Important disclosure
RAMS
RAMS is a home loan lender headquartered in Sydney. RAMS was formed in 1991 as ‘Registered Australian Mortgage Securities.’ In 1995, RAMS home loans entered the retail market, and in 2008, the RAMS brand and distribution business was bought by Westpac Banking Corporation.
RAMS is known for providing flexible, simple home loan products to everyday Australians. It offers a wide variety of mortgages, including options for investors, re-financers, first home buyers, and self-employed borrowers.
Pros and cons
- 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.
- Some products include fees.
Owner occupied products interest rates
| Loan type | Principal & Interest rate | Interest Only |
|---|---|---|
Essential Home Loan (Min Deposit 30%) | 2.39% p.a. 2.45% p.a. Comparison rate | 3.79% p.a. 3.85% p.a. Comparison rate |
Essential Home Loan (Min Deposit 20%) | 2.44% p.a. 2.5% p.a. Comparison rate | 3.84% p.a. 3.9% p.a. Comparison rate |
Essential Home Loan (Min Deposit 10%) | n/a | 4.09% p.a. 4.15% p.a. Comparison rate |
1 Year Fixed Rate Classic Home Loan (Min Deposit 20%) | n/a | 4.09% p.a. 4.16% p.a. Comparison rate |
2 Year Fixed Rate Classic Home Loan (Min Deposit 20%) | n/a | 4.49% p.a. 4.24% p.a. Comparison rate |
3 Year Fixed Rate Classic Home Loan (Min Deposit 20%) | n/a | 4.89% p.a. 4.39% p.a. Comparison rate |
Value Advantage Package (Min Deposit 30%) | 3.49% p.a. 3.91% p.a. Comparison rate | 4.09% p.a. 4.49% p.a. Comparison rate |
4 Year Fixed Rate Classic Home Loan (Min Deposit 20%) | n/a | 5.09% p.a. 4.53% p.a. Comparison rate |
Value Advantage Package (Min Deposit 20%) | 3.54% p.a. 3.96% p.a. Comparison rate | 4.14% p.a. 4.54% p.a. Comparison rate |
5 Year Fixed Rate Classic Home Loan (Min Deposit 20%) | n/a | 5.19% p.a. 4.65% p.a. Comparison rate |
Value Advantage Package (Min Deposit 5%) | 3.79% p.a. 4.2% p.a. Comparison rate | 4.39% p.a. 4.79% p.a. Comparison rate |
Line of Credit packaged | n/a | 4.51% p.a. 4.91% p.a. Comparison rate |
Full feature home loan (Min Deposit 30%) | 4.56% p.a. 4.62% p.a. Comparison rate | 5.15% p.a. 5.22% p.a. Comparison rate |
Full feature home loan (Min Deposit 20%) | 4.61% p.a. 4.67% p.a. Comparison rate | 5.2% p.a. 5.27% p.a. Comparison rate |
2 Year Value Advantage Package (Min Deposit 20%) | n/a | 4.49% p.a. 5.48% p.a. Comparison rate |
1 Year Value Advantage Package (Min Deposit 20%) | n/a | 4.09% p.a. 5.51% p.a. Comparison rate |
3 Year Value Advantage Package (Min Deposit 20%) | n/a | 4.89% p.a. 5.52% p.a. Comparison rate |
Full feature home loan (Min Deposit 10%) | n/a | 5.45% p.a. 5.52% p.a. Comparison rate |
4 Year Value Advantage Package (Min Deposit 20%) | n/a | 5.09% p.a. 5.57% p.a. Comparison rate |
5 Year Value Advantage Package (Min Deposit 20%) | n/a | 5.19% p.a. 5.6% p.a. Comparison rate |
Line of Credit (Min Deposit 20%) | n/a | 6.18% p.a. 6.46% p.a. Comparison rate |
Essential Home Loan (Min Deposit 5%) | 2.69% p.a. 2.75% p.a. Comparison rate | n/a |
1 Year Fixed Rate Classic Home Loan (Min Deposit 5%) | 2.89% p.a. 2.78% p.a. Comparison rate | n/a |
2 Year Fixed Rate Classic Home Loan (Min Deposit 5%) | 3.79% p.a. 2.96% p.a. Comparison rate | n/a |
3 Year Fixed Rate Classic Home Loan (Min Deposit 5%) | 4.29% p.a. 3.18% p.a. Comparison rate | n/a |
4 Year Fixed Rate Classic Home Loan (Min Deposit 5%) | 4.49% p.a. 3.38% p.a. Comparison rate | n/a |
5 Year Fixed Rate Classic Home Loan (Min Deposit 5%) | 4.69% p.a. 3.6% p.a. Comparison rate | n/a |
1 Year Value Advantage Package (Min Deposit 5%) | 2.89% p.a. 4.87% p.a. Comparison rate | n/a |
2 Year Value Advantage Package (Min Deposit 5%) | 3.79% p.a. 4.87% p.a. Comparison rate | n/a |
Full feature home loan (Min Deposit 5%) | 4.86% p.a. 4.92% p.a. Comparison rate | n/a |
10 Year Fixed Rate Classic Home Loan (Min Deposit 5%) | 5.64% p.a. 4.92% p.a. Comparison rate | n/a |
3 Year Value Advantage Package (Min Deposit 5%) | 4.29% p.a. 4.93% p.a. Comparison rate | n/a |
4 Year Value Advantage Package (Min Deposit 5%) | 4.49% p.a. 4.98% p.a. Comparison rate | n/a |
5 Year Value Advantage Package (Min Deposit 5%) | 4.69% p.a. 5.05% p.a. Comparison rate | n/a |
10 Year Value Advantage Package (Min Deposit 5%) | 5.64% p.a. 5.76% p.a. Comparison rate | n/a |
Investment purpose products interest rates
| Loan type | Principal & Interest rate | Interest Only |
|---|---|---|
Essential Home Loan (Min Deposit 30%) | 2.69% p.a. 2.75% p.a. Comparison rate | 2.89% p.a. 2.95% p.a. Comparison rate |
Essential Home Loan (Min Deposit 20%) | 2.74% p.a. 2.8% p.a. Comparison rate | 2.94% p.a. 3% p.a. Comparison rate |
Essential Home Loan (Min Deposit 10%) | 2.99% p.a. 3.05% p.a. Comparison rate | 3.19% p.a. 3.25% p.a. Comparison rate |
1 Year Fixed Rate Classic Home Loan (Min Deposit 20%) | n/a | 3.59% p.a. 3.3% p.a. Comparison rate |
2 Year Fixed Rate Classic Home Loan (Min Deposit 20%) | n/a | 4.29% p.a. 3.46% p.a. Comparison rate |
3 Year Fixed Rate Classic Home Loan (Min Deposit 20%) | n/a | 4.79% p.a. 3.69% p.a. Comparison rate |
4 Year Fixed Rate Classic Home Loan (Min Deposit 20%) | n/a | 5.09% p.a. 3.93% p.a. Comparison rate |
5 Year Fixed Rate Classic Home Loan (Min Deposit 20%) | n/a | 5.19% p.a. 4.12% p.a. Comparison rate |
Value Advantage Package (Min Deposit 30%) | 3.89% p.a. 4.3% p.a. Comparison rate | 4.19% p.a. 4.59% p.a. Comparison rate |
Value Advantage Package (Min Deposit 20%) | 3.94% p.a. 4.35% p.a. Comparison rate | 4.24% p.a. 4.64% p.a. Comparison rate |
Value Advantage Package (Min Deposit 5%) | 4.19% p.a. 4.59% p.a. Comparison rate | 4.49% p.a. 4.89% p.a. Comparison rate |
Full feature home loan (Min Deposit 30%) | 5.07% p.a. 5.13% p.a. Comparison rate | 5.36% p.a. 5.43% p.a. Comparison rate |
Full feature home loan (Min Deposit 10%) | 5.12% p.a. 5.18% p.a. Comparison rate | 5.41% p.a. 5.48% p.a. Comparison rate |
2 Year Value Advantage Package (Min Deposit 20%) | n/a | 4.29% p.a. 5.61% p.a. Comparison rate |
1 Year Value Advantage Package (Min Deposit 20%) | n/a | 3.59% p.a. 5.65% p.a. Comparison rate |
3 Year Value Advantage Package (Min Deposit 20%) | n/a | 4.79% p.a. 5.65% p.a. Comparison rate |
4 Year Value Advantage Package (Min Deposit 20%) | n/a | 5.09% p.a. 5.7% p.a. Comparison rate |
5 Year Value Advantage Package (Min Deposit 20%) | n/a | 5.19% p.a. 5.72% p.a. Comparison rate |
Full feature home loan (Min Deposit 20%) | 5.37% p.a. 5.44% p.a. Comparison rate | 5.66% p.a. 5.73% p.a. Comparison rate |
10 Year Fixed Rate Classic Home Loan (Min Deposit 20%) | n/a | 6.54% p.a. 5.75% p.a. Comparison rate |
Line of Credit (Min Deposit 10%) | n/a | 6.18% p.a. 6.46% p.a. Comparison rate |
10 Year Fixed Rate Classic Home Loan packaged | n/a | 6.54% p.a. 6.65% p.a. Comparison rate |
1 Year Fixed Rate Classic Home Loan (Min Deposit 10%) | 3.09% p.a. 3.07% p.a. Comparison rate | n/a |
2 Year Fixed Rate Classic Home Loan (Min Deposit 10%) | 3.99% p.a. 3.24% p.a. Comparison rate | n/a |
3 Year Fixed Rate Classic Home Loan (Min Deposit 10%) | 4.49% p.a. 3.46% p.a. Comparison rate | n/a |
4 Year Fixed Rate Classic Home Loan (Min Deposit 10%) | 4.79% p.a. 3.69% p.a. Comparison rate | n/a |
5 Year Fixed Rate Classic Home Loan (Min Deposit 10%) | 4.89% p.a. 3.87% p.a. Comparison rate | n/a |
10 Year Fixed Rate Classic Home Loan (Min Deposit 10%) | 5.89% p.a. 5.2% p.a. Comparison rate | n/a |
2 Year Value Advantage Package (Min Deposit 10%) | 3.99% p.a. 5.32% p.a. Comparison rate | n/a |
1 Year Value Advantage Package (Min Deposit 10%) | 3.09% p.a. 5.34% p.a. Comparison rate | n/a |
3 Year Value Advantage Package (Min Deposit 10%) | 4.49% p.a. 5.36% p.a. Comparison rate | n/a |
4 Year Value Advantage Package (Min Deposit 10%) | 4.79% p.a. 5.41% p.a. Comparison rate | n/a |
5 Year Value Advantage Package (Min Deposit 10%) | 4.89% p.a. 5.43% p.a. Comparison rate | n/a |
10 Year Value Advantage Package (Min Deposit 10%) | 5.89% p.a. 6.09% p.a. Comparison rate | n/a |
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.
Your estimated mortgage repayments
at interest rate 2.39%
Total interest payable
$0
Total loan repayments
$0
Contact a mortgage broker
RAMS homeloans are vailable through brokers who can help find the right loan and manage your application at no charge.
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 home loans
How do you compare home loans?
To compare home loans, you can assess the components of the loan against your own financial situation and other mortgages in the market.
Look at the interest rate, rate type (fixed or variable), loan fees, features, loan term, repayment frequency and more to find a home loan that fits with your budget and property goals.
Then, use comparison tools like comparison tables, calculators, or RateCity's Real Time RatingsTM to create a short list of home loan options, and decide which home loan best suits your needs.
What are the different types of home loan interest rates?
A home loan interest rate is used to calculate how much you’ll pay the lender, usually annually, above the amount you borrow. It’s what the lenders charge you for them lending you money and will impact the total amount you’ll pay over the life of your home loan.
Having understood what are home loan rates in general, here are the two types you usually have with a home loan:
Fixed rates
These interest rates remain constant for a specific period and are a good option if you’re a first-time buyer or if you’re looking for a fixed monthly repayment. One possible downside of a fixed rate is that it may be higher than a variable rate. Also, you don’t benefit from any lowering of interest rates in the market. On the flip side, if rates go up, your rate won’t change, possibly saving you money.
Variable rates
With variable interest rates, the lender can change them at any time. This change can be based on economic conditions or other reasons. Changes in interest rates could be beneficial if your monthly repayment decreases but can be a problem if it increases. Variable interest rates offer several other benefits often not available with fixed rate home loans like redraw and offset facilities and free extra repayments.
Does the Home Loan Rate Promise apply to discounted interest rate offers, such as honeymoon rates?
No. Temporary discounts to home loan interest rates will expire after a limited time, so they aren’t valid for comparing home loans as part of the Home Loan Rate Promise.
However, if your home loan has been discounted from the lender’s standard rate on a permanent basis, you can check if we can find an even lower rate that could apply to you.
What is a home loan?
A home loan is a finance product that allows a home buyer to borrow a large sum of money from a lender for the purchase of a residential property. The home is then put up as "security" or "collateral" on the loan, giving the lender the right to repossess the property in the case that the borrower fails to repay their loan.
Once you take out a home loan, you'll need to repay the amount borrowed, plus interest, in regular instalments over a predetermined period of time.
The interest you're charged on each mortgage repayment is based on your remaining loan amount, also known as your loan principal. The rate at which interest is charged on your home loan principal is expressed as a percentage.
Different home loan products charge different interest rates and fees, and offer a range of different features to suit a variety of buyers’ needs.
Do you compare mortgages using the comparison or advertised rate?
A lot of Australians compare home loans using the advertised interest rate, which indicates how much interest you’ll be charged on your mortgage repayments. The lower your rate, the cheaper your home loan should be.
However, interest charges aren’t the only cost associated with home loans. Most mortgage lenders also charge fees on their home loans. A mortgage with a low interest rate and high fees can sometimes cost more than a mortgage with a high interest rate and low fees.
A home loan’s comparison rate combines the cost of interest with the cost of standard fees and charges into a single percentage rate. Mortgage lenders are required to display a comparison rate alongside their advertised rate to better indicate the home loan’s overall cost.
Keep in mind that to ensure consistency, all comparison rates are calculated assuming a $150,000 principal and interest mortgage with a 25 year term. As your home loan may be different, the comparison rate may not accurately reflect exactly how much your home loan may cost. Also, the comparison rate doesn’t include every home loan fee and charge, so it’s still important to compare home loans and read the fine print before you apply.
How do I apply for a home improvement loan?
When you want to renovate your home, you may need to take out a loan to cover the costs. You could apply for a home improvement loan, which is a personal loan that you use to cover the costs of your home renovations. There is no difference between applying for this type of home improvement loan and applying for a standard personal loan. It would be best to check and compare the features, fees and details of the loan before applying.
Besides taking out a home improvement loan, you could also:
- Use the equity in your house: Equity is the difference between your property’s value and the amount you still owe on your home loan. You may be able to access this equity by refinancing your home loan and then using it to finance your home improvement. Speak with your lender or a mortgage broker about accessing your equity.
- Utilise the redraw facility of your home loan: Check whether the existing home loan has a redraw facility. A redraw facility allows you to access additional funds you’ve repaid into your home loan. Some lenders offer this on variable rate home loans but not on fixed. If this option is available to you, contact your lender to discuss how to access it.
- Apply for a construction loan: A construction loan is typically used when constructing a new property but can also be used as a home renovation loan. You may find that a construction loan is a suitable option as it enables you to draw funds as your renovation project progresses. You can compare construction home loans online or speak to a mortgage broker about taking out such a loan.
- Look into government grants: Check whether there are any government grants offered when you need the funds and whether you qualify. Initiatives like the HomeBuilder Grant were offered by the Federal Government for a limited period until April 2021. They could help fund your renovations either in full or just partially.
How do you find cheap home loans?
With so many interest rate options and repayment types available, finding the cheapest home loan may depend on the type of loan you choose.
Whether you’re looking for an owner-occupier or investor loan, with interest-only or principal and interest repayments, on a fixed or variable interest rate, the cheapest home loan rate available may vary greatly.
One way to find the cheapest option for you is to narrow down your search and compare the options that best suit your individual requirements. RateCity’s home loan comparison tables can help you get started on your search and take the hassle out of shopping around.
Can first home buyers apply for an ING home loan?
First home buyers can apply for an ING home loan, but first, they need to select the most suitable home loan product and calculate the initial deposit on their home loan.
First-time buyers can also use ING’s online tool to estimate the amount they can borrow. ING offers home loan applicants a free property report to look up property value estimates.
First home loan applicants struggling to understand the terms used may consider looking up ING’s first home buyer guide. Once the home buyer is ready to apply for the loan, they can complete an online application or call ING at 1800 100 258 during regular business hours.
How do you determine which home loan rates/products I’m shown?
When you check your home loan rate, you’ll supply some basic information about your current loan, including the amount owing on your mortgage and your current interest rate.
We’ll compare this information to the home loan options in the RateCity database and show you which home loan products you may be eligible to apply for.
Are fixed rates or variable rates cheaper?
Fixed and variable home loan interest rates are discretionary based on the lender’s decision. They will also be influenced by the Australian economy, as well as the Reserve Bank of Australia’s cash rate. The specific interest rate you may be offered will also depend on your credit history and financial situation.
Whether a fixed or variable rate home loan is the cheaper option for you will depend on all the above, and may still fluctuate over a 25-year home loan term. Therefore, it’s worth comparing your loan options with our comparison tables to see how the rates compare, based on your specific financial needs.
How do I apply for Westpac’s first home buyer loan?
If you’re a first home buyer looking to apply for a home loan with Westpac, they offer an online home loan application. They suggest the application can be completed in about 20 minutes. Based on the information you provide, Westpac will advise you the amount you can borrow and the costs associated with any possible home loan.
You can use Westpac’s online mortgage calculators to estimate your borrowing power. You can also work out the time it might take to save up for the deposit, and the size of your home loan repayments.
When applying for a home loan with Westpac, you’re assigned a home finance manager who can address your concerns and provide information. The manager will also offer guidance on any government grants you may be eligible for.
Is the lowest home loan rate always the cheapest?
The home loan with the lowest interest rate may not always be the cheapest mortgage option for you. Sometimes a home loan with a low interest rate may charge high fees, which may cost more in total than a mortgage with a higher interest rate and no fees.
Consider checking the comparison rate, which combines interest and standard fees, to get a better idea of the overall cost of different home loan options.
When do mortgage payments start after settlement?
Generally speaking, your first mortgage payment falls due one month after the settlement date. However, this may vary based on your mortgage terms. You can check the exact date by contacting your lender.
Usually your settlement agent will meet the seller’s representatives to exchange documents at an agreed place and time. The balance purchase price is paid to the seller. The lender will register a mortgage against your title and give you the funds to purchase the new home.
Once the settlement process is complete, the lender allows you to draw down the loan. The loan amount is debited from your loan account. As soon as the settlement paperwork is sorted, you can collect the keys to your new home and work your way through the moving-in checklist.
When does Commonwealth Bank charge an early exit fee?
When you take out a fixed interest home loan with the Commonwealth Bank, you’re able to lock the interest for a particular period. If the rates change during this period, your repayments remain unchanged. If you break the loan during the fixed interest period, you’ll have to pay the Commonwealth Bank home loan early exit fee and an administrative fee.
The Early Repayment Adjustment (ERA) and Administrative fees are applicable in the following instances:
- If you switch your loan from fixed interest to variable rate
- When you apply for a top-up home loan
- If you repay over and above the annual threshold limit, which is $10,000 per year during the fixed interest period
- When you prepay the entire outstanding loan balance before the end of the fixed interest duration.
The fee calculation depends on the interest rates, the amount you’ve repaid and the loan size. You can contact the lender to understand more about what you may have to pay.
How to apply for a pre-approval home loan from Bendigo Bank?
Applying for pre-approval on your home loan gives you confidence in your ability to secure finance while looking at potential new homes. You can get a free and personalised pre-approval home loan from Bendigo Bank in just a few minutes, without any credit checks or paperwork.
Bendigo Bank offers pre-approval for home loans that allow you to understand the home loan size you may be able to get before looking for a new home.
With the pre-approval, Bendigo Bank provides an estimate of your borrowing power. This figure incorporates stamp duty, lenders mortgage insurance (LMI) and any first home buyer incentives you may be eligible for. You may also qualify for the First Home Loan Deposit Scheme initiative, depending on your circumstances.
To apply for a pre-approval on your home loan from Bendigo Bank, all you need to do is fill in a smart form. You could also contact the bank directly on 1300 236 344.
