RAMS Line of Credit

Features

RAMS Line of Credit provides borrowers with a line of credit on the equity of their property. This credit can be used as a ready source of funds for expenses outside the norm, or to pursue investment opportunities. Debts incurred by borrowers in using this line of credit will accrue interest at a variable rate.

The RAMS Line of Credit endeavours to make things easy for borrowers, and therefore only charges interest on the amount of credit that has been used. Borrowers who use less than the full amount of credit will pay less in interest than borrowers who do use the full amount.

The Line of Credit also waives the requirement of regular repayments for borrowers who have not taken out the full amount of credit, providing considerable freedom in terms of managing repayments. Borrowers intending to take advantage of this feature should note, though, that interest will still mount up on the amount that is owed, whether or not regular repayments are required.

When repayments are required, for borrowers who have reached or exceeded their maximum amount of credit, payments may be made weekly, monthly or fortnightly. Additional repayments may also be made at any time.

Who is the RAMS Line of Credit good for?

The RAMS Line of Credit Loan will suit any borrowers looking to use the equity on a property as a line of credit, and who would like the freedom of not needing to always make regular repayments. It may suit investors, or owner-occupiers looking for a source of funds that will allow them to invest while managing a mortgage.

Review - What RateCity says

The RAMS Line of Credit is a straightforward line of credit on the equity of a property, but provides some rare flexibility in terms of repayments. The waiving of regular repayments as a hard and fast requirement could be a blessing or a curse, as interest will still apply to the credit used by borrowers even when repayments are not being made. Borrowers with a clear idea of what they will use the credit for and a plan for how to schedule repayments will nonetheless find its features useful.

RAMS Line of Credit Options

The RAMS Line of Credit offers a range of options across a range of loan and deposit sizes.

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More details

Variable Rates from

6.18%

Advertised rate

6.46%

Comparison rate
Pros
  • Line of credit.
  • Regular repayments not always required.
  • Additional repayments.
Cons
  • Ongoing fees.
  • Careful management required.
  • No offset account.
Eligibility

Australian resident.

At least 18 years of age.

Minimum deposit.

Proof of income.

Suitable For
  • First Home Buyers
  • Investors
  • Owner-Occupiers
  • Refinancers
  • Line of Credit Loans
Fees
  • Estimated upfront fees: $880.00
  • Discharge fees: $295
  • Ongoing fees: $20 monthly

Borrowers signing up to the RAMS Line of Credit can expect to pay an upfront fee, and ongoing administration fees each month will also apply. A discharge fee will also be payable at the termination of the loan.

Borrowers bringing less than a certain deposit to the loan will also be required to pay Lender’s Mortgage Insurance.

Features
  • Redraw facility
  • 100% offset account
  • Unlimited extra repayments
  • Weekly repayments
  • Fortnightly repayments
  • Monthly repayments
  • Loan allows split interest rate
About RAMS

RAMS has been offering home loans and other financial services to Australians since 1995. It is an award winning lender and financial services provider, and takes a community focused attitude to its business. It has centres around Australia.

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