Skip to main

First Time Buyer? 5% deposit and $1 LMI.

Home Loans are what we do.

What is Lender’s Mortgage Insurance?

When your deposit is less than 20% of the purchase price of the property, Lender’s Mortgage Insurance (LMI) – is usually required. It’s designed to protect a lender when the borrower has a low deposit, and is common with first home buyers.

You don’t have to pay the LMI amount upfront, as it’s added to your loan, but it does impact your loan repayments (as your LMI is built into the loan) and of course increases the interest component of the loan during its lifetime.

The amount of your LMI depends on a number of things, including your loan amount and the amount you have as a deposit.

How could I save up to $20k off my LMI?

Choose an eligible RAMS Home Loan

Our Essential Home Loan, Full Featured and Fixed Rate Home Loans are eligible, (but not line of credit loans, when your purchase is land only, or loans with a construction option which remain on Interest Only repayments after completion of the initial Interest Only period). Available to first time buyers only. Apply by 30 June 2024, settle by 31 October 2024.

Choose a loan of $250k or more

Whether you’re an owner occupier or an investor, if your loan is for $250k or more and you’re a first-time buyer, you’re sorted.

When your LVR is 80% to 95%

This rebate applies if you have a loan-to-value ratio (LVR) above 80% and up to 95%, which means you have a deposit of less than 20%, but above 5% of the property price.

Speak to a home loan specialist

A RAMS Home Loan Specialist makes a difference

The right home loan for you

A RAMS home loan specialist will find the right home loan to suit you and your stage of life.

Smooth process

Our home loan specialists take the ‘hard’ out of the process for you. They’ll come to you, at a time and place that suits you and sort out approval in days, not weeks, wherever possible.

Personal service

You’ll have a dedicated home loan specialist from start to finish, so you’ll only have to tell your story once.  You’ll also have their mobile number, so whatever arises, you can get things sorted.

Community engagement

RAMS proud winner of Best Self-Employed Lender
for four years running in the
2017, 2018, 2019 and 2020 Australian Lending Awards.

RAMS proudly supports The Kids' Cancer Project

More information:

Credit criteria, T&Cs and exclusions apply. Min loan $250k. New Owner Occupier and Investment loans with Principal & Interest repayments only. LVR above 80 percent, up to 95 percent including LMI premium at time of approval. Apply by 30 June 2024, settle by 31 October 2024.

*Offer available for eligible Owner Occupier First Time Buyers approved for their first home loan with loan to value ratio (LVR) greater than 80% and up to 95% including LMI premium at time of formal approval.

LVR is the amount of the customer’s loan compared to the Bank’s valuation of the property offered to secure the loan, expressed as a percentage. First Time Buyers are applicants ​applying for their first home loan for their first property. For joint applications, at least one applicant must be a First Time Buyer. Available on New Owner Occupier & Investment loans with Principal & Interest repayments. Not available on Interest Only repayments. Offer current as of 7 December 2023. Offer may be varied or withdrawn at any time. Min loan size of $250k. Max one security property per application. Excludes Line of Credit, Constructions Loans which remain on Interest Only repayments after completion of the initial Interest Only period, Land Only Loans, RAMS Fast Track home loans, company and trustee borrowers, refinances, and switches and refinances of home loans within the Westpac Group which includes RAMS, St. George, Westpac, Bank of Melbourne and BankSA. Offer not available in conjunction with RAMS New Purchase Buyer $1,000 Rebate offer. Lender’s Mortgage Insurance premium will be reduced for eligible customers up to a max of $20,000 with a premium of at least $1 payable for LMI by the customer. This will be reflected within the Home Loan Agreement. Where the LMI premium is more than $20,000, RAMS will pay $20,000 towards the premium. The balance of the LMI premium will be payable by the customer. LMI subject to approval and customer must adhere to LMI obligations during the loan agreement. Funds to cover transaction costs are required. This information does not take into account your personal circumstances.