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RAMS Line of Credit Pro Pack
An evergreen line of credit with preferential rates
If you have total RAMS borrowings of $150,000 or more, you can enjoy an evergreen line of credit loan at discounted1 home loan rates. 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:
- Discounted1 variable rates for the life of the loan.
- An evergreen line of credit.
- Interest capitalisation (no regular repayments required if below your credit limit).
- Borrow up to 90% of the purchase price or valuation if lower (owner occupiers and investors).
- 10 free transactions every month across all access methods (ATM 2, 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 $600,000 and they have an existing mortgage of $330,000 with another lender. They want to refinance and would like an ongoing discounted rate plus easy access to the equity in their home, as they would like to invest $150,000 in shares.
The Solution:
Nick and Emily refinanced to a RAMS Line of Credit Pro Pack Home Loan with an approved credit limit of $480,000. They drew down the $330,000 immediately to pay out their old home loan. This left them with access to a further $150,000 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 $150,000, they are only paying interest on $330,000. Plus, they receive a discounted interest rate for the life of their loan.
"RAMS can, so you can"
