|
Lender Name |
RAMS |
|
Product Name |
EASY START |
|
Product Type |
VARIABLE/FIXED |
|
Interest
Rates |
Latest
Interest
Rates
Compare
Other
Lenders |
|
Redraw
Facility |
Yes, Free -
$1000
minimum. |
|
Offset |
Not
available. |
|
Fees |
Application
Fee $395.
Valuation
Fee $200.
Loan
Settlement
Fee $250
(shown as
Mortgage
Prep Fee).
Account
Servicing
Fee $150
p.a.
Discharge
Fee $295
plus legals.
Loan
Conversation
Fee $595
(Convert to
any full doc
product
(excluding
Easy Start)
at anytime).
Early
payout: Yr
1-3: 1% the
original
loan amount. |
|
LVR |
Owner
Occupied
Maximum LVR
90%
Investment
Maximum LVR
90%
Construction
Maximum LVR
0
Refinancing
Maximum LVR
90%
Debt
consolidation
Maximum LVR
90%
Owner
Occupied Max
LVR 90%
(90% of
purchase
price,
evidence of
transaction
costs
required).
Investment
Maximum LVR
90% (Must
hold 20%
equity in
other
residential
real
estate).
Refinance
LVR 90%.
(For 90+ LVR
equity
release
funds
allowed to
maximum of
5% of total
loan).
Land Max LVR
90%.
Debt
Consolidation
LVR 90% (to
$750Kmetro)
loans only.
Consolidate
up to five
personal
debts. |
|
Repayment
Type |
Principal
and Interest
& Interest
Only 1 - 5
years & 10
yrs (NB. 10
yrs IO for
Investment
purpose
only) |
|
Repayment
Options |
Weekly,
fortnightly
or monthly
on any
nominated
day.
Available as
an interest
only option
or principal
and interest
option.
Available
for
accelerated
payments. |
|
Repayment
Method |
Direct
Debit.. |
|
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
90% 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. |
