COVID-19 Support with your home loan
We have different options available including our COVID-19 support package
We’re here to help
Please note that the COVID19 repayment deferral support package was only available up until 10th December 2020.
RAMS Customer Assist remains ready to help customers who may be experiencing financial difficulty, including as a result of COVID-19. If you have had a change in your circumstances and would like to discuss or apply for hardship assistance, please complete our Financial Hardship form below or call RAMS Customer Assist on 1800 143 075 (operating hours 8.30am – 6.00pm AEST Monday to Friday, closed weekends and public holidays).
If you have recently submitted the COVID-19 ‘Apply for assistance’ form or have recently applied for hardship support with your home loan, we’ll be in touch regarding your application within 2 weeks.
For customers already on a COVID-19 support package, there is some information specifically for you below.
For anyone affected by COVID-19, regardless of whether you’ve only recently applied for assistance below are some options you may like to consider:
Insurance
You may have insurance that may cover you in the event of illness or involuntary unemployment. If you have this insurance, please check your insurer's Product Disclosure Statement.
Redraw Funds
If you’re ahead on repayments, you will have available funds in your home loan that you may access. If you’ve already registered for myRAMS, you can transfer your available funds into your preferred account online. If you are not registered for myRAMS, please call 13 RAMS, that’s 13 7267. All RAMS Home Loans have a redraw facility.
Adjust Direct Debit
If you are paying your home loan by direct debit, you have the option to:
- Reduce your repayments if you are paying more than you need to pay to the minimum amount required
- Amend the frequency, for example, from weekly or fortnightly to monthly
Reduce Repayments
If you are ahead on your repayments and have had your home loan for more than 12 months you may consider reducing your repayments. This option is available depending on the amount of extra funds you have paid into your loan.
Switch to a Fixed Rate
Depending on your situation you may be able to switch to a fixed rate that is lower than your current variable rate. To find out more visit our Fixed Rate info page.
If you are already on a COVID repayment deferral package the below questions may be of assistance
Defer Repayment:
Please note that no new COVID repayment deferral packages will be applied after 10 December 2020.
The below information is only applicable to customers already on a repayment deferral package. If you are not currently on a repayment deferral package but require assistance, including as a result of COVID-19, please complete our Financial Hardship form below or call RAMS Customer Assist on 1800 143 075.
What is the Repayment Deferral?
If you’ve lost your job or suffered loss of income as a result of the COVID-19 situation you can apply to defer your home loan repayments. During the repayment deferral period, you will not need to make repayments toward your home loan.
The deferred interest will be capitalised and any deferred principal repayments will need to be paid off during the remainder of the loan term. This means that your loan repayments will be higher after the deferral period.
Who is eligible?
If you have lost your job or suffered a loss of income as a result of COVID-19 you can apply to defer home loan repayments under our COVID-19 Customer Support Package. If you are already in arrears or hardship, we recommend that you contact us to discuss your options and understand what options may be suitable for you.
Is my loan type eligible?
All loan types are eligible for the COVID-19 Customer Support Package.
What if my next home loan repayment is scheduled between my application for repayment deferral and the time that my deferral request is processed?
Our special assistance package for home loans is applied after we receive your application. Due to the volume of requests, your application may take time to process.
We do understand that you may have a repayment due in the meantime. If you are unable to make your next repayment, please ignore any notices you may receive from us regarding overdue payments and we’ll be in contact when we work through your application.
You have the option to cancel any direct debits associated with your home loan repayments. RAMS will refund any dishonour fees that may have been charged to your loan account after the date of the package request.
What if my COVID-19 repayment deferral under the Customer Support Package was not processed in time and I have had a home loan repayment processed?
The repayment deferral will be applied from date of your deferral request and any funds received as part of regular repayment will be refunded back to the loan, less any accrued interest.
Can the repayment deferral be applied to more than one loan?
Yes – the repayment deferral can be applied to multiple loans. Where you have multiple loans with RAMS, you will need to specify which loan(s) you would like the repayment deferral applied to.
Will I be charged a fee for deferring my home loan repayments under the COVID-19 Customer Support Package?
No fee is payable.
What interest rate would apply to the repayment deferral period under the COVID-19 Customer Support Package?
The interest rate that is currently applicable to your loan.
What happens once the repayment deferral period is over?
You will receive an SMS shortly before the end of your package explaining what you need to do next.
Options include resuming your home loan repayments or discussing further options that may be available with RAMS. If you choose the second option, RAMS will ring you within 2 weeks.
How do I know what my new repayments will be once my COVID-19 support package repayment deferral ends?
RAMS will send a letter to all customers approximately 2-3 weeks before the expiry of their support package repayment deferral period outlining the new repayment amount.
Your loan repayments will be higher after the repayment deferral period, as the deferred interest is capitalised and any deferred principal repayments will need to be paid off during the remainder of the loan term.
Can I access my redraw during the deferral period?
Yes – if you have redraw, you can access the available funds during the home loan repayment deferral period.
Can I vary my home loan product while I have the repayment deferral in place?
A loan cannot be fixed (from variable) or be converted (to another product) throughout the repayment deferral period of the COVID-19 Customer Support Package. You should finalise any home loan changes prior to requesting the repayment deferral.
How will I be notified of the approval of repayment deferral under the COVID-19 Customer Support Package?
You will be notified of approval via email to the email address provided in the COVID-19 Assistance package request form.
Can I cancel the COVID-19 Customer Support Package before the repayment deferral period is complete?
Yes – repayment deferrals can be cancelled at any time. You can request to cancel these by calling 13 RAMS, that’s 13 7267, for loans that are not in hardship or arrears. For loans in hardship or arrears, please call the Customer Assist team on 1800 143 075.
Can I sell my property or payout/close the loan while the package is in place?
Yes – you can sell the property or payout/close the loan account during the deferral period.
What does the COVID-19 repayment deferral look like in my transaction history?
When the package is applied there will be a series of administrative entries that will appear on your statement, the repayment deferral will be referred to as COVID-19 Support Package in your transaction listings. It is important to note that these transaction listings do not represent real money; they are administrative entries put in place to simulate repayments to keep your account in order.
The limit on your account will be lifted by the equivalent of the deferral periods' worth of monthly repayments (inclusive of interest accruing over the period). For each repayment that would be due throughout the period it will look like an amount will be credited to the account, this is to prevent the account from going into arrears, but this is not real money.
How do I know how much redraw I have available?
Whatever you had in available redraw when the package was applied is the amount of available redraw throughout the COVID-19 Assistance Package period, subject to any redraw that you make. Once the package is applied, the amount available to redraw will look like it has increased by an amount equivalent to the future repayments that would be due throughout the package. This increase is not available to you and whilst you are on the package - the available redraw amount will reduce every time you had a repayment due. This is an administrative entry to make sure your account doesn’t go into arrears whilst you are on the package. Once your package is over, the value in your available redraw will return to your actual redraw available amount.
If you would like to know the exact amount available in your redraw please contact your local RAMS Home Loan Centre, or call 13 RAMS, that’s 13 7267.
What else will look different on my statement?
When the package is applied the limit on your account will be lifted by the equivalent of the deferral periods' worth of repayments (inclusive of interest accruing over the period), this is an administrative entry to keep your account in order and is not an increase in lending.
The balance on your loan will increase every month while you are on the package by the interest that is accruing whilst your repayments have been deferred.