RAMS Low Rate 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
RAMS Low Rate Home Loan Overview
The RAMS Low Rate Home Loan offers customers a great low rate of as little as 6.15% This flexible loan is ideal for those customers who may want to reduce the amount of interest charged on a mortgage, but also want to focus on repaying their home loan as quickly as possible.
3 Year Discounted Interest Rate
Customers have the option of opting to receive a discount of 0.15% off the already low base interest rate offered for the first three years. This allows homeowners to improve cash flow and reduce the amount of interest paid during the first three years of the mortgage.
Once the discounted term expires, the rate will revert to the regular base variable rate. Customers may also choose to switch to a fixed interest rate after this time, if desired.
Loan Purposes
The RAMS Low Rate Home Loan is ideal for first home buyers who want to keep their interest payments as low as possible while they’re still getting used to the responsibility of having mortgage payments.
Home owners intending to move into the house they buy will find the low rate flexible home loan ideal, while those wanting to refinance can also benefit from this mortgage account. A bridging loan option also exists for those homeowners who wish to purchase a new home before selling their old home.
RAMS won’t limit the security property options to just existing homes, as it’s possible to select this loan to purchase vacant land and to cover the costs of a construction contract to build a new home.
This loan account is also great for investors, as the Interest Only option for up to 10 years, plus the low interest rate for the first three years can help to improve cash flow.
Fees and Charges
An application fee of $595 applies for the RAMS Low Rate Home Loan. Customers have the option of whether they pay a monthly account servicing fee or not. As long as the regular Low Rate Home Loan is chosen, there is no monthly fee for this account, but the base variable interest rate charged will be 7.05%.
However, if the 3 year discounted rate option is chosen, then a monthly account servicing fee of $20 per month will apply, however the interest rate will drop to 6.15% for 3 years as a result.
Flexible Repayments
RAMS Home Loans will allow customers to make repayments to suit their own pay schedules. Payments can be directly debited from any regular transaction account weekly, fortnightly or monthly for Principal and Interest Loans.
Customers who have chosen the Interest Only option for their home loan may only make payments on a monthly basis.
Extra repayments are also encouraged. There are no penalties for making extra repayments and there is no minimum amount required. This could mean adding an extra amount on top of the minimum payment due that is debited with each payment, or it could mean depositing extra cash straight into the home loan account whenever you have some extra cash.
Redraw Facility
There are times when emergency expenses arise. 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 or Principal and Interest Repayments
The RAMS Low Rate Home Loan allows customers to choose between making Principal and Interest Repayments, or choosing to make Interest Only repayments for up to 10 years.
With Principal and Interest repayments, a portion of each payment made covers the interest accrued to the loan account, while the remaining portion pays some off the balance owing. With each successive payment, the mortgage balance is being reduced.
However, with the Interest Only portion, the minimum payment due is calculated only as the interest charged on the outstanding balance. This means the payments made won’t reduce the balance at all, unless a customer chooses to make voluntary extra repayments.
Read the official terms and conditions
Top Home Loans
| Home Loan | Details | Interest Rate (p.a.) | Comp Rate^ (p.a.) | App Fee / Ongoing Fee | Max LVR | Min & Max Borrowing | |
|---|---|---|---|---|---|---|---|
 Loans.com.au - Dream Catcher | A home loan offer with a $0 application fee and one of the lowest available home loan interest rates. | 5.85% | 6.21% | $0 / $375 | 80% | $50,000 / $750,000 |
 
|
 Bankwest Online Home Loan | A low interest rate home loan with a $0 application fee and ongoing maintenance fees. This offer is exclusively available by applying online. | 5.97% | 5.97% | $0 / $0 | 80% | $100,000 / $1,000,000 |
|
 Illawarra Home Loans Bank Beater Home Loan | A low variable rate, beaten down even further by 0.05% p.a. after 5 years. | 6.07% | 6.35% | $0 / $345 | 90% | $250,000 / $1,000,000 |
|
 State Custodians Mortgage Company Standard Variable Offset Loan | Awarded Mortgage of the Year 2012 – this multi-award winner features 100% offset and a loyalty 0.25% rate drop after 5 years. | 6.02% | 6.23% | $0 / $345 | 95% | $150,000 / $1,000,000 |
|
Ask A Question About This Product