RAMS Self-Employed Low Doc Fixed 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 has been around for over 20 years and they know that the self-employed should be treated just like any other customer. In fact, they make the process very simple. There are also many types of loan products that are available. If you want a fixed rate mortgage, you have several options for how long you want your term to be. The rates are also quite low in comparison to other loan products.
There is also flexibility with RAMS loans. If you want to deposit up to $25,000 more, you can do that. You can also redraw funds from any additional repayments you have made. This can be a lifesaver when you need the funds quickly.
Hypothetical Situation
Kristine has owned for own business for a while and things continue to grow. Kristine was thinking for some time about investing in a property and after some discussion with her accountant and financial professional, she decided to go ahead with the idea. She has some money in savings and will use some of the equity in her current home and she wants to buy a place that is approximately $400,000. The amount she has to put towards it is about 20% and she will also be able to take care of her transaction costs. She is nervous about variable rate loans and wants the security of a fixed rate. She’s also aware that many self-employed customers have to endure a grueling application process and she’s not interested in that.
This is what we think she should do:
We would recommend that Kristine look at the Low Doc Fixed Rate Home Loan for the Self-Employed that RAMS offers. She would be able to borrow up to 80% of the value of the home. She could even refinance her current loan so she would have the equity to cover costs but all the while maintaining control over her repayments.
Because Kristine is self-employed, she may like the ability to make additional repayments when she is able to. She will reduce the loan quickly and she would be able to redraw on those extra payments if there was ever a need for it. If she wants the fixed rate, she would have it for 5 years and that way she would be aware of exactly what her repayments would be. We would also let her know that the application process is simple and fast and the RAMS loan professionals would help her every step of the way.
Details For The Low Doc Fixed Rate Loan
- Interest rate – Your interest rate is fixed for the first year at 6.30%, then 6.35% for the 2nd and 6.09% for 3rd year. Then it goes to 6.69% for the 4th year and then 6.79% for the 5th, 6th, 7th, 8th and 9th year. The 10th year it is fixed at 7.49%.
- Minimum loan amount – The lowest amount you can apply for is $15,000.
- Maximum loan amount – The most you can apply for is $1,500,000 if your LVR is under or equals to 60% and $1,000,000 if your LVR is over 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, the minimum amount is $1,000 and the fee is $10 for each redraw.
- 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.
- 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.
- 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 application fee is $595 but you do not have to pay for your first valuation! If you need any others, they are $150 for each one. The fee for maintaining the account is $20/month and when you are ready to discharge the loan you will pay $295.
Take advantage of the many flexible features such as the Value Advantage Package, the Construction Option or the Interest Only in Advance Option. Ask your loan professional for details.
Read the official terms and conditions
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