Please visit rams.com.au/terms to view FAQs relating to changes to your home loan General Terms.
  • Information for existing customers to find out more about your home loan options

  • Redraw

    A redraw facility allows you to make additional repayments into your loan account and then access these extra funds when necessary. It has two key advantages: it encourages borrowers to make extra repayments, thereby saving on interest costs; and it provides flexible access to funds when they are most needed. A redraw facility is available on most variable rate loans but is not available on fixed rate loans.

    A redraw facility allows you to make additional repayments into your loan account and then access these extra funds when necessary A redraw facility is a common feature on all but the most basic variable rate home loans. Its two key advantages are:  

    • It encourages borrowers to make extra repayments, thereby potentially saving on interest costs; and
    • It provides flexible access to funds 

    A redraw facility gives you the flexibility to put more towards the loan when you have cash available, whilst knowing you can access your extra repayments later on if you wish to. Of course, there’s a great incentive not to access them – you could repay your debt faster and save money on interest changes. All RAMS home loans have a redraw facility. Minimum redraw amounts and fees may apply, so check the individual product features for full details of fees and conditions.  

    Redraw benefits

    The benefits of a RAMS redraw facility include: 

    • There’s no activation fee. Unlike some lenders, RAMS doesn’t charge a fee if you choose to activate the redraw facility on your account.
    • Redraws are free on many RAMS home loans.
    • There’s no annual limit on the number of redraws you make.
    • There’s no maximum redraw amount, although you can only access the extra repayments you’ve made.
    • Some RAMS home loans have no minimum redraw amount.

    Is redraw right for you?  

    A redraw facility usually works best for borrowers who only need to redraw their extra repayments from time to time. 

    If you intend to use your home loan as your main transaction account, a line of credit loan may be more appropriate. RAMS Line of Credit allows you to deposit the bulk of your income on the loan and then access your money as required via ATM, EFTPOS and chequebook access. Each month the loan account balance is reduced by any deposits and increased by credit transactions or cash withdrawals.