Get the certainty of regular loan repayment amounts over a fixed term, while saving on fees by taking up a Value Advantage Package#.
Take out a Fixed Rate Home Loan package and save the $20 monthly account fee. You’ll pay only an annual service fee, saving you nearly $100 a year.
At the end of the fixed term your loan will revert to a variable rate RAMS Full Feature Home Loan (if you don’t refix), which gives you access to an interest rate discount.
Know what you’ll be repaying each month. Just set your fixed rate term, from 1–5 years or 10 years. (10 years not available to Owner Occupier Interest Only customers).
Make additional repayments (up to $30K during the fixed rate period, with no break costs) to pay off your loan faster, and redraw repaid funds if you need to deal with one of life’s little curve balls!
|Application fee||$595 ($0 under a Value Advantage Package)|
|Valuation fee||First valuation is free!|
$220 for each additional valuation
|Account keeping fee||$20 per month ($0 under a Value Advantage Package)|
|Discharge fee||$295 per loan account (plus legal and other associated costs incurred by us)|
|Loan settlement fee||$285 ($0 under a Value Advantage Package)|
Mary has been saving hard while keeping an eye out for the perfect inner city pad that gives her fast access to her workplace, and to the best bars and restaurants the central city has to offer. She finally has a deposit, saving $120,000.
She’s hoping to find an apartment for $600,000 or less, and after lots of open homes finds just the right one to become her first home.
Mary likes the idea of a fixed rate home loan, because it means there will be no surprises when it comes to how much she has to pay towards her monthly repayments of principal and interest each month. But, she also likes the idea of being able to make extra repayments; her favourite grandma has told Mary she’s made provision for Mary in her will.
Mary checked out RAMS’ fixed rate home loan options, and they both looked great because they had a broad rate of fixed term periods to choose from – meaning she could take advantage of the security of 1, 2, 5 or even 10 years’ fixed term if she wanted to.
She’d also be able to deposit up to $30,000 extra during the fixed rate period with no break costs should she inherit money from Grandma, but have the ability to redraw this money if she needs to.
After talking her situation through with a RAMS home loan specialist, Mary decides on a split loan: she takes a Fixed Rate Home Loan (Packaged) for set period (3 years) and has part of her loan on a variable rate. She likes this fixed loan option because she can add the Value Advantage Package to the fixed loan, and that saves her nearly $100/year on fees – and every little bit counts.
With having a portion as a variable rate home loan, Mary feels like she’s getting the best of both worlds, because she has security against rising interest rates without feeling stuck with higher interest repayments if rates shift down. And if Grandma’s inheritance money turns out to be more than $30,000, she’ll be able to put that straight into her variable loan account, without incurring break costs.
What’s more, because Mary has a deposit of at least 20% for her new home (which means she has a loan-to-value ratio, or LVR, of 80%), she doesn’t have to pay Lender’s mortgage insurance (LMI) when she takes out her loan.
Whether buying a new home, refinancing an existing home loan or investing in property, RAMS mortgage calculators can give you an estimate of what your repayments could be, based on your home loan amount, your loan type and the interest rate you think you'll be paying. Once you get an idea of your mortgage repayments from the calculator, together with the rest of your budget, you'll start to see whether you can realistically afford the home you want to buy. Your local RAMS franchisee can also help guide you through this process. View all of our calculators.
Having a Fixed Rate Classic Home Loan is a great way to give you certainty. It takes the guesswork out of your repayments as they stay the same over the fixed rate period.
A no-frills variable interest rate home loan, designed to get first home buyers started on a home-owning journey. A simple loan with a low variable rate, with the ability to redraw and make extra repayments.
A variable rate home loan that gives you flexibility, with an offset account available, easy redraw, parental leave option and the potential to save with our Value Advantage Package#.
Take a look at all our home loans, fees and different features, then decide which one is right for you.
A RAMS home loan specialist will learn about you, and your circumstances, and then tailor just the right loan to suit you and your stage of life.
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.
You’ll have a dedicated ‘go to’ person from start to finish, so you’ll supply your personal information just once and not have to repeat it. You’ll also have their mobile number, so whatever arises, you can get things sorted.
^myRAMS is not available to Companies and Trusts and is subject to systems availability.
#Value Advantage Package Conditions apply and are available at rams.com.au. Available for customers with total RAMS borrowings of $150,000 or more. No discounts apply where total customer borrowings is less than $150,000, and no interest rate discounts apply to an eligible loan while the interest rate is fixed. Total Customer Borrowings is calculated as the total credit limit for each existing RAMS home loan and any new RAMS home loan being applied for, however the discount only applies to the new eligible loan. There is no limit on the number of new eligible variable rate loans within a RAMS Value Advantage Package that can receive an interest rate discount. Annual fee, currently $149, applies. Unless we tell you otherwise, Package benefits cannot be taken in conjunction with, or in addition to other special offers, negotiated rates or discounts.
1 Maximum LVR on purchase price (or valuation if lower) of up to 95% for principal and interest (P&I) loans and interest only (IO) construction loans with an interest only period of 24 months. Maximum LVR on purchase price (or valuation if lower) of up to 80% for non construction interest only loans or construction loans with an interest only period greater than 24 months. Funds to cover transaction costs required. Lenders mortgage insurance applies when LVR is >80%. If LVR >85%, evidence of 5% genuine savings required. Maximum LVRs are inclusive of any capitalised LMI.
2 Maximum LVR of up to 90% on purchase price (or valuation if lower) for loans with principal and interest (P&I) repayments. Maximum LVR of up to 80% on purchase price (or valuation if lower) for loans with interest only (IO) repayments and all construction loans. Funds to cover transaction costs required.
3 10 year IO option available for investment purposes only.
4 ® Registered to BPAY Pty Ltd ABN 69 079 137 518.
5 Lock In Fee Rules: For a Single Drawdown Loan, Lock In is applicable for a period of 90 days from the date the application is received by RAMS Origination.
6 Not applicable on this product.
7 Switch to interest only repayments is not permitted in the first 12 months of the loan.
8 Value Advantage Package available on selected loans for customer with total RAMS eligible borrowings of $150,000 or more. Refer to the Value Advantage Package Brochure for Terms and Conditions.
9 Not applicable on this product.
10 The RAMS Risk Fee is charged because of the increased risk to us due to the high LVR. Whether a Lender's Mortgage Insurance premium or a RAMS Risk Fee is payable will depend on the individual application.
11 5% deposit and funds to cover transaction costs are also required. Not available on some property types, loan purposes or locations and other conditions apply.
12 Not available for the purpose of owner occupied refinance, debt consolidation or equity release.