|
Lender Name |
RAMS |
|
Product Name |
LINE OF
CREDIT SELF
EMPLOYED PRO
PACK |
|
Product Type |
LOC/LOW DOC |
|
Interest
Rates |
Latest
Interest
Rates
Compare
Other
Lenders |
|
Redraw
Facility |
Yes, No min
Redraw fee =
Nil. |
|
Offset |
No. |
|
Fees |
Application
Fee $395.
Valuation
Fee $200.
Loan
Settlement
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
Switching
Fee $295
Discharge
Fee $295
plus legals.
Early
Repayment
Fee Year
1-3: 1%
ATM, EFTPOS
Cheque
access 10
Free
Transactions
across all
access
methods |
|
LVR |
Owner
Occupier
Maximum LVR
80%
Investment
Maximum LVR
80%
Refinance
Maximum LVR
80%
Land LVR N/A
Debt
Consolidation
Maximum LVR
80% |
|
Repayment
Type |
Principal
and Interest
and Interest
Only maximum
term 10
years |
|
Repayment
Options |
Weekly,
fortnightly,
Monthly
payment
frequencies
on any
nominated
day.
available as
an interest
only option
or principal
and interest
option. |
|
Repayment
Method |
Direct
Debit,
Salary
Credit &
Bank@Post. |
|
Extra
Repayments |
Yes. No
Minimum |
|
Special
Offers |
2 Variable
Rate Tiers
refer to
Interest
Rates
Line of
Credit SE
Pro Pack 1
>$250K
Line of
Credit SE
Pro Pack 2
>$500K |
|
Term |
Maximum loan
term 30
years |
|
Loan Size |
Minimum Loan
- $250K &
$500k
Maximum
Loan
LVR <=60%
$1.5M
LVR >60% <=
90% $1M |
|
Mortgage
Insurance |
RAMS Risk
Fee paid by
borrower -
>60% LVR |
|
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 |
Available at
anytime
(minimum =
$50K). |
|
Special
Notes |
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.
Subject to
Policy
requirements
as per RAMS
Lending
Guidelines -
www.ramsbroker.com.au |
|
Target
Market |
Customers
who are
unable to
disclose
their full
income
details and
are seeking
minimum
amount of
paperwork
and fuss at
a Pro pack
rate.
This
includes
people with
irregular
income
streams like
self
employed
individuals.
They must
have a clear
credit
history,
substantial
equity and
the ability
to service
their loan
payments |
