request an appointment

Information for:

RAMS could give you a Standard Variable Rate that's lower than the banks - Ask us!
  • Add this page to your favourites
  • Print this page
  • Email this page

Lifestyle Option

Available on most RAMS home loans

RAMS Lifestyle Option allows you to defer repayments on your loan for up to 6 months – twice during the life of the loan.

This option is designed to help RAMS customers whose income is temporarily affected by situations such as parental leave, accident or retrenchment.

Conditions and fees apply so check further details with a RAMS representative if you are interested in this option.

Conditions

  • The LifeStyle Option is available for loans on Owner Occupied and Investment properties.
  • The LifeStyle Option is not available on RAMS Fixed Rate or Line of Credit home loans.
  • The borrower must maintain a minimum of 50% of normal monthly I/O payments.
  • The maximum reduced period will be six (6) months. This can be reassessed for a further 6 months. Shorter duration may also be utilised providing the total duration does not exceed 12 months.
  • Must be subject to a formal request to RAMS/UCS in accordance with the terms and conditions of the loan agreement. All borrowers must sign the request. No application form applies, but an updated assets and liabilities statement will be required.
  • Borrower must provide evidence to confirm the reason for the Lifestyle Option request. Either redundancy notice, maternity/parental leave approval, or medical documentation, where applicable etc.

Waiting periods do apply

  • Maternity or Parental Leave; the loan must be drawn down at least 12 months prior to applying for the
    LifeStyle Option.
  • Retrenchment, Accident or Sickness; the loan must be drawn down at least 6 months prior to applying for the Lifestyle Option. Mortgage Insurer approval is required.
  • The LVR at time of request is not to exceed 90% (80% for Low Doc products), this is calculated using the
    current limit. 
  • Any available redraw must be used before the Lifestyle Option commences on all products except
    SmartWay products.
  • Other conditions and lending criteria apply.

Scenario

The Problem

John and Katie had taken out a RAMS Home Loan two years ago and were about to have a baby. They were looking for a ways to reduce the monthly commitment on their loan while Katie was on maternity leave caring for the baby.

The Solution

They were able to apply for the Lifestyle option as they had drawn down the loan over 12 months ago and the LVR on their loan was below 90%. With this option they were able to halve their monthly repayment for 6 months while Katie was on maternity leave. The remainder of the repayments was added to the loan and repaid over the remaining life of the loan.
To find out your nearest RAMS Home Loans Centre in your local area, call 13 RAMS, that's 13 7267 or check out our locate us section. You can also make an appointment online. 

Fees, conditions and limitations apply. 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.