RAMS SmartWay Home Loan
Posted August 3rd, 2010
and last modified January 31st, 2012
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
When you’ve saved hard to buy your home, you want to find a home loan that gives good value for your money. An all-in-one home loan puts every dollar to work for you so that you save on interest charges and repay your loan sooner. Currently RAMS SmartWay all-in-one loan offers competitive interest rates on loans up to 30 years.
The features and benefits of RAMS SmartWay Home Loan
RAMS SmartWay Home Loan provides an all-in-one account. When you take out a SmartWay loan all of your salary is deposited into the loan account and because loan interest is calculated on the daily loan balance, the more funds that are in the account, the lower the loan balance and the lower the cost of interest. Over the length of the loan term this arrangement can mean a significant saving on interest. The main features of RAMS Smart Way home loan are:
- Competitive variable interest rate, currently 7.63%
- Split loans are permitted, so that the loan can be split into variable interest rate and fixed interest rate parts. The portion of the loan that has fixed interest rates is insulated from the effects of changing interest rates, and repayments on this part of the loan don’t vary from month to month in the way that the variable rate repayments follow fluctuations in interest rates. If you like to know exactly what your financial commitments are, and want to avoid increases in repayments, it will suit you to fix a portion of the SmartWay loan.
- Repayment periods of your choice – weekly, monthly or fortnightly as suits your financial schedule.
- Interest only repayments are possible for up to 5 years. Investors often prefer interest only repayment terms so that repayment outlay is kept to a minimum, leaving funds free for further investment.
- RAMS Lifestyle Option may be available. This option allows loan repayments to be deferred for up to 6 months twice during the loan term. The option is designed to help the borrower whose income changes after the loan has been taken out, as a result of circumstances such as accident, retrenchment or parental leave.
- Construction Option is available for payments for newly built properties. This option is designed for people wishing to buy land and build a home, carry out major renovations on a property, or fund the building of a home by refinancing a loan from another provider. Features of this option include flexible timing for the start of construction, interest only repayment terms, and progress payments to contractors, so that it is easier for you to manage the building project and money is saved money on interest and repayments during the building period.
- Who can apply for the loan? Owner occupiers and investors wishing to borrow between $25,000 and $10,000,000 over up to 30 years are eligible to apply for the loan.
- How much can I borrow? Up to 95% of the value of the property may be borrowed without mortgage insurance, or over of the property’s value with mortgage insurance. Borrowers without a deposit may use RAMS Fast Track no deposit option to borrow 105% of the value of the property, or more, by providing RAMS with a guarantee supported by a first or second mortgage over the guarantor’s property.
- What are the fees and charges? Upfront charges include an application fee of $395, valuation fee of and loan settlement fee of . The annual account keeping fee is $0 .
With an all-in-one home loan your income is deposited into the loan account so that the loan balance is reduced and interest charges are minimised. The RAMS SmartWay home loan is an all-in-one loan with a number of flexible features to help you manage your money during the loan period.
Read the RAMS SmartWay Home Loan terms and conditions.
| Minimum Loan Amount | $25,000 | |
|---|---|---|
| Maximum Loan Amount | $10,000,000 | |
| Maximum LVR | 95% | |
| Maximum Insured LVR | 95% | |
| Mortgage Offset Account | No | |
| Loan Redraw Facility | No | |
| Split Loan Facility | No | |
| Fixed Interest Option | No |
| Interest Rate Type | Fixed | |
|---|---|---|
| Interest Rate | 7.63% | |
| Comparison Rate | 7.81% | |
| Repayment Type | Interest Only | |
| Repayment Frequency | Weekly | |
| Extra Repayments | No |
| Application Fee | $395 | |
|---|---|---|
| Valuation Fee | $200 | |
| Service Fee | $0 | |
| Settlement Fee | $250 |
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 |
|
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