|
Lender Name |
RAMS |
|
Product Name |
SMARTWAY /
PROFESSIONAL
HOME LOAN |
|
Product Type |
LINE OF
CREDIT/PROF
PACK |
|
Interest
Rates |
Latest
Interest
Rates
Compare
Other
Lenders |
|
Redraw
Facility |
Available
Minimum
Amount $1.
Redraw fee =
$0. |
|
Offset |
Not
applicable |
|
Fees |
Application
Fee $395
Valuation
Fee $200
Account
Keeping Fee
Single loan
$300/2-4
loans $150
per loan/5
or more
loans $100
per loan
(based on
total number
of RAMS Pro
Packs held
by customer)
Loan
Settlement
Fee $250
(shown as
Mortgage
Prep Fee)
Discharge
Fee $295
plus Legal
Early
Repayment
Fee:
Year 1-3:
1% of the
original
loan amount
ATM, EFTPOS
Cheque
access 15
Free
Transactions
across all
access
methods |
|
LVR |
Owner
Occupied
Maximum LVR
100%
Investment
Maximum LVR
100%
Construction
Maximum LVR
95%
Refinancing
Maximum LVR
95%
Debt
consolidation
Maximum LVR
95%
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
and Interest
Only up to a
total of 5
years. |
|
Repayment
Options |
Weekly,
fortnightly
or monthly
on any
nominated
day.
Available as
an interest
only or
principal
and interest
option. |
|
Repayment
Method |
Direct
Debit,
Salary
Credit &
Bank@Post. |
|
Extra
Repayments |
No minimum. |
|
Special
Offers |
Pro Pack 1
Package
0.60
discount off
the standard
variable
for loan
amount<$250K
Pro Pack 2
Package
0.70
discount off
the standard
variable
for loan
amount>$500K
Application
Fee $395
Valuation
Fee $200
Account
Keeping Fee
Single loan
$300/2-4
loans $150
per loan/5
or more
loans $100
per loan
(based on
total number
of RAMS Pro
Packs held
by customer)
Loan
Settlement
Fee $250
(shown as
Mortgage
Prep Fee)
Discharge
Fee $295
plus Legal
Early
Repayment
Fee:
Year 1-3:
1% of the
original
loan amount |
|
Term |
Maximum term
30 years. |
|
Loan Size |
Minimum:
$250K. &
$500k
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 |
Quarterly
(Monthly
available) |
|
Portability |
Yes fee $295 |
|
Split Loan
Facility |
Available at
anytime
(minimum
$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 |
An All In
One Loan
designed to
help you pay
off your
loan sooner
- achieved
by paying
all of your
income
directly to
the loan
account and
using access
options (ATM,EFT,
cheque). |
