|
Lender Name |
RAMS |
|
Product Name |
SMARTWAY LOW
DOC |
|
Product Type |
LOW DOC LINE
OF CREDIT |
|
Interest
Rates |
Latest
Interest
Rates
Compare
Other
Lenders |
|
Redraw
Facility |
Yes. No
minimum,
free redraw. |
|
Offset |
Not
applicable |
|
Fees |
Application
Fee $395.
Valuation
Fee $200.
Discharge
Fee $295
plus Legal.
Loan
Settlement
Fee $300
(shown as
Mortgage
Prep Fee).
Account
keeping fee
of $120 p.a.
Early
Repayment
Fees: Years
1- 3: 1%
Switch Fee
$295.
ATM, EFTPOS
Cheque
access 15
Free
Transactions
across all
access
methods |
|
LVR |
Owner
Occupied
Maximum LVR
85%
Investment
Maximum LVR
85%
Construction
Maximum LVR
85%
Refinancing
Maximum LVR
85%
Debt
consolidation
Maximum LVR
85% |
|
Repayment
Type |
Principal
and Interest
and Interest
Only up to a
total of 5
years. |
|
Repayment
Options |
Weekly,
fortnightly
and monthly. |
|
Repayment
Method |
Direct Debit
, Salary
Credit &
Bank@Post |
|
Extra
Repayments |
No Minimum |
|
Special
Offers |
Roll Rate
effective
after 4th
year &
subject to 4
years
satisfactory
repayments
Smartway Low
Doc (80%
option)
discount of
0.40%
Smartway Low
Doc (85%
option)
discount of
0.60% . |
|
Term |
Maximum term
30 years. |
|
Loan Size |
Minimum:
$25K.
Maximum:
$1M.
(depending
on LVR,
mortgage
insurer and
postcode). |
|
Mortgage
Insurance |
RAMS Risk
Fee payable
Over $1M
payable by
borrower. |
|
Acceptable
Income |
Self
employed
minimum of 2
years; must
complete the
A&L
statement
and signed
self
certification. |
|
Product
Change |
1st 3 yrs:
Convert to
any Low doc
Product.
After 3 yrs:
Convert to
any product
(excluding
Easy Start) |
|
Statements |
Quarterly
(Monthly
available) |
|
Portability |
Yes |
|
Split Loan
Facility |
Yes. Minimum
splits $25K. |
|
Special
Notes |
Lifestyle
Options &
Holiday
Repayment
available -
conditions
apply.
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 |
An all in
one loan
designed for
self
employed
customers
who are
unable to
provide
detailed
financials
to support
their
application.
This
includes
people with
irregular
income
streams like
self
employed
individuals.
They must
have a clear
credit
history,
substantial
equity & the
ability to
service
their loan
payments.
First Home
Buyers
subject to
producing
evidence of
at least 20%
equity in
genuine
savings
(excluding
FHOG). |
