interest rates are as low as 5.39% p.a. and overall, you get similarly competitive rates as in the case of full doc home loans. There are a wide range of fixed periods; 1, 2, 3, 4, 5 and 10 and deposit up to an additional $25,000 over the life of the fixed rate period without a penalty. You can also redraw your additional repayments when you need it, which is handy when you need extra funds.

Self-Employed Low Doc Home Loan

With the Self-Employed Low Doc Fixed Rate Home Loan, RAMS tries to provide the very best offer for those who are self-employed. If you combine this loan with the Value Advantage Package or have a LVR of 60% or less, you may be eligible for a discounted interest rate. With easy access to your redraw facilities which includes 25 free transactions with your debit card, ATM or cheque access, you can enjoy your redraws for minimums and no fees.

Self-Employed Low Doc Line of Credit

The Self-Employed Low Doc Line of Credit is the last of the low doc offers, being the perfect choice for those looking for an easy way to unlock the equity of their homes and unleash their business potential. The interest rate of 6.6% p.a. (6.6% for LVR of over 80%) is only charged on the outstanding loan balance, and it is quite advantageous when you think of all the great qualities that are included in the package: you can use BPAY, Bank@Post, cheque and debit card access to get to your funds, there are no minimum values on redraws and interest only payments, and if you are below the credit limit you don't have to provide regular repayments.

It is worth mentioning that, for the excellent advantages you get from these offers, there is a small application fee of $595. Additional fees include $295 per loan as a discharge fee and $275 for loan settlement; also, although the first valuation is free in most cases, each additional valuation costs $150.

Features of RAMS Home Loans

• Value Advantage Package. Combine your loan with the Value Advantage Package and you may be eligible for interest rate discounts. This is available on: Full Feature Home Loan, Fixed Rate Home Loan, Line of Credit, Self-Employed Low Doc Home Loan, Self-Employed Low Doc Fixed Rate Home Loan, Self-Employed Low Doc Line of Credit.
Value Advantage Package Discounts

	Total Customer Borrowings on Eligible Home Loans	Variable Interest Rate Discount (p.a.)
Standard RAMS Eligible Loans	$150,000 or more but less than or equal to $499,999	0.65%
	$500,000 or more but less than or equal to $999,999	0.70%
	$1,000,000 or more	0.70%
Self Employed Low Doc Eligible Loans	$150,000 or more but less than or equal to $499,999:	0.50%
	$500,000 or more	0.60%

• Fast Track. When members of your family are happy to act as a guarantor, RAMS can help you borrow the full price and you could save on Lender’s Mortgage Insurance. The guarantor is not liable for any monthly repayments and can apply to have the guarantee released at anytime.
• 100% Offset Account. An offset account can help reduce the amount of interest you pay on your loan. With a RAMS 100% Offset Account you can enjoy easy and direct access to your savings through myRAMS as well as unlimited free ATM transactions in the RAMS ATM alliance around Australia.
• Interest Only In Advance Option. RAMS Interest Only In Advance Option allows property investors with a fixed rate loan to prepay 12 months of interest and receive a discount off the fixed interest rate. This option is available for up to five years and only where interest-only repayments have been chosen.
• Construction Option. If you’re thinking of building or renovating, then you may want to consider this option with RAMS. You can pay your builder progress payments are each stage of construction however a progress payment administrative fee of $150 is payable per stage. There are many conditions involved with this loan, so be sure to discuss your options with a RAMS consultant.
• Lifestyle Option. When times are tough, RAMS can defer your loan repayments for up to 6 months - twice during your loan. However, you’re only eligible for this option if the LVR is less than 90%. There are many conditions and waiting periods, so don’t wait until the last minute before applying for this option.

Questions and Answers about the RAMS Products and Services

Far from being just a product provider, RAMS can offer you a great deal in terms of service quality and customer support. You can apply for any of the loan offers easily, either by calling, visiting one of the home loan centres in your area or having the specialists from RAMS call you.
If you have any questions regarding RAMS, read further, and you will find comprehensive answers on some of the most common topics.

• What is the main difference between RAMS and Westpac? While RAMS is owned and supported financially by Westpac, the two institutions have different branding, prices, distribution channels and products. RAMS also has its own professional customer service team, and the combination between the two organizations makes it easy for customers to benefit both from the stability of a bank and the flexibility and originality of a non-bank organization.
• What is the main difference between RAMS and Westpac? While RAMS is owned and supported financially by Westpac, the two institutions have different branding, prices, distribution channels and products. RAMS also has its own professional customer service team, and the combination between the two organizations makes it easy for customers to benefit both from the stability of a bank and the flexibility and originality of a non-bank organization.
• What are the main features offered along with the RAMS home loans? There are many other excellent features you can apply for depending on which home loan you want. These include repayment holiday options, construction loans, bridging loans, fixed rate offers, low doc loans, interest only options and much more.
• What additional options are there in terms of flexibility and accessibility? Redraw options and loan splitting are available. If you want to split your loan, you can easily do so between two separate accounts (this even applies to splitting between fixed and variable interest rates), however minimum amounts may apply (for instance, in the case of the Full Featured Home Loan, there is a minimum amount of $15,000. Saving options, loan switching and extra payments may also be available, and in the case of most of the RAMS home loan products, weekly, fortnightly and monthly payments are all possible, depending on your preference.

For what purposes can you get a RAMS home loan?

• To buy a residential property you plan to live in;
• To construct a new home;
• To finance construction tasks on an existing piece of property;
• To refinance your home loan;
• To get a residential property that serves for investment purposes;
• To consolidate other debts;
• For business purposes;
• For the purpose of releasing equity;
• To refinance an existing home loan for the purpose of constructing a home;
• To renovate a home

• What is the RAMS policy regarding costs and interest rates?

  By simply visiting the official website, you can already find out a lot about the different home loans provided by RAMS. Costs and interest rates can vary depending on the loan you want to apply for.

  You can calculate the costs easily with the online calculator to determine how much you'd have to pay depending on various factors, such as the area you live in; you can also compare the interest rates of different loans and learn about the flexible features applicable for each home loan offer, such as the lifestyle option, which allows you to defer payments for up to six months. Another detail you should know is that interest rates are only calculated at the end of each day, so, in case you make extra repayments, you can save thousands of dollars on a long term basis.

  In case you have a variable interest rate loan and the rates change, RAMS will recalculate your repayments and notify you of the minimum amount based on the new interest rate. You also have the possibility of switching to a fixed rate loan (within certain restrictions).

  In terms of costs and fees, the most important are: Stamp Duty, which is a government regulated duty that everyone has to pay when buying a new property (the value depends on the state you live in, as well as on various other factors regarding your property); and the RAMS Risk Fee, which is a fee you have to pay in case of loan default or if the property is sold for a price that does not cover the remaining amount owed for the mortgage. Application fees also apply for all loans, and some require monthly service fees, as well as a valuation fee, which is the same for every product. It is also worth mentioning that, if you choose to repay your loan earlier, additional early repayment fees may apply.

• Are there any benefits for first home buyers?RAMS will do their best to make your home buying experience as easy as possible, offering various discounts and features that allow you to save money. Also, you may apply for the First Home Owner grant in case this is the first time you are getting a home loan. RAMS will actually apply for the grant for you, and all you have to do is provide the necessary documentation. The grant is available only per property purchase, so even if you buy a home together with a second party, you will still receive only one grant. The First Home Owner Grant is worth $7000; however, each state has its own policy regarding this offer – the maximum property value can vary, and all states offer various incentives that come with the grant.

What documentation is necessary for the application process?

Depending on the type of home loan you want to apply for, you will mostly need to provide the following documents:

• The standard RAMS Application Form;
• A 100 Point Checklist for Customer Identification (one for each applicant);
• In case you're a first home buyer – the First Home Owner Grant application;
• Evidence of your income, as well as the most recent pay slips or a letter from your employer about your employment conditions;
• An important requirement for loan consolidation: a copy of the loan statements for the last three months for any loans that need to be paid out;
• For refinancing: six months home loan statements;
• A signed copy of the sale contract (only for purchases);
• Rates notice for existing property in case you are using it as security (a residential property provided as security is necessary when you apply for a loan for business purposes)

• What do you need in order to apply for a low doc loan? Low doc loans are generally meant for self-employed borrowers and require a smaller amount of paperwork. In order to apply for one of these products at RAMS, you simply need to complete and sign a Borrowers' Declaration that states your income and that you are able to make repayments. No tax returns or financial statements are needed in this case.
• How long do you need to be employed before applying for a RAMS home loan? The minimum employment period is six months. After that, you can apply for any of the home loan products provided by RAMS.
• How long does it take to get pre-approved and fully approved? You can usually get pre-approved in about 24-48 hours; however, the pre-approval period is only valid for about three months after the date of the issue. Getting full approval will depend on how quickly you are able to provide RAMS with all the necessary documents and on the company getting the valuation of your property (the first valuation is free of charge).
• How much will you be able to borrow? The loan amount you can get at RAMS depends on a variety of factors, such as the loan type (low doc loans, for instance, are limited to $1,500,000), LVR and your own financial situation. Most of the RAMS home loans have no restriction when it comes to the maximum amount you can borrow (as long as your means allow it), and minimum amounts vary by product. You can use the RAMS 'How much I can borrow' calculator in order to get an estimation of how much you may be able to borrow.
• What do you need to know about making a deposit? Once you have your deposit, at RAMS you can borrow up to a value of 95% of the full purchase price. However, you will have to ensure that not only can you make all the repayments, but that you also have enough money to cover the various legal fees and costs required by your loan. If you don't have immediate access to the required amount, you can choose to get a deposit bond which will allow you to cover the deposit in such circumstances. This can be particularly helpful in case you prefer to make your purchase at an auction. Additionally, you can also choose to get the RAMS Fast Track loan; a no deposit home loan that also allows you to save a lot of money on mortgage insurance.
• How can you access your money? The regular ways of accessing your account is through your debit card (ATM and EFTPOS), BPAY, cheque and over the counter – through Bank@Post (don't forget that cheque deposits at Bank@Post require about seven business days to clear). Apart from being able to transfer your money, you can also obtain your loan and redraw balance via ATM; however, some older machines may only provide you with information on your loan balance. You get 25 free regular transactions per month, as well as an unlimited number of free Direct Entry transactions (these transactions are those that are electronically credited to or debited from your loan). You will receive your debit card, cheque book and PIN code within ten working days after your purchase is settled or your loan is refinanced. Apart from the methods listed above, most of which apply to various specific offers, you can also access your account online by registering to the myRAMS service. This way, you will have all the data regarding your balance, transactions and account information at your fingertips.
• How should you proceed in case you have difficulties in making a repayment? The best course of action in this case is to contact the RAMS customer service team and talk to one of their financial consultants about the problems you are facing. Remember that the sooner you make your repayments the better. Also, since interest is calculated based on your daily balance, it will be in your benefit to deposit funds as often as you can. For Lines of Credit, you generally have to provide a repayment as soon as your loan balance exceeds the available credit limit.
• How can you make additional repayments or lump sum payments?
  Extra repayments can generally be made through BPAY, cheque deposits or direct transfer. AusPost deposits are also a possibility in case you have a debit card on your loan.
  Aside from cheques or Australia Post deposits, lump sum payments can also be made online through myRAMS. If you have set up a Direct Debit by filling in the direct debit form from (available for download on the official RAMS website), you can also call the RAMS customer support team, and arrange for your funds to be transferred directly from your bank account.
• Is there a possibility to arrange automatic transfers?
  In order to arrange automatic transfers from another financial institution, you can establish a Standing Order (normally by filling in a form) available for one off transfers or repayments on another loan; you can also choose to authorize the financial institution in question to debit funds from your loan by completing one of their direct debit forms. If you want your salary to be credited to your loan, you can get the Wage Instruction form from RAMS and give it to your employer so he can make all the necessary arrangements.
• What types of statements will you receive? The statements that you will be receiving will provide you with information on all your transactions on your home loan for the statement period. The frequency of the statements you receive will be different in the case of each loan product.
• Will you be able to switch to another home loan product?

  This option differs in the case of each RAMS product; however, in most cases, you will be able to switch to another type of home loan. It is recommended to talk to one of the consultants at RAMS, though, in order to find out about all the possibilities involved.

• How can you get more support in case you have additional questions? You can learn much more about what RAMS can offer you by simply visiting their official website and either browsing through the home loan descriptions, viewing the newest blog posts or accessing the FAQ page. Additionally, the RAMS specialists will always be there for you in case you have a special question that you can't find the answer to. You can contact them online, as well as by telephone (including overseas), fax or by post. Without a doubt, RAMS offers one of the most advantageous and flexible ways of getting a home loan. If you are an Australian resident, you are over 18 and you meet the necessary requirements, you too can apply for one of the exceptional offers provided by RAMS.