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RAMS Line of Credit Low Doc

An evergreen line of credit to access home equity

If you want easy, flexible access to the equity in your home and you’re self-employed, a RAMS Line of Credit Home Loan could be the perfect choice. You only pay interest on the amount you draw down, and there’s no need to make regular repayments if you’re below your credit limit. So it’s ideally suited to irregular cash flow.

Plus, like all RAMS low doc loans, all you need to support your application is a signed Borrower Certificate of Income Declaration form stating your income together with 12 months of BAS* statements or an accountant’s letter or (if refinancing) statements for the last six months of the loan(s) being refinanced.

Product Key Benefits:

  • An evergreen line of credit loan
  • Borrow up to 80% of the purchase price (owner occupiers and investors)
  • Available for loans of $100,000 or more
  • Interest capitalisation, no regular repayments required if below your credit limit
  • Simplified paperwork for the self-employed
  • Redraw access to overpayments (no minimum)
  • 10 free transactions every month across all access methods (ATM 1, EFTPOS and chequebook)
  • Choice of repayment methods; Direct Debit, Salary Credit, Bank@Post or BPAY

Scenario

The Problem:

Stuart is self-employed and building an investment property portfolio. He’s wants to borrow $160,000 now to complete the purchase of his first property. In addition, he wants to be able to access a further $50,000 for a deposit on another investment property, when a suitable opportunity comes up. He’d like to manage all his investment property finances from one account.

The Solution:

Stuart takes out a RAMS Line of Credit Low Doc Home Loan with a competitive interest rate and an approved credit limit of $210,000. He draws down $160,000 immediately (to complete the purchase of his first property). Until he draws down the remaining funds (via ATM, EFTPOS and chequebook), he only pays interest on the $160,000. Since he’s below his credit limit at the moment, he doesn’t have to worry about making regular repayments. This suits him well as his cash flow can be irregular.

                                                                                                                               "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.

Fees, conditions, limitations and lending criteria apply. New loans only. The product conditions set out in this document apply to loans available through RAMS Home Loan Centres. *If you manually lodge your BAS account statements, showing payment to the ATO is also required, plus evidence of 20% of the purchase price in other real estate, shares, equities, superannuation or deposit account. 1 Free ATM Transactions relate to Westpac, St George and Bank SA branded ATM's only.  Other Institutions may charge a fee for use of their ATMs. Payable in addition to fee for transactions over free threshold.