• Whether a first-time buyer or self-employed, a RAMS home loan has flexible options to make the loan work better for you.

  • 100% offset account

    You could save by reducing interest paid on your loan

    • Ideal for: First home buyers, Refinancers, Self-employed

      A mortgage offset arrangement links your variable rate home loan with an offset deposit account. Any credit balance in this account is offset daily against your outstanding loan balance, reducing the interest payable on the home loan. 

      • Let’s say your offset account has a balance of $20,000.
      • And you owe $440,000 on your mortgage
      • The interest payable on your eligible RAMS home loan is reduced by the notional interest that would otherwise be paid to your RAMS Action account.. 
      • In this example, the interest payable on the loan balance of $440,000 would be reduced by the interest that would otherwise have been paid on the $20,000 deposit funds 

      Three key features: RAMS 100% offset account 

      • 24/7 online access - to easily monitor and manage your savings via myRAMS (subject to systems availability)
      • Unlimited free ATM transactions available at any RAMS alliance ATM* around Australia, EFTPOS and online
      • Low everyday account fees - view RAMS deposit fees and charges 

      Eligibility 

      • RAMS provides an offset facility to customers with an eligible RAMS home loan.
      • The interest payable on your eligible RAMS home loan is reduced by the notional interest that would otherwise be paid to your RAMS Action account.
      • This means that potentially you’ll pay less interest on your home loan. No interest is paid on the offset account as you’re using those funds to reduce the interest on your home loan. 

      How to apply 

       

      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.

      And as the information provided here is intended as a guide only, your individual circumstances should naturally be taken into consideration. This is why we also recommend you obtain independent professional advice relevant to your financial circumstances.

       

    • Hypothetical scenario

      Vicky and Craig have a $100,000 RAMS home loan and $10,000 in a RAMS Action account. At the end of each month the interest due on the home loan is reduced by the notional interest that would otherwise be paid to the RAMS Action account. While repayments continue to be made on the $100,000, having excess funds in a RAMS Action linked to your RAMS home loan can reduce the interest you pay on your home loan and can reduce the term of your loan.

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