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RAMS Fixed Rate Loan

Features

The RAMS Fixed Rate loan has a minimum loan amount, but no maximum amount.

Customers can borrow up to 95 per cent of the property value, however lenders mortgage insurance will apply for loans over 80 per cent.

Additional payments of up to a certain amount can be made during the fixed rate period and a redraw facility is available on these payments, though there is a minimum redraw amount.

Repayments can be made weekly, fortnightly or monthly on a principal and interest or interest-only basis. A ten-year interest-only option is available to investors.

Customers can also pause repayments if they are ahead on their loan payments.

If total borrowings are more than $150,000, the loan can be included in a RAMS Value Advantage Package, which gives a discount on interest rates in return for an annual fee.

The loan can be split between variable and fixed rates as long as it is above a specified amount for each portion. A rate lock feature is available for those wanting to secure a fixed interest rate before settlement.

Who is the RAMS Fixed Rate Loan good for?

The RAMS Fixed Rate loan is good for first homebuyers who want the predictability of a fixed-rate loan as well as a lot of flexibility in how they repay their loan.

Investors may be attracted by the ability to make interest-only repayments for up to ten years.

Review - What RateCity says

The RAMS Fixed Rate loan is a feature-packed fixed-rate loan that gives customers a lot of freedom in repaying their loan in exchange for a moderate monthly fee.

The loan provides the stability of a fixed interest rate, while the flexibility of limited additional repayments, a redraw facility and repayment holidays may suit those looking to repay their loan quickly or in a more varied manner. The ongoing fee is a small price to pay for the features it gives you, but it makes the loan more suited to those who plan on taking advantage of such benefits.

While the loan offers relatively competitive fixed rates, the comparison rate varies depending on the length of the fixed rate period and the comparison rates can get quite high, so it’s worth determining which fixed rate term suits your individual circumstances.

RAMS Fixed Rate Loan Options

The RAMS Fixed Rate loan is available to owner-occupiers and investors with a fixed interest rate period of between one and ten years.

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Advertised rate
Comparison rate*
Monthly repayment
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Fixed Rates from

3.99%

Advertised rate

5.00%

Comparison rate
Pros
  • Multiple fixed-rate terms.
  • Limited additional repayments.
  • Repayment holiday option.
Cons
  • High comparison rates.
  • Ongoing monthly fee.
  • High upfront fees.
Eligibility

Must be over 18 years of age.

Must be a citizen or permanent resident of Australia or New Zealand.

Must meet RAMS’s serviceability criteria.

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
  • Investors
Fees
  • Estimated upfront fees: $880
  • Discharge fees: $295
  • Ongoing fees: $20 monthly

The RAMS Fixed Rate loan has sizable upfront fees and a moderate ongoing monthly fee.

There is a redraw fee and a ratelock fee will apply where applicable. A discharge fee will also be required and a break costs will apply for those who make more than the allowed amount in additional repayments during the fixed-rate period. 

Features
  • Redraw facility
  • 100% offset account
  • Unlimited extra repayments
  • Weekly repayments
  • Fortnightly repayments
  • Monthly repayments
  • Loan allows split interest rate
About RAMS
RAMS, formed as the Registered Australian Mortgage Securities, is an Australian mortgage broker and subsidiary of Westpac. It is based in Sydney and has contact centres in all states and territories. It can be contacted online, via email, in person or by phone.
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