|
Lender Name |
RAMS |
|
Product Name |
IO MAXIMISER |
|
Product Type |
VARIABLE |
|
Interest
Rates |
Latest
Interest
Rates
Compare
Other
Lenders |
|
Redraw
Facility |
Minimum
redraw $1000
(only
available
after 5
years) |
|
Offset |
Not
Available. |
|
Fees |
Application
Fee $395
Valuation
Fee $200
Additional
Valuation
Fee $220 .
Account
Keeping $300
p.a.
Loan
settlement
fee $250
displayed as
Mortgage
Preparation
Fee.
Discharge
Fee $295
plus Legal.
Redraw Fee
$0
(available
only after 5
years).
Switching
Fee $295.
Early
payout: Yr
1-3: 1% of
the original
loan amount.
Yr 4-5: 0.5%
of the
original
loan amount. |
|
LVR |
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).
Construction
– Not
available on
this product
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
$750,000
metro) loans
only.
Consolidate
up to five
personal
debts. |
|
Repayment
Type |
Available as
a 10 year
interest
only option
with the
first 5
mandatory.
(NB. 10 yrs
IO for
Investment
purpose
only) |
|
Repayment
Options |
Monthly on
any
nominated
day. |
|
Repayment
Method |
Direct
Debit. |
|
Extra
Repayments |
Yes, After
the first 5
years. (no
minimum) |
|
Special
Offers |
|
|
Term |
Maximum term
30 years. |
|
Loan Size |
Minimum:
$100K
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 |
Issued six
monthly. |
|
Portability |
Yes. |
|
Split Loan
Facility |
Minimum
$50k. Annual
fees apply
to each
split. |
|
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 |
A low rate
home loan
designed for
investors. |
