Whether a first-time buyer or self-employed, a RAMS home loan has flexible options to make the loan work better for you.
An offset account is an everyday banking account which is linked to your variable rate home loan. Any money in this account is offset daily against your outstanding loan balance, reducing the interest payable on the home loan.
Here’s an example:
You need to have an eligible RAMS home loan to link to your RAMS Action with Offset account.
Other eligibility criteria:
Note: The offset facility is not available to company or trust borrowers, while your loan is on a fixed interest rate, or on RAMS line of credit loans.
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Chloe and James have a $400,000 Home Loan and $40,000 in a RAMS Action with Offset account. The interest rate payable on their home loan is 4.5% p.a. Due to the offset account being linked to their home loan, the amount on which they pay interest is $360,000 ($400,000 - $40,000), which results in an interest charge of $1,376 for the month*. This is $152 less than they would have paid without the offset facility. The good thing is, the money sitting in their offset is easily accessible when required, as it is a transaction account.
Apart from personal information
such as name, date of birth and Australian residential address, you’ll also
need to provide:
We can even try to verify your
identity online so you may not need to provide any or all paperwork.
You may be able to borrow more but Lender's mortgage insurance may be applicable.
This would be your new repayment if you unlock all of your useable equity.
You need to apply to increase your home loan in order to access useable equity. Applications are subject to RAMS credit criteria, and fees and charges apply.
We assume you do not redraw any amount.
We assume the interest rate does not change.
This calculator assumes any lump sum payments are made on the anniversary of your loan settlement date.
We assume the additional contributions are made at the same time and frequency as your regular repayment.
Length of month
All months are assumed to be of equal length. Actual amount of interest charged may vary depending on the number of days in each month.
Number of weeks and fortnights in a year
One year is assumed to be 52 weeks or 26 fortnights, meaning that for the purpose of the calculator a year has 364 days not 365 or 366.
Rounding of repayment amount
Repayment amounts are rounded to the nearest cent. However, the unrounded repayment amount may be used to ascertain the amount of interest payable at the yearly points within the graph and over the term of the loan. The final repayment may be a partial repayment, to reflect a loan balance of zero.
Amount of time saved
The time saved is shown in years and months, regardless of payment frequency and is rounded down.
Amount of Interest Saved
The amount of interest saved is not rounded. This amount is estimated from the amount of time saved.
We assume you do not withdraw any amount.
Interest rate and property value
We assume interest rate does not change, the property value is accurate and does not decrease.
All months are assumed to be of equal length. In reality, many loans accrue on a daily basis leading to a varying number of days' interest dependent on the number of days in the particular month.
Number of weeks & fortnights in a year
One year is assumed to contain exactly 52 weeks or 26 fortnights. This implicitly assumes that a year has 364 days rather than the actual 365 or 366.
Rounding of amount of each repayment
In practice, repayments are rounded to at least the nearer cent. However the calculator uses the unrounded repayment to derive the amount of interest payable at points along the graph and in total over the full term of the loan. This assumption allows for a smooth graph and equal repayment amounts. Note that the final repayment after the increase in repayment amount will be a partial repayment as required to reduce the loan balance to zero.
Duty exemptions and concessions may be available that haven’t been taken into account in this estimate. For full conditions and eligibility requirements, please speak to your legal representative, or visit your local State / Territory Revenue Office website:
Things you should know:
# Some institutions may charge a fee for use of their ATMs.
* Assumes a 31 day month and no withdrawals or other transactions on the account during the month.
Read the RAMS Deposit Terms and Conditions, RAMS Deposit Products Fees and Charges before making a decision and consider whether the product is appropriate for you. Must be 18 or older and an Australian resident.
RAMS Financial Group Pty Ltd ABN 30 105 207 538 AR 405465 Australian credit licence 388065 promotes and distributes RAMS deposit products as an authorised representative of Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714. Westpac is the credit provider for RAMS home loans and the issuer of RAMS deposit products.
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