RAMS Home Loans Self-Employed Low Doc Home Loan
What happens when I click Enquire Now?
- Clicking Enquire Now will take you to the lender's website
- After completing the contact form, a mortgage expert will contact you
- The mortgage expert will ensure you find the right loan, calculate your repayments, and explains all the associated fees
- After going through the enquiry process you will be able to know how much you can borrow, begin your application when you are ready to apply and be approved for a home loan
The RAMS Self-Employed Low Doc home loan is ideal for those working for themselves because they get:
- A reduced rate of interest if you participate in the “Value Advantage Package”
- A reduced rate of interest for those who have a LVR or Loan Value Rate of 60% or less
- A streamlined process of applying. Their loan professionals will guide you through the simple application process.
- You can redraw without any minimums and there is no fee for redrawing.
Typical Scenario
Jackie and Steve want to buy a house that costs $400,000 and they need to borrow $350,000. They would, of course, prefer a low interest rate and they want to pay more towards their mortgage whenever they are able to. Jackie and Steve have a business that they own and run together. They have run this business for many years but they do not have current records of their financials.This is what we think they should do:A loan professional at RAMS would recommend that Jackie and Steve look at the RAMS Self-Employed Low-Doc Home Loan. They would be told that they do not have to do extra paperwork just because they are self-employed. With this product, all they would have to do is provide a form (Borrower’s Declaration), a BAS of 12 months or a letter from an accountant (if they are refinancing) and their statements from the previous 6 months of their loan which they want to have refinanced. They would be able to pay extra on their mortgage at any time without penalty. They could also redraw using an ATM, chequebook or EFTPOS if the need arose. If they decided to enter into the “Value Advantage Package”, they would have an even more reduced interest rate.
Details For The Self-Employed Low-Doc Loan
- Interest rate - You receive 7.16% if your LVR is over 60% and 7.33 if your LVR is below 60%.
- Rate after fees, etc. – Here is the rate you should be aware of after the fees and other sundry charges associated with the loan – 8.10% if your LVR is over 60% and 7.44% if your LVR is over 60%.
- Minimum loan amount - The minimum amount you can apply for is $15,000.
- Maximum loan amount – The most you can apply for is $1,000,000 if your LVR is under 60% and $1,500,000 if your LVR is under 60%.
- Maximum for Owner Occupier – If you are the Owner Occupier of the property, your LVR maximum is 80%.
- Maximum for Investor – If you are an investor, your LVR maximum is 80%.
- Minimum redraw – If you want to redraw, there is no minimum.
- Splitting the Loan – If you want to split your loan, the minimum amount is $15,000.
- Interest Only repayments – You can pay only interest on your loan, if you wish. This term lasts typically from1 to 5 to 10 years dependent on the terms of your loan.
- Interest Capitalisation – No, interest is not capitalised.
- Repayment schedule – You can choose how often you want to pay. For example, you can make weekly, fortnightly or monthly payments. The choice is yours.
- Switching Loans? – You can switch your loan over to another product at any time. During the first year of the loan, you can switch over to any other low-doc product. After the second year, you are able to switch to any other product. The fee for this conversion is $295.
- Repayment Break – If you have paid ahead on your loan, you are able to take a break or “holiday” from your repayments until you are no longer ahead.
Fees And Features
The fee for applying is $595 but your first valuation is no cost to you whatsoever! If you need any additional then the cost is $150. The fee for maintaining the account is $20 per month. To discharge the loan, it will cost you $295 for each loan. There are several programs to consider to make the most of your loan. There is the “Value Advantage Package,” the “Deposit Bond,” the “Construction and Lifestyle Options,” and a Bridging Loan program.
Read the official terms and conditions
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