RAMS today announced a range of mortgage rate decreases for variable home loan customers, including a reduction of .20% per annum (p.a) for owner occupier customers and investor customers with principal and interest repayments, and a reduction of .30% p.a. for investor customers with interest only repayments.

The interest rate changes will come into effect on Tuesday 16 July 2019 and will apply to all variable mortgage rates including the following examples:

• Variable home loan (owner occupier) rate has been reduced by .20% p.a. to 5.01% p.a. for customers with principal and interest repayments.
• Variable residential investment property loan reduced by .20% p.a. to 5.52% p.a. for customers with principal and interest repayments.
• Variable home loan (owner occupier) rate reduced by .20% p.a. to 5.60% p.a. for customers with interest only repayments.
• Variable residential investment property loan rate reduced by .30% p.a. to 5.81% p.a. for customers with interest only repayments.

For an owner-occupier customer with a standard variable home loan of $400,000 on principal and interest repayments, the .20% p.a. rate reduction will result in a saving of $800 each year.

Customers who would like information on this rate change are encouraged to contact their local RAMS Home Loan Centre, or call 13 RAMS that’s 13 7267.