|
Lender Name |
RAMS |
|
Product Name |
BASIC
VARIABLE
RATE |
|
Product Type |
BASIC |
|
Interest
Rates |
Latest
Interest
Rates
Compare
Other
Lenders |
|
Redraw
Facility |
Redraw $50
Fee Minimum
redraw
amount
$1000. |
|
Offset |
Not
available. |
|
Fees |
Application
Fee $395.
Valuation
Fee $200.
Discharge
Fee $295
plus legals.
Loan
Settlement
Fee $250
(shown as
Mortgage
Prep Fee).
Account
Servicing
Fee Nil
Redraw Fee
$50
Loan
Conversation
Fee $295
Loan Fixing
Fee $295.
Early
payout:
Years 1-3:
1% of the
original
loan amount. |
|
LVR |
Owner
Occupied Max
LVR 100%
(100% of
purchase
price,
evidence of
transaction
costs
required).
Investment
Maximum LVR
100% (Must
hold 20%
equity in
other
residential
real
estate).
Construction:
Full Doc &
Low Doc Max
LVR 95% -
$750k/ LVR
80% - $1m
Refinance
LVR 95%.
(For 90+ LVR
equity
release
funds
allowed to
maximum of
5% of total
loan).
Land Max LVR
90%.
Debt
Consolidation
LVR 95% (to
$750,000
metro) loans
only.
Consolidate
up to five
personal
debts. |
|
Repayment
Type |
Principal
and Interest
& Interest
Only term 1
- 5 years &
10 yrs (NB.
10 yrs IO
for
Investment
purpose
only) |
|
Repayment
Options |
Weekly,
fortnightly
or monthly
available as
an interest
only option
or principal
and interest
option.
Available
for
accelerated
payments |
|
Repayment
Method |
Direct Debit
Note
withdrawal
method
Direct
Credit only
(Redraw). |
|
Extra
Repayments |
Extra
Repayments
may be made
at any time
minimum
amount
$2000. |
|
Special
Offers |
|
|
Term |
Maximum term
30 years. |
|
Loan Size |
Minimum
$50K.
No Maximum |
|
Mortgage
Insurance |
RAMS Risk
Fee payable
by borrower:
>80% or
$1.5m
>70% and >
$1.5M <=
$3.5M
> 60% and >
$3.5M
Capitalisation
of RAMS Risk
fee to up to
100% LVR. |
|
Acceptable
Income |
PAYG Salary
/ Wages
/Self
Employed |
|
Product
Change |
Convert to
any full doc
product
(excluding
Easy Start)
at anytime |
|
Statements |
Six monthly. |
|
Portability |
Yes. |
|
Split Loan
Facility |
Available at
anytime
minimum of
$50k |
|
Special
Notes |
Lifestyle
Options &
Holiday
Repayment
available -
conditions
apply.
RAMS Fast
Track
available
(O/O only)
Bridging
Loan
Purpose:
Purchase of
either an
owner
occupied or
investment
property
whilst
selling an
existing
property.
Term &
Repayment:
12 months
max with
Interest-Only
with 9
months
maximum for
capitalization
of interest. |
|
Target
Market |
Savvy
customers
eligible for
professional
pricing who
want a
flexible
discounted
variable
rate loan.
Customers
who have a
longer term
ownership
horizon who
want to
benefit from
lower rates
in the
earlier
stages of
their loan
Business
purpose
loans, loan
amount and
LVR
restrictions
apply refer
separate
guidelines. |
