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How do I contact RAMS?
If you want to apply for a home loan, locate your nearest
RAMS Home Loans Centre or call
13 RAMS, that's 13 7267, to be put in touch with a RAMS home loan manager.
If you are an existing customer contact us by:
- Telephone: 13 RAMS (13 7267), Monday to Friday 8.30am to 8.30pm (EST)
- If you are calling from overseas, call +612 9647 6967
- Email: service@rams.com.au
- Fax: 02 9736 5273
- Postal Address: Locked bag 100, Royal Exchange, NSW 1225
How do I apply for a loan?
You can apply for a RAMS home loan in a variety of ways:
- Arrange to see a home lending specialist at your local RAMS Home Loans Centre
- Call 13 RAMS, that's 13 7267, and arrange for a Home Loan Manager to call you and make an appointment.
- Apply Online
How long does it take to get approval?
In most cases your home loan manager will be able to give conditional pre-approval within 24 to 48 hours. How quickly you get full approval depends on you providing the necessary documentation to support your application and RAMS getting a valuation of the property.
What is a pre-approval?
A pre-approval is an approval that is given confirming that you can afford the loan based on your current circumstances. It is subject to conditions, for example, acceptable security and verification of income, and is not binding on RAMS. It is usually given before you have found a property.
How long does a pre-approval last?
A pre-approval is valid for 3 months from the date of issue.
For what purpose can I borrow?
RAMS will lend for the following purposes:
- To purchase a residential property in which you plan to live
- To purchase a residential property for investment purposes
- To refinance an existing home loan
- To refinance an existing home loan and consolidate other debts
- For investment purposes
- To release equity in an existing property
- For some business purposes (provided a residential property is offered as security)
- To purchase land and construct a dwelling
- To refinance an existing loan from another loan provider and construct a dwelling (excludes partly completed construction loans)
- To finance the construction of a dwelling on existing land
- To conduct major renovations to a new or existing property.
If your requirements are not listed above, please contact us to discuss your situation and requirements.
All RAMS home loans must be secured against residential property or land. Whilst we will normally lend against a number of property types, we generally cannot lend against:
- Converted motels and hotels
- Serviced apartments (not located in a capital city)
- Property over 50 hectares
- Commercially zoned property
- Studio apartments
Does RAMS lend for business purposes?
Yes in certain circumstances and provided a residential property is provided as security.
I'm self-employed. Can I borrow from RAMS?
Yes. Our
Low Doc range is designed for the self employed, with great rates and simplified paperwork. Subject to meeting our lending criteria, all you need to support your application is a signed
Borrower Declaration stating your income and the ability to make your repayments, and a statement of your assets and liabilities.
What is RAMS' BSB number?
RAMS' BSB number is 032-885.
How do I claim a First Home Owners' Grant?
RAMS can apply for the
First Home Owners' Grant on your behalf, you simply need to submit the completed application and supporting documentation. If approved, we then make the First Home Owner Grant funds to you available at settlement.
How much deposit do I need?
A great no deposit home loan is RAMS Fast Track. You can borrow up to 120%1 of the full purchase price (or valuation if lower) and save thousands in mortgage insurance costs. A guarantor (an immediate family member2) simply needs to provide RAMS with a limited guarantee supported by either a first registered mortgage or in a limited number of circumstances a second mortgage3 over their property, for the amount you need to borrow over 80%4 of the property value, and you won’t be charged a cent in lender’s mortgage insurance.
With RAMS, if you have the deposit, you can borrow up to 95%5 of the full purchase price (or valuation if lower). You need to make sure you can show genuine savings, that you can afford the repayments and have funds to cover the transaction costs such as RAMS fees, legal fees, statutory charges such as stamp duty and a deposit bond if required.
It’s easy to find a RAMS home loan that’s best suited to your needs. Ask RAMS how, click here.
1LVR of 120% of purchase price is only applicable where the loan purpose includes both consolidation of other debts and renovations or home improvements. 2Acceptable to RAMS. First Registered Mortgagee (Westpac Banking Group) must provide consent on or before settlement in order for settlement to occur. 3Second mortgage will only be accepted if the first mortgage is held with the Westpac Banking Group. 4Funds required for renovations/ home improvements must be evidenced by a fixed contract. For loans up to $1.5 million. Fees, conditions and limitations apply. Subject to RAMS normal lending criteria. 5Fees, conditions and limitations apply. Subject to RAMS normal lending criteria. The product conditions set out in this document apply to loans available through RAMS Home Loan Centres. Different product conditions may apply to loans available through RAMS accredited brokers. Funds to cover transaction costs and deposit required. Subject to loan serviceability. If for investment purposes, must hold 20% of the purchase price in equity in other residential real estate or income earning assets.
What is a deposit bond?
A deposit bond is a simple cost-effective way to cover the deposit on a property purchase when you do not have immediate access to cash, but have finance approved. The value of the bond is equal to the required deposit. A
deposit bond can be particularly useful if you are buying at auction. See
Deposit Power for more information.
What documentation do I need to provide?
Depending on your circumstances and the home loan you have applied for, you will generally need to supply the following:
- Completed and signed RAMS Standard Application Form
- 100 Point Check AML Customer Identification Checklist (with accompanying identification) per applicant
- First Home Owner Grant application (if you're a first home buyer)
- Signed copy of Contract of Sale (required for purchase only)
- 6 Months Home Loan Statements (required for refinance only)
- Rates Notice for existing property used as security (required for refinance/equity releases only)
- Copy of last 3 months’ loan statements for any loan to be paid out (required for loan consolidation only)
- Evidence of income – most recent payslip or letter from employer detailing conditions and most recent group certificate.
If you are applying for a RAMS Low Doc loan you will need to supply the following:
OR
- A letter from your accountant outlining each applicants' income details
- If you are a PAYG employee – A pay-slip or employment letter (no older than 30 days)
Can I pay out my loan early?
Yes, however early repayment fees may be payable. If your loan is currently in a fixed rate period, break costs may also be payable. Check your loan agreement for details and other fees and charges that may be applicable.
Am I eligible for a RAMS home loan?
If you are over 18 and can meet RAMS' lending guidelines, any Australian Resident can apply for a RAMS home loan.
What is the minimum length of time I must be employed for before I can apply for a RAMS home loan?
You must be employed for a minimum of 6 months before RAMS will consider you for a home loan.
Can I switch my home loan to a fixed interest rate?
Yes you can subject to any product restrictions. To discuss your options, please contact your nearest
RAMS home loan centre or call the RAMS Customer Service team on
13 RAMS,
that’s 13 726.
Can I switch to a different home loan?
It depends on the type of RAMS home loan you currently have. To discuss your options, please contact your nearest
RAMS home loan centre or call the RAMS Customer Service team on
13 RAMS,
that’s 13 7267.
How do I set up a Direct Debit?
Click here to download the Direct Debit form. Once completed, please send it to:
RAMS Financial Group Pty Limited, Locked Bag 5001 Concord West NSW 2138.
For further information, call
13 RAMS,
that’s 13 7267.
Can I make extra repayments?
Yes, you can make extra repayments on all RAMS home loans. However the terms and conditions relating to extra repayments vary depending on the RAMS home loan you choose, and whether you select a fixed or variable interest rate. So please see individual products for full details.
How do I make an extra repayment?
Most RAMS home loans allow extra repayments to be made by Bpay, direct transfer or cheque deposit. If you have a debit card on your loan you can also make deposits through AusPost.
Cheque deposits can to be posted to RAMS Financial Group Pty Ltd Locked bag 5001, Concord West NSW 2138. Remember to write your home loan account number on the back of your cheque.
What are the costs involved?
Costs vary depending on the RAMS home loan you choose (see individual home loans for details) and the amount you borrow. In addition to application, valuation and settlement fees you need to allow for RAMS' fees, Stamp Duty and Solicitor's fees. Use our
Calculators to find out how much stamp duty you’ll pay in your State or Territory.
What is RAMS' Risk fee?
RAMS Risk Fee is paid by the borrower (you) and covers the lender in the event of loan default or if the house is sold for less than the amount owed under the mortgage. Many lenders charge mortgage insurance in these circumstances, however RAMS charges a risk fee.
RAMS' Risk fee is levied on full doc loans, where the loan is more than 80% of the value of the property, or if the loan is over $1.5 million.
What is Stamp Duty? How much do I have to pay?
Stamp Duty is a state government duty payable when a property is purchased or transferred. Stamp Duty is calculated on the purchase price of the property and is paid by the buyer. Each State and Territory has a different rate of duty. Check out the
RAMS Stamp Duty calculator to work out how much Stamp Duty will be payable on your property purchase.
How much is the First Home Owner Grant worth?
The standard First Home Owner is $7,000. However in October 2008 the federal government announced an increase to the First Home Owner Grant for first home buyers as an interim measure. First home buyers purchasing an established property will now receive $14,000 for the purchase of established homes, and $21,000 for the purchase of newly-constructed homes. The First Home Owner Boost is available for contracts entered into before 30 September 2009.
How do I claim the First Home Owner Grant?
RAMS can apply for the
First Home Owners' Grant on your behalf, you simply need to submit the completed application and supporting documentation. If approved, we then make the First Home Owner Grant funds to you available at settlement.
My partner and I are both eligible for the First Home Owner Grant. Will we receive it twice?
The
First Home Owner Grant is payable per property purchase, not per individual. So if you are both eligible for the Grant and you purchase your first home together, you will only receive one payment.
How much can I borrow?
The minimum loan amount varies by product, see individual home loans for details. There is no maximum loan size for RAMS full doc loans, and we will lend up to $1,500,000 on RAMS low doc loans, subject to LVR and postcode restrictions. However, the actual amount you can borrow depends on your individual financial circumstances.
Check out the
RAMS How Much Can I Borrow Calculator or
all our calculators to get an estimate of what we will lend you. For a more accurate estimate make an appointment with one of our home loan managers – they can even arrange a home loan pre-approval to give you the confidence needed to bid at an auction.
How much will my repayments be?
Your minimum repayment is calculated by working out what amount needs to be paid to reduce your loan balance to zero over the term of your loan. This amount may vary if you decide to make extra repayments.
Check out
RAMS' Repayments Calculator or
all our calculators to estimate payments based on loan term, amount and interest rates.
How much Stamp Duty can I expect to pay?
The Stamp Duty payable on a property purchase depends on a number of factors including which State you purchase in, whether or not you are a first home buyer and whether or not you are going to live in the property.
Check out the
RAMS Stamp Duty calculator to work out how much Stamp Duty will be payable on your purchase.
Do I have to have life insurance?
No, RAMS does not insist on life insurance.
How is interest calculated?
Interest is calculated on the closing daily balance – you only ever pay interest on what you owe at the end of each day. So if your home loan offers the flexibility to make additional repayments, any extra payments you make save you interest. This could save you thousands of dollars over the life of the loan.
What happens if interest rates go up or down?
If you have a variable rate loan and interest rates go up or down, we will recalculate your minimum repayment based on the new rate. We will write to you to advise your new minimum repayment. If you have a fixed rate loan, your rate and repayments will not change during the period of the fixed rate agreement.
What are your current interest rates?
If you are considering taking out a new RAMS home loan, you can
compare interest rates and loan features here.If you are an existing customer, please call the RAMS Customer Service team on
13 RAMS,
that’s 13 7267 for details of your existing home loan.
What is RAMS Lifestyle Option?
The
RAMS Lifestyle Option is available on most home loans (excludes line of credit and fixed rate home loans). It allows you to defer repayments on your loan for up to 6 months – twice during the life of the loan. This option is designed to help you if your income is temporarily affected by situations such as parental leave or retrenchment. Conditions and fees apply, so ask a RAMS representative for further details if you are interested in this option.
Does RAMS offer a repayment holiday option?
Yes, a repayment holiday option is available on most RAMS home loans. If you have built up extra funds in your home loan account, the repayment holiday option allows you to stop repayments for a period of time. (Your repayments are taken out of the extra funds, until the extra funds are used up).
How do I apply for a RAMS Lifestyle Option?
Contact the RAMS Customer Service team on 13 RAMS, that’s 13 7267, for information on how to apply for a RAMS Lifestyle Option.
How do I arrange a RAMS Repayment Holiday Option?
Contact the RAMS Customer Service team on 13 RAMS, that’s 13 7267, for information on how to take up a RAMS Repayment Holiday Option.
Are RAMS home loans transportable?
Yes, all RAMS home loans are transportable when simultaneous settlement of sale and purchase occurs. This means you can save on set up fees and you may also save on stamp duty
What happens if I have difficulty making a repayment?
Contact the RAMS Customer Service team on 13 RAMS, that's 13 7267, and speak to one of our consultants about your situation.
Can I get access to the extra money I've paid?
Yes. All RAMS home loans have a redraw facility. Minimum amounts and in some cases, fees may apply, so check individual product features for full details,applicable fees and conditions.
Can I access my home loan online?
Yes. Register for
AccessOne and you can view specific home loan account information, your transaction history and balances on-line, at any time.
Currently AccessOne is available to individuals only, not companies or trusts etc.
Who owns RAMS?
RAMS Home Loans is owned by Westpac Banking Corporation, one of the most secure banks in the world with a strong deposit base that has been built up over 191 years in the business.
How is RAMS different to Westpac?
Westpac owns RAMS and provides the financial backing and support. However, RAMS operates separate distribution channels, branding, products and pricing and has its own dedicated originations services and management team. Therefore, customers have the security and stability of a bank with the down to earth, flexibility and innovation of dealing with a non-bank.
How do I find my nearest RAMS home loans centre?
Use our
branch locator. Simply enter your postcode or select a state and region to find the RAMS home loans centre nearest you.
I'm self employed. Can I borrow from RAMS?
Yes. Our
Low Doc range is designed for the self employed, with great rates and simplified paperwork. Subject to meeting our lending criteria, all you need to support your application is a signed
Borrower Declaration stating your income and the ability to make your repayments, and a statement of your assets and liabilities.
Can I split my home loan between different fixed and variable rates?
Yes, minimum spilt amounts may apply.
Can I split my home loan between different loan accounts?
Yes, minimum loan amounts may apply to each loan.
What statements will I receive?
You will receive statements detailing all the transactions on your home loan for the statement period. Statement frequency will vary depending on the type of home loan you choose, so check individual product features for details.
What type of home loans does RAMS offer?
RAMS offers a full range of home loan products catering for most customer requirements. Our range includes:
Does RAMS offer Interest Only loans?
RAMS offers an Interest Only option on all its home loans.
RAMS IO Maximiser,
RAMS Easy Start,
RAMS Basic and all
RAMS Fixed Rate home loans are available for investment purposes with up to 10 years interest only repayments (see individual products for details). RAMS also offers evergreen
line of credit home loans with interest capitalisation, with no need for regular repayments if you’re below your credit limit.
Does RAMS offer Fixed Rates?
Yes. RAMS offers a choice of
fixed rate home loans, including low doc options for the self-employed. All RAMS fixed rate home loans allow you to select a fixed rate term of 1, 2, 3, 4, 5 or 10 years.
What is a Low Doc loan?
A low doc loan has simplified paperwork and is designed for self-employed applicants, who may have difficulty providing up-to-date financials to prove their income. If you are self-employed and apply for a low doc loan, all you need to support your application is a signed
Borrowers' Declaration stating your income and the ability to make your repayments. Subject to meeting our lending criteria, there’s no need to supply financial statements or tax returns.
Does RAMS offer construction loans?
Yes. RAMS offers a
construction option on many of its full doc and low doc loans.
Does RAMS offer bridging loans?
Yes, RAMS offers bridging loans.
Does RAMS offer a credit card?
No, RAMS does not currently offer a RAMS credit card.
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