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Construction Option

Build with RAMS

If you're thinking of building your dream home, RAMS Construction Option is for you. It's available on many RAMS full doc and low doc home loans, so you can choose the home loan that best suits your needs.

You can use RAMS Construction Option to purchase land and construct a dwelling, to refinance an existing loan from another loan provider and construct a dwelling1, to finance the construction of a dwelling on existing land or even to conduct major renovations to a new or existing property.

Product Key Benefits:

  • Borrow up to 95% of the purchase price on RAMS Full Doc loans
  • Borrow up to 80% of the purchase price on RAMS Low Doc loans2
  • No set time for construction commencement after land settlement, providing you with flexibility.
  • 12 months to complete Construction from issue of an Authority to Commence.
  • Funds progress payments to builders throughout the construction process.
  • Loan repayments are Interest Only during construction, providing cash flow benefits to you.
  • Allows First Home Owner Grant funds to be used to help cover costs of land purchase settlement.
  • “At Completion” Valuation completed at no cost to you
Important Information and conditions:
  • An Authority to Commence must be issued by RAMS before construction commences.
  • Construction must be completed within 12 months of an Authority to Commence being issued.
  • If you are not able to agree to commence and complete construction within 12 months, the loan will be subject to RAMS Land Policy.
  • Deficit funds, if any, must be contributed prior to first progress payment being made.
  • Documents required before the first progress payment is made, include council approved plans, building specifications, fixed price building contract- signed and dated, builders license and builders all risk insurance (or Builders Public liability insurance) and home owners warranty insurance.
  • If a builder requires deposit funds to issue building plans, applicants must be able to cover deposit funds for plans from their own funds, until the first draw down is approved.RAMS will not release any funds until the plans and 1st stage of the construction has been completed.
  • Progress Payment Fee: $50 per drawdown.
  • Final progress payment subject to “At Completion” valuation.


RAMS Construction Option Home Loan Range:

  • RAMS Rate Relief
    0.90% p.a. off RAMS standard variable rate for the first two years
  • RAMS Basic
    A low rate, no fuss home loan, with no account keeping fee.
  • RAMS SmartWay
    An all-in-one home loan with money management facilities such as ATM, EFTPOS and chequebook access.
  • RAMS SmartWay Pro Pack
    The flexibility of an all-in-one home loan, plus preferential interest rates for the life of the loan.
  • RAMS Fixed Rate
    Protect against rising interest rates
  • RAMS Fixed Rate Pro Pack
    Repayment certainty for larger loans

And for the self-employed:

Let us help you find the right home loan for your needs. We’re available 7 days a week and if it suits you better, we’ll happily come to you. Meet with a RAMS Home Loans Specialist!


Fees, 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.1Excludes partly completed construction loans. 2Full doc loans: Up to 95% LVR and $750,000 in Metro /Category 1. Low doc loans: Up to 80% LVR and $1 Million in Metro / Category 1. 3Discounted off the RAMS SmartWay Variable Rate.