RAMS Full Feature Home Loan

Features

The RAMS Full Feature Loan has a minimum loan amount of $15,000 and 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.

Repayments can be made weekly, fortnightly or monthly on a principal and interest or interest-only basis. Interest-only repayments can be made for a period of one-five years, or ten years for investors.

Unlimited additional repayments are allowed and a redraw facility is available for those wanting to access these additional payments, with no minimum redraw amount.

Customers also have access to a 100 per cent offset account to help reduce the amount of interest that is owed on the loan.

The loan can also be split between variable and fixed interest rates, as long as each portion meets the minimum amount.

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.

A Lifestyle Option allows customers to pause repayments for up to six months and can be used twice during the life of the loan.

A Construction Option is also available for homebuyers looking to build or renovate their property.

Who is the RAMS Full Feature Home Loan good for?

The RAMS Full Feature Loan is good for homebuyers who want a high degree of flexibility in how and when they repay their loan.

A Construction Option could suit those looking to renovate, while the ability to make interest-only repayments for ten years may attract some investors.

Review - What RateCity says

The RAMS Full Feature Loan is a variable rate loan with a high degree of freedom and no ongoing fees.

Customers are given a lot of repayment features, such as unlimited additional repayments, redraw facility and a 100 per cent offset account that may set it apart from other variable rate loans. The Construction and Lifestyle options are also useful extras depending on your circumstances.

However, the interest rate is relatively high, which means the loan is better suited to those planning on paying off the loan quickly or who require the flexible options it offers, as otherwise, interest repayments may be larger than with another loan.

RAMS Full Feature Home Loan Options

The RAMS Full Feature loan is a variable rate loan offered to both owner-occupiers and investors.

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Variable Rates from

4.86%

Advertised rate

4.92%

Comparison rate
Pros
  • Offset account.
  • Repayment holiday option.
  • Unlimited additional repayments.
Cons
  • High rate.
  • Large upfront fees.
  • Sizable discharge fee.
Eligibility

Must be over 18 years of age.

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

Must meet RAMS’ serviceability criteria.

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
  • Investors
Fees
  • Estimated upfront fees: $880.00
  • Discharge fees: $295
  • Ongoing fees: $0

The RAMS Full Feature loan has large upfront fees but no ongoing or annual fees.

A moderate discharge fee applies, as does a split loan fee for those switching their loan between variable and fixed rates.

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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