• Line of Credit

    Unlock the equity in your home

  • Line of Credit
    Interest rate p.a. 5.95% Variable
    Comparison rate* p.a. A nominal interest rate incorporating certain fees and charges to help consumers identify and compare the true cost of a home loan n/a

    Ideal for:
    Investors, owner occupiers

    • Unlocks the equity in your home
    • Acts like a credit card at home loan rates
    • Easy access – use BPAY®, debit card, cheque or Bank@Post to transact
    • No regular repayment required if under your credit limit
    • Interest charged only on the outstanding loan balance.
     
    • Interest rate p.a. 5.95%
      Comparison rate* p.a. A nominal interest rate incorporating certain fees and charges to help consumers identify and compare the true cost of a home loan
      n/a
      Minimum loan size Minimum loan size to be borrowed$15,000
      Maximum loan size Maximum loan size to be borrowedNo Maximum
      Owner Occupier Max LVR The maximum loan to value ratio ("LVR") means the amount you can borrow expressed as a percentage of the security (property) value. For example, 90% LVR means you can borrow up to 90% of the value of the property90%
      Investor Max LVR The maximum loan to value ratio ("LVR") means the amount you can borrow expressed as a percentage of the security (property) value. For example, 90% LVR means you can borrow up to 90% of the value of the property 90%
      Redraw A redraw facility allows you access to the available funds (if any) in your home loanYes
      Yes - no minimum
      Loan Splitting Splitting the loan into two (or more) accounts, usually one part at a fixed interest rate and the other at a variable interest rateYes
      Minimum $15,000
      Interest Only payments The borrower elects to make repayments covering the interest charged only and not on the principal. The interest only period is usually limited to a maximum of 5 or 10 years depending on the home loan type and term selected by the customerYes
      Yes and not required if under credit limit
      Interest Capitalisation The act of adding any interest charged, and not repaid, onto the loan (the capital). Interest is then calculated on this new 'capitalised' amountYes
      Weekly/Fortnightly/Monthly Payments Weekly: Yes
      Fortnightly: Yes
      Monthly: Yes
      Repayments are not required if you are under your credit limit.
      Extra payments No minimum
      Deposit methods Direct debit, salary credit, BPAY, Bank@Post and myRAMS^
      Loan fixing No at origination
      Yes post Settlement
      Fee - $295
      Loan switching You can 'switch' your loan's variable interest rate to a fixed interest rate (subject to the terms and conditions of the loan)Convert to any Full Doc loan any time. Conversion Fee - $295
      Repayment Holiday If you've built up enough of a buffer on your home loan through making extra repayments you can take a temporary 'repayment holiday' until such time as you are no longer in front in your loan repaymentsNot applicable
      Debit card6 & chequebook A debit card gives you access to the available redraw in your home loan via ATMs or Bank@PostYes
      Tier 2 Genuine Savings Option7No
      Value Advantage Package Eligibility8Yes
      ATM9/EFTPOS & cheque access free transactions Yes
       25 free transactions per month across all access methods
      Statement frequency Every 3 months (monthly available)
      Lender's Mortgage Insurance premium payable by customer LVR >80% or >$1.5m
      LVR >70% and $1.5m <=$3.5m
      LVR >60% and >$3.5m
      RAMS Risk Fee payable by customer N/A
      Capitalisation of Lenders' Mortgage Insurance or RAMS Risk Fee - LVR up to Lender's Mortgage Insurance or RAMS Risk Fee can be added to the total loan amount up to the maximum loan to value ratio90%
    • Application fee Fees charged to cover or partially cover the lender's costs of processing a loan approval for a home buyer$595
      Valuation fee

      First valuation is free!

      $220 for each additional valuation.

      Account keeping fee$20 per month
      Discharge fee $295 per loan (plus legal costs)
      Loan settlement fee $275
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        Value Advantage Package

        Take out a RAMS Value Advantage Package and save $$$ each year

        Take out a RAMS Value Advantage Package, and save $$$ each year with a discount on your home loan interest rate. More details

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        Deposit Bond

        Arrange a deposit without touching your savings

        Obtaining a Deposit Bond through RAMS could help you secure your dream home by providing you with an alternative to finding a cash deposit before settlement. A Deposit Bond acts as a guarantee to the vendor, allowing the purchaser to pay the deposit amount (together with the balance of the purchase price) on the day of settlement (rather than funding a deposit up front/on exchange). In addition, a deposit bond could also save you the costs of obtaining bridging finance in order to pay your deposit. More details

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        Lifestyle Option

        You could defer your home loan repayments for up to 6 months

        Life is full of challenges. Some are welcome and others are more of a surprise. Either way, you may need extra support to get through any such challenging times.

        RAMS Lifestyle Option allows you to defer repayments on your loan for up to 6 months – twice during the life of the loan. It’s our way of helping out. Conditions and fees apply so talk to a RAMS Home Loan Specialist to see how we can help.

        More details

    • Hypothetical scenario

      Nick and Diane were looking at renovating their home but didn’t have the cash to pay for the $70,000 they had in quotes. They had a loan with RAMS for over three years and knew they had equity in their home. Nick and Diane wanted to explore their options so they decided to talk to their RAMS Home Loan Specialist.

      The RAMS solution

      Nick and Diane’s RAMS Home Loans Specialist suggested an option they hadn’t considered – a RAMS Line of Credit.

      A RAMS Line of Credit works similarly to a credit card, in that interest is only charged on money that is drawn. As a RAMS Line of Credit would be secured against their property, Nick and Diane would be charged interest at the relatively low interest rate payable for their home loan on funds accessed from their Line of Credit, instead of higher interest rates that generally apply to credit cards. In addition, Nick and Diane can pay for their renovations, using funds from their Line of Credit, by debit card, BPAY or internet transfer.

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  • Why Choose RAMS?

    • Great rates
    • Award winning
    • Personalised service
    • Real choice and better value

     

     

     

  • DISCLAIMER:

    New loans only. Fees, charges, conditions and limitations apply. Subject to RAMS normal lending criteria.

    * Please note: The comparison rate is calculated on a secured loan of $150,000 with a term of 25 years with monthly principal and interest repayments. WARNING: This comparison rate is true only for examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

    ^myRAMS is not available to Companies and Trusts and is subject to systems availability.

    1 Not applicable on this product. 2 Not applicable on this product. 3 Not applicable on this product. 4 ® Registered to BPAY Pty Ltd ABN 69 079 137 518.  5 Not applicable on this product. 6 Debit card not available to company borrowers. 7 Not applicable on this product. 8 Value Advantage Package available on selected loans for customer with total RAMS eligible borrowings of $150,000 or more. Refer to the Value Advantage Package Brochure for Terms and Conditions. 9 Free ATM Transactions relate to RAMS ATM alliance including Westpac, St.George (excluding St.George ATMs in BP Service Stations), Bank of Melbourne and BankSA branded ATMs only. Other institutions may charge a fee for use of their ATMs, payable in addition to any fee for transactions over free threshold.10 Not applicable on this product. 11 Not applicable on this product.