RAMS today announced it will increase its variable interest rates for owner occupied and residential investment property loans, reflecting a sustained increase in wholesale funding costs. All variable mortgage rates will increase by 14 basis points and take effect from 19 September 2018 and will apply to new and existing customers.

Rate changes apply to all variable mortgage rates including the following examples: 

• Standard variable home loan rate for owner occupiers will increase to 5.41% per annum for customers with principal and interest repayments;
• Standard variable home loan rate for owner occupiers will increase to 6.00% per annum for customers with interest only repayments;
• Standard variable residential investment property loan rate will increase to 5.92% per annum for customers with principal and interest repayments; and
• Standard variable residential investment property loan rate will increase to 6.46% per annum for customers with interest only repayments. 

The 14 basis points increase will add $35 to the interest cost per month of an average home loan of $300,000. Customers who are currently making interest only repayments are able to move to principal and interest repayments at no charge.

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 that’s 13 7267.

Ends

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Mary-Louise Dare

Media Relations

T. 02 8219 8512

E. mary-louise.dare@westpac.com.au