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  • 20 June 2017

    Changes announced to RAMS home loan variable interest rates

    RAMS today announced a 0.08% per annum reduction in variable interest rates for the majority of its customers who are making principal and interest repayments on their owner occupier home loans. This will take the standard variable rate for these owner occupiers to 5.27% p.a.

    RAMS has also adjusted some of its other interest rates as follows: 

    • The standard variable rate for owner occupiers who are making interest only payments will increase by 0.31% per annum to 5.86% per annum;
    • The standard variable investment rate for customers who are making interest only payments will increase by 0.34% per annum to 6.32% per annum; and
    • The line of credit variable rate will increase by 0.34% per annum to 6.39% per annum. 

    These rates are all effective from 30 June 2017.

    The standard variable investment rate for customers who are making principal and interest repayments will remain unchanged at 5.78% per annum.

    RAMS Executive Director, Ainslie van Onselen, said the changes are good news for owner occupiers who are making principal and interest repayments as they will benefit from lower interest rates which could assist them to pay off their loans faster.

    “We hope this lower rate will encourage customers with interest only home loans to switch to principal and interest repayments, which could assist them to pay down their loan and own their home sooner.

    “We are continuing to adjust our interest rates and lending policies to assist us in meeting APRA’s benchmark on new interest only lending of 30% of new residential mortgage lending,” she said.

    Customers who are currently making interest only repayments are able to move to principal and interest repayments at no charge by contacting 13 RAMS, that’s 13 7267.

    For more information, or assistance and advice in relation to existing or new loans, customers can visit their local RAMS Home Loan Centre, www.rams.com.au or call 13 RAMS.

     

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