Fast Track

Fast-track your purchase

You could get into your home sooner and save on mortgage insurance

Ideal for: First home buyers

The support of family can be priceless when trying to grow that deposit to buy your first home. One option available is for a parent or sibling to provide a limited guarantee.

How does this work?

A guarantor simply provides RAMS with a guarantee (or security) for an amount equivalent to a certain percentage of the purchase price, supported by a mortgage over their existing property.

The primary security for the mortgage will still be the property you intend to buy. To use a guarantor, you (the applicant) must be able to service the entire mortgage on your income.

What this means for the borrower

• Where the LVR exceeds 85% evidence of 5% genuine savings is required.
• Potential to save on lender's mortgage insurance costs.

What this means for the guarantor

• Only liable for the agreed amount under the guarantee (i.e. not the full loan amount) plus reasonable enforcement expenses
• Not liable for scheduled monthly repayments
• Can be released from the guarantee on application once LVR on the secured property falls below 80%. In exercising its discretion, RAMS takes into consideration the LVR and RAMS lending criteria applicable at the time. Fees apply.

What home loans are eligible?

RAMS Fast Track using a guarantor is available on home loans for owner occupiers plus investors, as well as for construction purposes where a fixed price contract and plans are supplied.

Note: Fast Track is not available for Line of Credit and Self-employed loans.