• Frequently asked questions

    At RAMS, we are here to help you every step of the way. Below is a list of Frequently Asked Questions we have compiled for you. If you don't find what you are looking for, please get in touch.

    • Home Loan FAQs
      • How do I contact RAMS?

        If you want to apply for a home loan, locate your nearest RAMS Home Loans Centre, call 13 RAMS, that's 13 7267 or fill in our online enquiry form, to be put in touch with a RAMS Home Loan Specialist.

        If you are an existing customer contact us by:

        • Telephone: 13 RAMS (13 7267), Monday to Friday 8.30am to 8.30pm (EST)
        • If you are calling from overseas, call +612 9647 6967
        • Fax: 02 9736 5273
        • Postal Address: Locked bag 100, Royal Exchange, NSW 1225
      • How do I apply for a loan?
         You can arrange to see a home lending specialist at your local RAMS Home Loans Centre or call 13 RAMs, that's 13 7267 to arrange for a RAMS Home Loans Specialist to call you.
      • How do I claim a First Home Owners' Grant?

        RAMS can apply for the First Home Owners' Grant on your behalf, you simply need to submit the completed application and supporting documentation. If approved, we then make the First Home Owner Grant funds to you available at settlement.

      • My partner and I are both eligible for the First Home Owner Grant. Will we receive it twice?

        The First Home Owner Grant is payable per property purchase, not per individual. So if you are both eligible for the Grant and you purchase your first home together, you will only receive one payment.

      • What are the costs involved?

        Costs vary depending on the RAMS home loan you choose (see individual home loans for details) and the amount you borrow. In addition to application, valuation and settlement fees, you need to allow for RAMS' fees, Stamp Duty and solicitor's fees. Use our Calculators to find out how much stamp duty you’ll pay in your State or Territory.

      • What are your current interest rates?
        If you are considering taking out a new RAMS home loan, you can compare interest rates and loan features here.

        If you are an existing customer, please call the RAMS Customer Service team on 13 RAMS, that’s 13 7267 for details of your existing home loan.
      • What documentation do I need to provide?

        Depending on your circumstances and the home loan you have applied for, you will generally need to supply the following:

        • Completed and signed RAMS Standard Application Form
        • 100 Point Check AML Customer Identification Checklist (with accompanying identification) per applicant
        • First Home Owner Grant application (if you're a first home buyer)
        • Signed copy of Contract of Sale (required for purchase only)
        • 6 Months Home Loan Statements (required for refinance only)
        • Rates Notice for existing property used as security (required for refinance/equity releases only)
        • Copy of last 3 months’ loan statements for any loan to be paid out (required for loan consolidation only)
        • Evidence of income – most recent payslip or letter from employer detailing conditions and most recent group certificate.

        If you are applying for a RAMS Low Doc loan you will need to supply a  Borrower Certificate of Income Declaration or a letter from your accountant outlining each applicants' income details. If you are a PAYG employee – A pay-slip or employment letter (no older than 30 days).

        • What happens if I have difficulty making a repayment?
          Contact the RAMS Customer Service team on 13 RAMS, that's 13 7267, and speak to one of our consultants about your situation.
        • What happens if interest rates go up or down?
          If you have a variable rate loan and interest rates go up or down, we will recalculate your minimum repayment based on the new rate. We will write to you to advise your new minimum repayment. If you have a fixed rate loan, your rate and repayments will not change during the period of the fixed rate agreement.
        • What is a deposit bond?
          A deposit bond is a simple cost-effective way to cover the deposit on a property purchase when you do not have immediate access to cash, but have finance approved. The value of the bond is equal to the required deposit. A deposit bond can be particularly useful if you are buying at auction. See Deposit Bond for more information.
        • What is a Low Doc loan?
          A low doc loan has simplified paperwork and is designed for self-employed applicants, who may have difficulty providing up-to-date financials to prove their income. If you are self-employed and apply for a low doc loan, all you need to support your application is a signed Borrowers' Declaration stating your income and the ability to make your repayments. Subject to meeting our lending criteria, there’s no need to supply financial statements or tax returns.
        • What is pre-approval?
          A pre-approval is an approval that is given confirming that you can afford the loan based on your current circumstances. It is subject to conditions, for example, acceptable security and verification of income, and is not binding on RAMS. It is usually given before you have found a property.
        • What is RAMS Lifestyle Option?
          The RAMS Lifestyle Option is available on most home loans (excludes line of credit and fixed rate home loans). It 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 you if your income is temporarily affected by situations such as parental leave or retrenchment. Conditions and fees apply, so ask a RAMS Home Loan Specialist for further details if you are interested in this option.
        • What is RAMS' BSB number?
          RAMS' BSB number is 032-885.
        • What is RAMS' Risk fee?
          RAMS Risk Fee is paid by the borrower (you) and covers the lender in the event of loan default or if the house is sold for less than the amount owed under the mortgage. Many lenders charge mortgage insurance in these circumstances, however RAMS charges a risk fee.

          RAMS' Risk fee is levied on full doc loans, where the loan is more than 80% of the value of the property, or if the loan is over $1.5 million.
        • What is Stamp Duty? How much do I have to pay?
          Stamp Duty is a state government duty payable when a property is purchased or transferred. Stamp Duty is calculated on the purchase price of the property and is paid by the buyer. Each State and Territory has a different rate of duty. Check out the RAMS Stamp Duty calculator to work out how much Stamp Duty will be payable on your property purchase.
        • What is the minimum length of time I must be employed for before I can apply for a RAMS home loan?
          You must be employed for a minimum of 6 months before RAMS will consider you for a home loan.
        • What statements will I receive?
          You will receive statements detailing all the transactions on your home loan for the statement period. Statement frequency will vary depending on the type of home loan you choose, so check individual product features for details.
        • What transactions are considered to be Direct Entry?
          These are transactions that are electronically debited from or credited to your loan (e.g. salary payments by wage instruction, credit card bills paid by direct debit, dividend and government payments by direct credit). You have an unlimited number of direct entries on your account which are free.
        • What types of home loans does RAMS offer?
          RAMS offers a full range of home loan products catering for most customer requirements.
        • When is the best time to make repayments on this loan so that I may save on interest?
          The sooner the better! You can make a deposit to your loan as often as you like. Interest is calculated on the daily balance of your loan, so you will benefit every time funds are deposited.
        • When will I receive my cheque book, debit card and PIN?
          Your loan needs to be drawn down before we can order these items. You will receive these within a maximum of 10 working days from the date we settle your home purchase or loan refinance. If you don’t receive them within this timeframe, please contact RAMS Customer Service Team on 13 RAMS (13 7267).
        • Who owns RAMS?
          RAMS Home Loans is owned by Westpac Banking Corporation, one of the most secure banks in the world with a strong deposit base that has been built up over 191 years in the business.
        • Am I eligible for a RAMS home loan?
          If you are over 18 and can meet RAMS' lending guidelines, any Australian Resident can apply for a RAMS home loan.
        • Are RAMS home loans transportable?
          Yes, all RAMS home loans are transportable when simultaneous settlement of sale and purchase occurs. This means you can save on set-up fees and you may also save on stamp duty.
        • Can I access my home loan online?
          Yes. Register for myRAMS and you can view specific home loan account information, your transaction history and balances on-line, at any time.

          Currently myRAMS is available to individuals only, not companies or trusts etc.
        • Can I get access to the extra payments I've paid?
          Yes. All RAMS home loans have a redraw facility. Minimum amounts and in some cases, fees may apply, so check individual product features for full details,applicable fees and conditions.
        • Can I make cash and/or cheque deposit at Westpac or any other bank?
          Unfortunately this isn’t possible. To discuss your options to deposit funds to your loan, please call 13 RAMS, that's 13 7267.
        • Can I make extra repayments?
          Yes, you can make extra repayments on all RAMS home loans. However the terms and conditions relating to extra repayments vary depending on the RAMS home loan you choose, and whether you select a fixed or variable interest rate. So please see individual products for full details.
        • Can I obtain my loan balance and redraw balance via an ATM?
          This will depend on the type of ATM you use. Some new ATM’s provide loan and redraw balances and others will provide only your loan balance.
        • Can I pay my credit card bill directly from my loan?
          Your loan will accept direct debits from any financial institution within Australia. You will need to contact your credit card provider to ascertain if this payment method is possible.
        • Can I pay out my loan early?
          Yes, however early repayment fees may be payable. If your loan is currently in a fixed rate period, break costs may also be payable. Check your loan agreement for details and other fees and charges that may be applicable.
        • Can I split my home loan between different loan accounts?
          Yes, minimum loan amounts may apply to each loan.
        • Can I split my home loan between fixed and variable interest rates?
          Yes, minimum spilt amounts may apply.
        • Can I switch my home loan to a fixed interest rate?
          Yes you can subject to any product restrictions. To discuss your options, please contact your nearest RAMS home loan centre or call the RAMS Customer Service team on 13 RAMS, that’s 13 726.
        • Can I switch to a different home loan?
          It depends on the type of RAMS home loan you currently have. To discuss your options, please contact your nearest RAMS home loan centre or call the RAMS Customer Service team on 13 RAMS, that’s 13 7267.
        • Do I have to have life insurance?
          No, RAMS does not insist on life insurance.
        • Does RAMS lend for business purposes?
          Yes in certain circumstances and provided a residential property is provided as security.
        • Does RAMS offer a credit card?
          No, RAMS does not currently offer a RAMS credit card..
        • Does RAMS offer a repayment holiday option?
          Yes, a repayment holiday option is available on most RAMS home loans. If you have built up extra funds in your home loan account, the repayment holiday option allows you to stop repayments for a period of time. (Your repayments are taken out of the extra funds, until the extra funds are used up).
        • Does RAMs offer bridging loans?
          Yes, RAMS offers bridging loans.
        • Does RAMS offer construction loans?
          Yes. RAMS offers a construction option on many of its full doc and low doc loans.
        • Does RAMS offer fixed rates?
          Yes. RAMS offers a choice of fixed rate home loans, including low doc options for the self-employed. All RAMS fixed rate home loans allow you to select a fixed rate term of 1, 2, 3, 4, 5 or 10 years.
        • Does RAMS offer Interest Only loans?
          RAMS offers an Interest Only option on all its home loans. RAMS Full Feature, RAMS Investor, RAMS Low Rate, and all RAMS Fixed Rate home loans and Self-Employed Low Doc loans are available for investment purposes with up to 10 years interest only repayments (see individual products for details). RAMS also offers evergreen line of credit home loans with interest capitalisation, with no need for regular repayments if you’re below your credit limit.
        • For what purpose can I borrow?
          • To purchase a residential property in which you plan to live
          • To purchase a residential property in which you plan to live
          • To purchase a residential property for investment purposes
          • To refinance an existing home loan
          • To refinance an existing home loan and consolidate other debts
          • For investment purposes
          • To release equity in an existing property
          • For some business purposes (provided a residential property is offered as security)
          • To purchase land and construct a dwelling
          • To refinance an existing loan from another loan provider and construct a dwelling (excludes partly completed construction loans)
          • To finance the construction of a dwelling on existing land
          • To conduct major renovations to a new or existing property.

          If your requirements are not listed above, please contact us to discuss your situation and requirements. All RAMS home loans must be secured against residential property or land. Whilst we will normally lend against a number of property types, we generally cannot lend against:

          • Converted motels and hotels
          • Serviced apartments (not located in a capital city)
          • Property over 50 hectares
          • Commercially zoned property
          • Studio apartments
        • How do I access my money?

          There are a number of options available:

          • Your debit card enables you to utilise EFTPOS (which is available at most retailers) for purchases and cash withdrawals.
          • Use your debit card to obtain cash through any ATM where the “Cirrus” logo is displayed.
          • You can withdraw money over the counter at over 3,300 Australia Post outlets displaying the Bank@Post sign.
          • Use your cheque book to make purchases.

          Your home loan has a total of 25 free transactions per month across all access methods (except direct entry transactions which are unlimited). If the access method is via ATM, the free transactions relate only to Westpac, St George (excluding St George ATM’s in BP Service Stations), Bank of Melbourne or BankSA ATM’s. Other institutions may charge a fee for use of their ATM’s, payable in addition to fee for transactions over free threshold. Please refer to your loan agreement for details.

        • How do I apply for a RAMS Lifestyle Option?
          Contact the RAMS Customer Service team on 13 RAMS, that’s 13 7267, for information on how to apply for a RAMS Lifestyle Option.
        • How do I apply for a RAMS Repayment Holiday Option?
          Contact the RAMS Customer Service team on 13 RAMS, that’s 13 7267, for information on how to take up a RAMS Repayment Holiday Option.
        • How do I arrange automatic transfer of funds from my loan into an account with another financial institution?

          There are two options:

          • You can complete a “Standing Order” form. This will be forwarded to you shortly after your loan is drawn / settled. Alternatively, you can set up a Standing Order (Regular Redraw) by visiting www.rams.com.au and selecting myRAMS or call RAMS Customer Service Team on 13 RAMS (13 7267). Standing Orders can be established for one off or regular transfers (e.g. repayments on another loan).
          • You can authorise another financial institution to debit the funds from your loan. To find out how, please contact the financial institution you wish your funds to be transferred to. You will need to complete one of their direct debit forms.
        • How do I arrange for my salary to be credited to my loan?
          A Wage Instruction form is included in your pack. You need to give this form to your employer who will arrange for your salary to be credited to your loan.
        • How do I claim the First Home Owners Grant?
          RAMS can apply for the First Home Owners' Grant on your behalf, you simply need to submit the completed application and supporting documentation. If approved, we then make the First Home Owner Grant funds to you available at settlement.
        • How do I deposit cash and cheques into my loan via Bank@Post?
          This service is available at most Australia Post outlets displaying the Bank@Post sign. You need to complete a deposit slip, swipe your debit card through the PinPad at the counter, press savings and enter your PIN. The operator will provide you with a receipt.
        • How do I find my nearest RAMS home loans centre?
          Use our branch locator. Simply enter your postcode or select a state and region to find the RAMS home loans centre nearest you.
        • How do I make an extra repayment?
          Most RAMS home loans allow extra repayments to be made by BPAY, direct transfer or cheque deposit. If you have a debit card on your loan you can also make deposits through AusPost.

          Cheque deposits can to be posted to:
          RAMS Financial Group Pty Ltd Locked bag 5001, Concord West NSW 2138.

          Remember to write your home loan account number on the back of your cheque.
        • How do I make extra lump sum payments to my loan?
          You can send a cheque to RAMS via Locked Bag 5001, Concord West NSW 2138 or deposit funds at any Australia Post outlet displaying the Bank@Post sign. You may also visit www.rams.com.au and selecting myRAMS or contact RAMS Customer Service Team on 13 RAMS (13 7267) and arrange for your funds to be debited from your bank account (we can only provide this service if you have previously supplied us with a direct debit authority on your bank account).
        • How do I set up a Direct Debit?

           Download the Direct Debit form.Once completed, please send it to:

          RAMS Financial Group Pty Limited, Locked Bag 5001, Concord West NSW 2138.

          For further information, call 13 RAMS, that’s 13 7267.

        • How is interest calculated?
          Interest is calculated on the closing daily balance – you only ever pay interest on what you owe at the end of each day. So if your home loan offers the flexibility to make additional repayments, any extra payments you make save you interest. This could save you thousands of dollars over the life of the loan.
        • How is RAMS different to Westpac?
          Westpac owns RAMS and provides the financial backing and support. However, RAMS operates separate distribution channels, branding, products and pricing and has its own dedicated originations services and management team. Therefore, customers have the security and stability of a bank with the down to earth, flexibility and innovation of dealing with a non-bank.
        • How long does it take to get approval?
          In most cases your home loan manager will be able to give conditional pre-approval within 24 to 48 hours. How quickly you get full approval depends on you providing the necessary documentation to support your application and RAMS getting a valuation of the property.
        • How long does pre-approval last?
          A pre-approval is valid for 3 months from the date of issue.
        • How much can I borrow?
          The minimum loan amount varies by product, see individual home loans for details. There is no maximum loan size for RAMS full doc loans, and we will lend up to $1,500,000 on RAMS low doc loans, subject to LVR and postcode restrictions. However, the actual amount you can borrow depends on your individual financial circumstances.

          Check out the RAMS How Much Can I Borrow Calculator or all our calculators to get an estimate of what RAMS will lend you. For a more accurate estimate make an appointment with one of our home loan specialists – they can even arrange a home loan pre-approval to give you the confidence needed to bid at an auction.
        • How much deposit do I need?

          A great no deposit home loan is RAMS Fast Track. You can borrow up to 120%1 of the full purchase price (or valuation if lower) and save thousands in mortgage insurance costs. A guarantor simply needs to provide RAMS with a limited guarantee supported by either a first registered mortgage or in a limited number of circumstances a second mortgage2 over their property, for the amount you need to borrow over 80%3 of the property value, and you won’t be charged a cent in lender’s mortgage insurance.

          With RAMS, if you have the deposit, you can borrow up to 95%5 of the full purchase price (or valuation if lower). You need to make sure you can show genuine savings, that you can afford the repayments and have funds to cover the transaction costs such as RAMS fees, legal fees, statutory charges such as stamp duty and a deposit bond if required.

          It’s easy to find a RAMS home loan that’s best suited to your needs. Ask RAMS how, click here.  

          1LVR of 120% of purchase price is only applicable where the loan purpose includes both consolidation of other debts and renovations or home improvements. .

          2Second mortgage will only be accepted if the first mortgage is held with the Westpac Banking Group.

          3Funds required for renovations/ home improvements must be evidenced by a fixed contract. For loans up to $1.5 million. Fees, conditions and limitations apply. Subject to RAMS normal lending criteria.

          5Fees, 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. Funds to cover transaction costs and deposit required. Subject to loan serviceability. If for investment purposes, must hold 10% of the purchase price in equity in other residential real estate or income earning assets.

        • How much is my first repayment and when is it due?
          Line of Credit loans – You must make a repayment immediately at any time your loan balance exceeds your available credit limit. You must monitor your account to ensure you remain within your available credit limit. In addition, a statement will be mailed to you quarterly. The statement is produced quarterly but you can request it monthly by calling RAMS Customer Service Team on 13 RAMS (13 7267).
          Other transactional loan types - Details of your first repayment and when it is due are outlined in your settlement letter.
           
        • How much is the First Home Owner Grant worth?
          The standard First Home Owner is $7,000. However each state has its own conditions. For instance, in NSW there is a maximum property value (ie. cap) of $850,000 and in Victoria, Queensland, Northern Territory and most of Western Australia there is a cap of $750,000 and in South Australia it is $575,000. Each state also offers incentives in addition to the First Home Owners Grant. Check with your state government's website for more information.
        • How much Stamp Duty can I expect to pay?
          The Stamp Duty payable on a property purchase depends on a number of factors including which State you purchase in, whether or not you are a first home buyer and whether or not you are going to live in the property.

          Check out the RAMS Stamp Duty calculator to work out how much Stamp Duty will be payable on your purchase.
        • How much will my repayments be?
          Your minimum repayment is calculated by working out what amount needs to be paid to reduce your loan balance to zero over the term of your loan. This amount may vary if you decide to make extra repayments. Check out RAMS' Repayments Calculator or all our calculators to estimate payments based on loan term, amount and interest rates.
        • I have lost my debit card. What do I do?
          Call 13 RAMS (13 7267) immediately and follow the voice prompts. If you are overseas the number to call is +61 2 96476967. You can report your debit card lost or stolen 24 hours a day, 7 days a week.
        • I'm self-employed. Can I borrow from RAMS?
          Yes. Our Low Doc range is designed for the self employed, with great rates and simplified paperwork. Subject to meeting our lending criteria, all you need to support your application is a signed Borrower Declaration stating your income and the ability to make your repayments and a statement of your assets and liabilities.
        • If I make a lump sum payment by cheque, how long does it take to clear?
          Cheques deposited via Bank@Post take 7 business days to clear. Cheques posted to RAMS take 5 business days to clear from the date the cheque was deposited to your loan.
      • myRAMS FAQS
        • Do I need any special software to use myRAMS Internet?

          To use myRAMS Internet you’ll require the web browser Internet Explorer 7.0 (or above), Firefox 3.5.2 (or above) or Safari 5.0 (or above). Not sure which browser you have? You’ll find the name listed in the ‘Help’ menu of your web browser.

        • ePayments
        • How do I register for myRAMS Internet?

          Call 13 RAMS, that’s 13 7267 and we can walk you through the registration process over the phone. Your registration should take about 15 minutes to complete. RAMS can be contacted between 7am and 11pm (AEST) 7 days.

          If you're calling from outside of Australia, please call us on +612 9647 6967.

        • How do I update or change my details?

          After you’ve logged into myRAMS Internet you can change some of your details including your mobile number. But for your security, you’ll have to call 13 RAMS, that’s 13 7267 and talk with a RAMS Consultant to change certain personal details. It’s safe, secure and can be done within 15 minutes. RAMS can be contacted between 7am and 11pm (AEST) 7 days.

          If you're calling from outside of Australia, please call us on +612 9647 6967.

        • How can I enable/disable myRAMS Internet Platform?

          To enable or disable myRAMS Internet, please call RAMS on 13 RAMS, that’s 13 7267. This is a security measure so we can be sure that we’re dealing with the authorised account holder and not someone else pretending to be you.

        • myRAMS Internet – what can I do?

          You can do most of your everyday transactions through myRAMS Internet. You can pay bills, transfer money, check your past transactions, change some of your personal details and give your accounts nicknames to make them easier to remember.