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.
RAMS home loans rates
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Fixed - 5 years
- 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.
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
- 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.
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Most comparison sites give you information about rates, fees and features, but expect you’ll pay more with a low advertised rate and $400 ongoing fee or a slightly higher rate and no ongoing fee. The answer is different for each borrower and depends on a number of variables, in particular how big your loan is. Comparisons are either done based on just today or projected over a full 25 or 30 year loan. That’s not how people borrow these days. While you may take a 30 year loan, most borrowers will either upgrade their house or switch their home loan within the first five years.
You’re also expected to know exactly which features you want. This is fine for the experienced borrower, but most people know some flexibility is a good thing, but don’t know exactly which features offer more flexibility than others.
What is the flexibility score?
Today’s home loans often try to lure borrowers with a range of flexible features, including offset accounts, redraw facilities, repayment frequency options, repayment holidays, split loan options and portability. Real Time Ratings™ weights each of these features based on popularity and gives loans a ‘flexibility score’ based on how much they cater to borrowers’ needs over time. The aim is to give a higher score to loans which give borrowers more features and options.
They’re not always timely
In today’s competitive home loan market, lenders are releasing new offers almost daily. These offers are often some of the most attractive deals in the market, but won’t get rated by traditional ratings systems for up to a year.
The assumptions are out of date
The comparison rate is based on a loan size of $150,000 and a loan term of 25 years. However, the typical loan size is much higher than that. Million dollar loans are becoming increasingly common, especially if you live in metropolitan parts of Australia, like Sydney and Melbourne. It’s also uncommon for borrowers to hold a loan for 25 years. The typical shelf life for a home loan is a few years.
The other problem is because it’s a percentage, the difference between 3.9 or 3.7 per cent on a $500,000 doesn’t sound like much, but equals around $683 a year. Real Time Ratings™ not only looks at the difference in the monthly repayments, but it will work out the actual cost difference once fees are taken into consideration.