RAMS home loan repayment calculator

Thinking about taking out a home loan with RAMS? Use our home loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how RAMS home loans compare with other options.

I'd like to borrow

$

I am an

Loan term

With a repayment type

Your estimated repayments

at interest rate 2.59 %

Total interest payable

$0

Total amount payable

$0

Pros and cons

Pros
  • Variety of home loan products.
  • Opportunity to bundle other financial products.
  • Caters for people with specific needs.
  • Offers discounts on the interest rate by packaging with the Value Advantage Loan.
Cons
  • Some products include fees.

RAMS home loans rates

Product
Advertised Rate
Total estimated upfront fees
Comparison Rate*
Ongoing fee
Go to site
Company

2.59%

Variable

$880

2.65%

$0
RAMS
More details

2.64%

Variable

$880

2.70%

$0
RAMS
More details

2.29%

Fixed - 3 years

$880

2.82%

$10 monthly
RAMS
More details

2.29%

Fixed - 2 years

$880

2.86%

$10 monthly
RAMS
More details

2.29%

Fixed - 1 year

$880

2.91%

$10 monthly
RAMS
More details

2.79%

Fixed - 4 years

$880

2.95%

$10 monthly
RAMS
More details

2.79%

Fixed - 5 years

$880

2.95%

$10 monthly
RAMS
More details

2.89%

Variable

$880

2.95%

$0
RAMS
More details

3.24%

Variable

$880

3.30%

$0
RAMS
More details

3.29%

Variable

$880

3.35%

$0
RAMS
More details

2.69%

Fixed - 3 years

$880

3.41%

$10 monthly
RAMS
More details

2.69%

Fixed - 2 years

$880

3.47%

$10 monthly
RAMS
More details

3.19%

Fixed - 5 years

$880

3.50%

$10 monthly
RAMS
More details

3.44%

Variable

$880

3.50%

$0
RAMS
More details

3.19%

Fixed - 4 years

$880

3.52%

$10 monthly
RAMS
More details

2.89%

Fixed - 1 year

$880

3.55%

$10 monthly
RAMS
More details

3.49%

Variable

$880

3.55%

$0
RAMS
More details

3.54%

Variable

$880

3.60%

$0
RAMS
More details

3.54%

Variable

$880

3.60%

$0
RAMS
More details

2.89%

Fixed - 3 years

$880

3.61%

$10 monthly
RAMS
More details

3.59%

Variable

$880

3.65%

$0
RAMS
More details

3.24%

Variable

$285

3.66%

$375 annually
RAMS
More details

2.89%

Fixed - 2 years

$880

3.67%

$10 monthly
RAMS
More details

3.39%

Fixed - 5 years

$880

3.70%

$10 monthly
RAMS
More details

3.29%

Variable

$285

3.71%

$375 annually
RAMS
More details

3.39%

Fixed - 4 years

$880

3.72%

$10 monthly
RAMS
More details

3.09%

Fixed - 1 year

$880

3.75%

$10 monthly
RAMS
More details

3.74%

Variable

$880

3.80%

$0
RAMS
More details

3.69%

Fixed - 3 years

$880

3.89%

$10 monthly
RAMS
More details

3.69%

Fixed - 2 years

$880

3.89%

$10 monthly
RAMS
More details

3.69%

Fixed - 1 year

$880

3.90%

$10 monthly
RAMS
More details

3.84%

Variable

$880

3.90%

$0
RAMS
More details

3.54%

Variable

$285

3.96%

$375 annually
RAMS
More details

4.19%

Fixed - 4 years

$880

4.05%

$10 monthly
RAMS
More details

4.19%

Fixed - 5 years

$880

4.08%

$10 monthly
RAMS
More details

3.84%

Variable

$285

4.25%

$375 annually
RAMS
More details

3.89%

Variable

$285

4.30%

$375 annually
RAMS
More details

3.94%

Variable

$285

4.35%

$375 annually
RAMS
More details

3.94%

Variable

$285

4.35%

$375 annually
RAMS
More details

4.31%

Variable

$880

4.37%

$0
RAMS
More details

3.99%

Variable

$285

4.40%

$375 annually
RAMS
More details

3.99%

Variable

$285

4.40%

$375 annually
RAMS
More details

4.36%

Variable

$880

4.42%

$0
RAMS
More details

4.14%

Variable

$285

4.54%

$375 annually
RAMS
More details

4.24%

Variable

$285

4.64%

$375 annually
RAMS
More details

4.24%

Variable

$285

4.64%

$375 annually
RAMS
More details

4.61%

Variable

$880

4.67%

$0
RAMS
More details

4.82%

Variable

$880

4.88%

$0
RAMS
More details

4.51%

Variable

$285

4.91%

$375 annually
RAMS
More details

4.87%

Variable

$880

4.93%

$0
RAMS
More details

4.90%

Variable

$880

4.96%

$0
RAMS
More details

5.64%

Fixed - 10 years

$880

4.98%

$10 monthly
RAMS
More details

4.95%

Variable

$880

5.01%

$0
RAMS
More details

5.11%

Variable

$880

5.17%

$0
RAMS
More details

5.12%

Variable

$880

5.18%

$0
RAMS
More details

5.16%

Variable

$880

5.23%

$0
RAMS
More details

5.20%

Variable

$880

5.27%

$0
RAMS
More details

5.89%

Fixed - 10 years

$880

5.36%

$10 monthly
RAMS
More details

5.41%

Variable

$880

5.48%

$0
RAMS
More details

6.54%

Fixed - 10 years

$880

5.91%

$10 monthly
RAMS
More details

5.93%

Variable

$880

6.22%

$20 monthly
RAMS
More details

5.93%

Variable

$880

6.22%

$20 monthly
RAMS
More details

RAMS customer service

Home Loan customers can contact RAMS by calling the customer service hotline seven days a week or by requesting a call back through the online contact form. They can also request a meeting with a local home loan specialist or by pop into one of the RAMS home loan centres.

  • Customer service centre (phone, email, branch)
  • Mobile app
  • Online banking
  • Mobile banking staff

How to Apply

Customers wanting to apply for a RAMS home loan can do so by filling out an online enquiry form, calling the hotline or by visiting a RAMS Home Loan centre. Before applying for a home loan it is advisable to think about how much money you could conceivably borrow given your financial situation and income. You will also need to provide documentation when applying for a home loan. This may include:

  • Personal identification material.
  • Proof of income – whether you are self-employed or work for an employer.
  • Information regarding your current debts, liabilities and assets including any personal or car loans.

About RAMS home loans

RAMS is a home loan lender that caters to a wide selection of mortgage borrowers in Australia, including:

  • First home buyers
  • Upgraders
  • Investors
  • Refinancers (including those looking for Lines of Credit)
  • Self-employed (low-doc home loans)

RAMS home loans also come with a range of interest rate and payment options:

  • Variable rate
  • Fixed rate
  • Principal-and-interest home loans
  • Interest-only home loans

If customers choose to package their RAMS home loans, they have the potential to save on fees and have their interest rates discounted. Depending on the RAMS home loan, customers have access to offset accounts and redraw facilities. Some RAMS home loans give customers the opportunity to make extra repayments.

RAMS home loan rates tend to be in the middle of the market for both investors and owner-occupiers. RAMS interest rates tend to fall between moderately low and moderately high.

RAMS home loan rates

RAMS home loan rates vary from product to product, but they tend to be moderately low, moderate, or moderately high. While RAMS home loan rates are not the cheapest on the market, they’re not the most expensive either.

As a general rule, owner-occupiers are given lower interest rates than investors, and customers who pay principal-and-interest pay lower rates than those paying interest-only. Borrowers with lower LVRs get lower interest rates than those with high LVRs.

RAMS home loan interest rates also differ between variable interest rates and fixed interest rates. Interest rates can be fixed for one, two, three, four, five, or ten years. Generally, the longer you want to fix, the higher the interest rate will be.

Interest rates also vary between lines of credit and standard home loans. RAMS lines of credit typically have higher interest rates than their home loans.

RAMS home loans review

While the RAMS home loan offering may be thinner than those of the big four banks, RAMS loans cater to a variety of borrowers in Australia. You can find RAMS home loans suited to owner-occupiers, investors, and refinancers.

RAMS offers competitive rates on ‘vanilla’ home loans, but also offers more specialised home loans, like lines of credit and low-doc loans for the self-employed.

RAMS home loans can be principal-and-interest or interest-only, and borrowers can also choose between variable and fixed interest rates.

While RAMS home loan rates tend to sit somewhere between moderately low and moderately high, its fees tend to be at the higher end of the spectrum. Those fees include application fees and annual service fees. Fees may also apply for ATM withdrawals, cash withdrawals, and cheque use.

Learn more about RAMS

What is 'principal and interest'?

‘Principal and interest’ loans are the most common type of home loans on the market. The principal part of the loan is the initial sum lent to the customer and the interest is the money paid on top of this, at the agreed interest rate, until the end of the loan.

By reducing the principal amount, the total of interest charged will also become smaller until eventually the debt is paid off in full.

What is a bad credit home loan?

A bad credit home loan is a mortgage for people with a low credit score. Lenders regard bad credit borrowers as riskier than ‘vanilla’ borrowers, so they tend to charge higher interest rates for bad credit home loans.

If you want a bad credit home loan, you’re more likely to get approved by a small non-bank lender than by a big four bank or another mainstream lender.

How can I calculate interest on my home loan?

You can calculate the total interest you will pay over the life of your loan by using a mortgage calculator. The calculator will estimate your repayments based on the amount you want to borrow, the interest rate, the length of your loan, whether you are an owner-occupier or an investor and whether you plan to pay ‘principal and interest’ or ‘interest-only’.

If you are buying a new home, the calculator will also help you work out how much you’ll need to pay in stamp duty and other related costs.

Are bad credit home loans dangerous?

Bad credit home loans can be dangerous if the borrower signs up for a loan they’ll struggle to repay. This might occur if the borrower takes out a mortgage at the limit of their financial capacity, especially if they have some combination of a low income, an insecure job and poor savings habits.

Bad credit home loans can also be dangerous if the borrower buys a home in a stagnant or falling market – because if the home has to be sold, they might be left with ‘negative equity’ (where the home is worth less than the mortgage).

That said, bad credit home loans can work out well if the borrower is able to repay the mortgage – for example, if they borrow conservatively, have a decent income, a secure job and good savings habits. Another good sign is if the borrower buys a property in a market that is likely to rise over the long term.

What happens to my home loan when interest rates rise?

If you are on a variable rate home loan, every so often your rate will be subject to increases and decreases. Rate changes are determined by your lender, not the Reserve Bank of Australia, however often when the RBA changes the cash rate, a number of banks will follow suit, at least to some extent. You can use RateCity cash rate to check how the latest interest rate change affected your mortgage interest rate.

When your rate rises, you will be required to pay your bank more each month in mortgage repayments. Similarly, if your interest rate is cut, then your monthly repayments will decrease. Your lender will notify you of what your new repayments will be, although you can do the calculations yourself, and compare other home loan rates using our mortgage calculator.

There is no way of conclusively predicting when interest rates will go up or down on home loans so if you prefer a more stable approach consider opting for a fixed rate loan.

How can I get a home loan with bad credit?

If you want to get a home loan with bad credit, you need to convince a lender that your problems are behind you and that you will, indeed, be able to repay a mortgage.

One step you might want to take is to visit a mortgage broker who specialises in bad credit home loans (also known as ‘non-conforming home loans’ or ‘sub-prime home loans’). An experienced broker will know which lenders to approach, and how to plead your case with each of them.

Two points to bear in mind are:

  • Many home loan lenders don’t provide bad credit mortgages
  • Each lender has its own policies, and therefore favours different things

If you’d prefer to directly approach the lender yourself, you’re more likely to find success with smaller non-bank lenders that specialise in bad credit home loans (as opposed to bigger banks that prefer ‘vanilla’ mortgages). That’s because these smaller lenders are more likely to treat you as a unique individual rather than judge you according to a one-size-fits-all policy.

Lenders try to minimise their risk, so if you want to get a home loan with bad credit, you need to do everything you can to convince lenders that you’re safer than your credit history might suggest. If possible, provide paperwork that shows:

  • You have a secure job
  • You have a steady income
  • You’ve been reducing your debts
  • You’ve been increasing your savings

Who offers 40 year mortgages?

Home loans spanning 40 years are offered by select lenders, though the loan period is much longer than a standard 30-year home loan. You're more likely to find a maximum of 35 years, such as is the case with Teacher’s Mutual Bank

Currently, 40 year home loan lenders in Australia include AlphaBeta Money, BCU, G&C Mutual Bank, Pepper, and Sydney Mutual Bank.

Even though these lengthier loans 35 to 40 year loans do exist on the market, they are not overwhelmingly popular, as the extra interest you pay compared to a 30-year loan can be over $100,000 or more.

Who has the best home loan?

Determining who has the ‘best’ home loan really does depend on your own personal circumstances and requirements. It may be tempting to judge a loan merely on the interest rate but there can be added value in the extras on offer, such as offset and redraw facilities, that aren’t available with all low rate loans.

To determine which loan is the best for you, think about whether you would prefer the consistency of a fixed loan or the flexibility and potential benefits of a variable loan. Then determine which features will be necessary throughout the life of your loan. Thirdly, consider how much you are willing to pay in fees for the loan you want. Once you find the perfect combination of these three elements you are on your way to determining the best loan for you. 

What is the best interest rate for a mortgage?

The fastest way to find out what the lowest interest rates on the market are is to use a comparison website.

While a low interest rate is highly preferable, it is not the only factor that will determine whether a particular loan is right for you.

Loans with low interest rates can often include hidden catches, such as high fees or a period of low rates which jumps up after the introductory period has ended.

To work out the best value for money, have a look at a loan’s comparison rate and read the fine print to get across all the fees and charges that you could be theoretically charged over the life of the loan.

What are the pros and cons of no-deposit home loans?

It’s no longer possible to get a no-deposit home loan in Australia. In some circumstances, you might be able to take out a mortgage with a 5 per cent deposit – but before you do so, it’s important to weigh up the pros and cons.

The big advantage of borrowing 95 per cent (also known as a 95 per cent home loan) is that you get to buy your property sooner. That may be particularly important if you plan to purchase in a rising market, where prices are increasing faster than you can accumulate savings.

But 95 per cent home loans also have disadvantages. First, the 95 per cent home loan market is relatively small, so you’ll have fewer options to choose from. Second, you’ll probably have to pay LMI (lender’s mortgage insurance). Third, you’ll probably be charged a higher interest rate. Fourth, the more you borrow, the more you’ll ultimately have to pay in interest. Fifth, if your property declines in value, your mortgage might end up being worth more than your home.

How do I refinance my home loan?

Refinancing your home loan can involve a bit of paperwork but if you are moving on to a lower rate, it can save you thousands of dollars in the long-run. The first step is finding another loan on the market that you think will save you money over time or offer features that your current loan does not have. Once you have selected a couple of loans you are interested in, compare them with your current loan to see if you will save money in the long term on interest rates and fees. Remember to factor in any break fees and set up fees when assessing the cost of switching.

Once you have decided on a new loan it is simply a matter of contacting your existing and future lender to get the new loan set up. Beware that some lenders will revert your loan back to a 25 or 30 year term when you refinance which may mean initial lower repayments but may cost you more in the long run.

What is a comparison rate?

The comparison rate is a more inclusive way of comparing home loans that factors in not only on the interest rate but also the majority of upfront and ongoing charges that add to the total cost of a home loan.

The rate is calculated using an industry-wide formula based on a $150,000 loan over a 25-year period and includes things like revert rates after an introductory or fixed rate period, application fees and monthly account keeping fees.

In Australia, all lenders are required by law to publish the comparison rate alongside their advertised rate so people can compare products easily.

How do I know if I have to pay LMI?

Each lender has its own policies, but as a general rule you will have to pay lender’s mortgage insurance (LMI) if your loan-to-value ratio (LVR) exceeds 80 per cent. This applies whether you’re taking out a new home loan or you’re refinancing.

If you’re looking to buy a property, you can use this LMI calculator to work out how much you’re likely to be charged in LMI.

What happens when you default on your mortgage?

A mortgage default occurs when you are 90 days or more behind on your mortgage repayments. Late repayments will often incur a late fee on top of the amount owed which will continue to gather interest along with the remaining principal amount.

If you do default on a mortgage repayment you should try and catch up in next month’s payment. If this isn’t possible, and missing payments is going to become a regular issue, you need to contact your lender as soon as possible to organise an alternative payment schedule and discuss further options.

You may also want to talk to a financial counsellor. 

How personalised is my rating?

Real Time Ratings produces instant scores for loan products and updates them based what you tell us about what you’re looking for in a loan. In that sense, we believe the ratings are as close as you get to personalised; the more you tell us, the more we customise to ratings to your needs. Some borrowers value flexibility, while others want the lowest cost loan. Your preferences will be reflected in the rating. 

We also take a shorter term, more realistic view of how long borrowers hold onto their loan, which gives you a better idea about the true borrowing costs. We take your loan details and calculate how much each of the relevent loans would cost you on average each month over the next five years. We assess the overall flexibility of each loan and give you an easy indication of which ones are likely to adjust to your needs over time.