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RAMS Line of Credit
An evergreen line of credit at home loan rates
With a RAMS Line of Credit home loan you’ll enjoy easy access to your home equity. You can access funds up to your approved credit limit, via ATM, EFTPOS and chequebook, and you only pay interest on your outstanding balance. It’s a flexible alternative to high interest credit facilities.Product Key Benefits:
- An evergreen line of credit
- Interest capitalisation (no regular repayments required if below your credit limit)
- Borrow up to 90% of the purchase price (owner occupiers and investors)
- 10 free transactions every month across all access methods (ATM 1, EFTPOS and chequebook)
- Choice of deposit methods; Direct Debit, Salary Credit, Bank@Post or BPAY
- Extra repayments at anytime, no minimum
Scenario
The Problem:
Nick and Emily’s house is valued at $400,000 and they have an existing mortgage of $130,000 with another lender. They want to refinance and access the equity in their home, as they would like to invest $80,000 in shares.
The Solution:
Nick and Emily refinanced to a RAMS Line of Credit Home Loan with an approved credit limit of $210,000. They drew down $130,000 immediately to pay out their old home loan. This left them with access to a further $80,000 when they needed it – all they had to do was write out a cheque! Of course, they only pay interest on the amount they‘ve drawn down, so until they use the remaining $80,000, they are only paying interest on $130,000.
"RAMS can, so you can"
