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Self-Employed Low Doc Home LoanWorking harder for the self-employed Meet with a home loan expert Have us call you Interest rate p.a. 7.16% 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 7.44% Ideal for: Self-employed Discounted interest rate under Value Advantage Package Discounted interest rate for LVR’s < or = 60% Simple application process – we make it easy for the self-employed Easy access - debit card, ATM, cheque access – with 25 free transactions Redraw with no minimums and no redraw fee. Details Fees Flexible Features Scenario LVR < = 60%LVR > 60% Interest rate p.a. 6.91% 7.16% 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 loan7.27% 7.44% Minimum loan size Minimum loan size to be borrowed$15,000 $15,000 Maximum loan size Maximum loan size to be borrowed$1,500,000 $1,000,000 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 property (Refer Credit Guidlines for full details) 80% 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 (Refer Credit Guidlines for full details) 80% Redraw A redraw facility allows you access to the available funds (if any) in your home loanYesNo 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 rateYesMinimum $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 customerYesYes 1 to 5 year and 10 year4 option 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' amountNo Weekly/Fortnightly/Monthly Payments Weekly: Yes Fortnightly: Yes Monthly: Yes Extra payments No minimum Deposit methods6Direct 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)1st yr: Convert to any Low Doc Product After 2 yrs: convert to any productConversion 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 repaymentsYes Debit card10 & chequebook A debit card gives you access to the available redraw in your home loan via ATMs or Bank@PostYes Limited Genuine Savings Option No Value Advantage Package Eligibility Yes ATM11/EFTPOS & cheque access free transactions Yes25 free transactions per month. After Free Trans: $2.00 for ATMs, $0.65 for EFTPOS, $0.90 for Chq Statement frequency Every 3 months (monthly available) RAMS Risk fee Payable by Customer LVR>60% Capitalisation of Risk Fee up to Lender's Mortgage Insurance (RAMS Risk Fee) can be added to the total loan amount up to the maximum loan to value ratio80% 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! $150 for each additional valuation. Account keeping fee$20 per month Discharge fee $295 per loan Loan settlement fee $275 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 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 Construction Option8 Looking to build or renovate? For customers who intend to purchase land and build a new home, RAMS has developed a feature called 'RAMS Construction Option' which can be adopted on many RAMS full and low doc home loans. More details Lifestyle Option 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 Bridging Loan Bridge the gap between your old and new property RAMS Bridging Option could be just what you need to assist with the purchase of a new property whilst you’re in the process of selling an existing property. It eases the strain of purchasing your new property by bridging the finance gap whilst you wait to receive proceeds from the sale of your existing property. More details Hypothetical scenario David and Simone are buying a house for $450,000 and want to borrow $360,000. They want a low interest rate and to be able to make extra repayments whenever they can. David and Simone run a small business together and, although they’ve been self-employed for a number of years, they don’t have up-to-date financials. The RAMS solution David and Simone went to see a RAMS Home Loan Specialist who explained that being self-employed, when it comes to applying for a home loan, doesn’t have to mean more paperwork. With the RAMS Self Employed Low Doc Home Loan, all they would need to support their application is a signed Borrower’s Declaration form, together with 12 months of BAS* or an accountant's letter and (if refinancing) statements for the last six months of the loan(s) being refinanced. David and Simone could make extra repayments at any time, and redraw (if they wished)through an ATM, EFTPOS and chequebook access. With the Value Advantage Package they could enjoy an even lower interest rate. *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. Save or share Print Email Bookmark Share You might also consider... Self-Employed Low Doc Fixed Rate Home Loan Fixed rate loans for the self-employed Interest rate p.a. 6.19% A nominal interest rate incorporating certain fees and charges to help consumers identify and compare the true cost of a home loan Comparison rate 7.62% Compare Self-Employed Low Doc Home Loan Working harder for the self-employed Interest rate p.a. 7.16% A nominal interest rate incorporating certain fees and charges to help consumers identify and compare the true cost of a home loan Comparison rate 7.44% Compare Self-Employed Low Doc Line of Credit Unlock your equity Interest rate p.a. 7.21% A nominal interest rate incorporating certain fees and charges to help consumers identify and compare the true cost of a home loan Comparison rate n/a Compare Talk to us to find out more Meet with a home loan expert Have us call you Frequently asked questions How do I apply for a loan?What documentation do I need to provide?What is a Low Doc loan?Am I eligible for a RAMS home loan?I'm self-employed. Can I borrow from RAMS? Why Choose RAMS? Great rates Award winning Leading Australian Non-Bank lender Real choice and better value DISCLAIMER: New loans only. Fees, charges, conditions and limitations apply. Subject to RAMS normal lending criteria. 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. 3. Value Advantage Package available on selected loans for customer with total RAMS borrowings of $150,000 or more. Refer to the Value Advantage Package Brochure for Terms and Conditions. 4. 10 year IO option available for investment purposes only 6. BPAY® available for extra repayments only, not scheduled loan repayments. ® Registered to BPAY Pty Ltd ABN 69 079 137 518. 8. First Drawdown must occur within 6 months of settlement with the loan totally drawn down within 12 months 10. Debit Card not available to Company Borrowers 11. Free ATM Transactions relate to Westpac, St.George, Bankof Melbourne & BankSA branded ATMs only. Other Institutions may charge a fee for use of their ATMs, payable in addition to fee for transactions over free threshold. Direct charging fee payable to owner of ATM when you use a non Westpac, St.George, Bank of Melbourne & BankSA branded ATM.
LVR < = 60%LVR > 60% Interest rate p.a. 6.91% 7.16% 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 loan7.27% 7.44% Minimum loan size Minimum loan size to be borrowed$15,000 $15,000 Maximum loan size Maximum loan size to be borrowed$1,500,000 $1,000,000 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 property (Refer Credit Guidlines for full details) 80% 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 (Refer Credit Guidlines for full details) 80% Redraw A redraw facility allows you access to the available funds (if any) in your home loanYesNo 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 rateYesMinimum $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 customerYesYes 1 to 5 year and 10 year4 option 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' amountNo Weekly/Fortnightly/Monthly Payments Weekly: Yes Fortnightly: Yes Monthly: Yes Extra payments No minimum Deposit methods6Direct 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)1st yr: Convert to any Low Doc Product After 2 yrs: convert to any productConversion 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 repaymentsYes Debit card10 & chequebook A debit card gives you access to the available redraw in your home loan via ATMs or Bank@PostYes Limited Genuine Savings Option No Value Advantage Package Eligibility Yes ATM11/EFTPOS & cheque access free transactions Yes25 free transactions per month. After Free Trans: $2.00 for ATMs, $0.65 for EFTPOS, $0.90 for Chq Statement frequency Every 3 months (monthly available) RAMS Risk fee Payable by Customer LVR>60% Capitalisation of Risk Fee up to Lender's Mortgage Insurance (RAMS Risk Fee) can be added to the total loan amount up to the maximum loan to value ratio80%
LVR < = 60%LVR > 60% Interest rate p.a. 6.91% 7.16% 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 loan7.27% 7.44% Minimum loan size Minimum loan size to be borrowed$15,000 $15,000 Maximum loan size Maximum loan size to be borrowed$1,500,000 $1,000,000 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 property (Refer Credit Guidlines for full details) 80% 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 (Refer Credit Guidlines for full details) 80% Redraw A redraw facility allows you access to the available funds (if any) in your home loanYesNo 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 rateYesMinimum $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 customerYesYes 1 to 5 year and 10 year4 option 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' amountNo Weekly/Fortnightly/Monthly Payments Weekly: Yes Fortnightly: Yes Monthly: Yes Extra payments No minimum Deposit methods6Direct 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)1st yr: Convert to any Low Doc Product After 2 yrs: convert to any productConversion 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 repaymentsYes Debit card10 & chequebook A debit card gives you access to the available redraw in your home loan via ATMs or Bank@PostYes Limited Genuine Savings Option No Value Advantage Package Eligibility Yes ATM11/EFTPOS & cheque access free transactions Yes25 free transactions per month. After Free Trans: $2.00 for ATMs, $0.65 for EFTPOS, $0.90 for Chq Statement frequency Every 3 months (monthly available) RAMS Risk fee Payable by Customer LVR>60% Capitalisation of Risk Fee up to Lender's Mortgage Insurance (RAMS Risk Fee) can be added to the total loan amount up to the maximum loan to value ratio80%
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! $150 for each additional valuation. Account keeping fee$20 per month Discharge fee $295 per loan Loan settlement fee $275
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! $150 for each additional valuation. Account keeping fee$20 per month Discharge fee $295 per loan Loan settlement fee $275
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 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 Construction Option8 Looking to build or renovate? For customers who intend to purchase land and build a new home, RAMS has developed a feature called 'RAMS Construction Option' which can be adopted on many RAMS full and low doc home loans. More details Lifestyle Option 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 Bridging Loan Bridge the gap between your old and new property RAMS Bridging Option could be just what you need to assist with the purchase of a new property whilst you’re in the process of selling an existing property. It eases the strain of purchasing your new property by bridging the finance gap whilst you wait to receive proceeds from the sale of your existing property. More details
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 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 Construction Option8 Looking to build or renovate? For customers who intend to purchase land and build a new home, RAMS has developed a feature called 'RAMS Construction Option' which can be adopted on many RAMS full and low doc home loans. More details Lifestyle Option 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 Bridging Loan Bridge the gap between your old and new property RAMS Bridging Option could be just what you need to assist with the purchase of a new property whilst you’re in the process of selling an existing property. It eases the strain of purchasing your new property by bridging the finance gap whilst you wait to receive proceeds from the sale of your existing property. More details
Hypothetical scenario David and Simone are buying a house for $450,000 and want to borrow $360,000. They want a low interest rate and to be able to make extra repayments whenever they can. David and Simone run a small business together and, although they’ve been self-employed for a number of years, they don’t have up-to-date financials. The RAMS solution David and Simone went to see a RAMS Home Loan Specialist who explained that being self-employed, when it comes to applying for a home loan, doesn’t have to mean more paperwork. With the RAMS Self Employed Low Doc Home Loan, all they would need to support their application is a signed Borrower’s Declaration form, together with 12 months of BAS* or an accountant's letter and (if refinancing) statements for the last six months of the loan(s) being refinanced. David and Simone could make extra repayments at any time, and redraw (if they wished)through an ATM, EFTPOS and chequebook access. With the Value Advantage Package they could enjoy an even lower interest rate. *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.