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RAMS Fast Track

Buy your first home sooner and save on mortgage insurance

With RAMS Fast Track a guarantor (parent/s of the applicant/s) simply needs to provide RAMS with a limited guarantee supported by either a first registered mortgage1 or in a limited number of circumstances a second mortgage2 over their property, for the amount you need to borrow over 80% of the property value, and you won’t be charged a cent in lender’s mortgage insurance. This way, not only can you borrow the full purchase price (or valuation if lower), but you can also save thousands in mortgage insurance costs.

Product Key Benefits:

For the borrower:

  • Borrow up to 120%3 of the full purchase price (105% if not including debt consolidation or renovations/improvements4).
  • Save thousands on mortgage insurance costs.
  • Available on most RAMS home loans purchased for owner occupation (excludes Line of Credit and Low Doc loans).
  • No cash deposit required.

For the guarantor:

  • Only liable for the agreed, guaranteed amount (not the full loan amount).
  • Not liable for scheduled monthly repayments.
  • Can apply to have the guarantee released at any time, subject to the borrower satisfying RAMS lending criteria.

RAMS Fast Track Home Loan has received Best New Mortgage Product
Award 2006 from Your Mortgage Magazine

Winner - Best Mortgage Product 2006

Scenario

The Problem:

Andrew wants to buy his first home for $350,000. He would like to borrow $372,500 to cover the purchase price of the property, the associated costs, and consolidate a personal loan. He doesn’t have any savings, but his parents, who own their own home, are willing to help.

The Solution:

The RAMS Fast Track option means Andrew can borrow the amount he wants to, with the support of his parents and a limited guarantee of $115,625 secured by first mortgage over their home. After considering the range of RAMS home loans available, Andrew chose a RAMS SmartWay Pro Pack because of the discounted rate and money management facilities it offered.

"RAMS can, so you can"

Meet with a RAMS home loans specialist today. We're available 7 days a week and if it suits you better, we'll happily come to you.

The product conditions set out in this document apply to loans available through RAMS Home Loan Centres. 1First Registered Mortgagee (Westpac Banking Group) must provide consent on or before settlement in order for settlement to occur. 2Second mortgage will only be accepted if the first mortgage is held with the Westpac Banking Group. 3LVR of 120% of purchase price is only applicable where the loan purpose includes both consolidation of other debts and renovations or home improvements (excludes construction loans). 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.