1. RAMS
  2. Home Loans
  3. Line of credit

  • Unlocking equity in your home to provide funds as needed

  • Line of credit

    Whether due to extra repayments or a capital gain, chances are some equity may have built up in your home over time.   Accessing this equity, to have a transactional facility with a set credit limit, secured by a property, is what a line of credit home loan can offer, subject to being able to service loan.  

    With an approved limit in place, you can access those funds for any number of uses - (for example deposit for another property purchase, travel, renovations, shortfalls in cash flow, that special occasion, and more). 

     

  • Three reasons to choose this loan

     

    Get easy access to funds – BPAY®, debit card, cheque or Bank@Post 

     
     

    Make no regular repayments if balance under your credit limit (but the line of credit needs to be repaid within the term of the loan) 

     
     

    Interest charged only on the outstanding loan balance.

     



    • Interest rates - owner occupier

      Interest rate p.a.

      Comparison rate* p.a.

      5.40
      n/a

      Interest rates - investor

      Interest rate p.a.

      Comparison rate* p.a.

      5.40
      n/a

    • Minimum loan size $15,000

      Maximum loan size

      		No Maximum

      Owner Occupier Max LVR

      (Refer Credit Guidlines for full details)

      		90%

      Investor Max LVR

      (Refer Credit Guidlines for full details)

      		90%

      Redraw

      		Yes
      Yes - no minimum

      Loan Splitting

      		Yes
      Minimum $15,000

      Interest Only payments

      		Yes
      Yes and not required if under credit limit

      Interest Capitalisation

      		Yes

      Weekly/Fortnightly/Monthly Payments

      		Weekly: Yes
      Fortnightly: Yes
      Monthly: Yes
      Repayments are not required if you are under your credit limit.

      Extra payments

      		No minimum

      Deposit methods6

      		Direct debit, salary credit, BPAY, Bank@Post and myRAMS^

      Loan fixing

      		No at origination
      Yes post Settlement
      Fee - $295

      Loan switching

      		Convert to any Full Doc loan any time. Conversion Fee - $295

      Repayment Holiday

      		Not applicable

      Debit card10 & chequebook

      		Yes

      Tier 2 Genuine Savings Option#

      		No

      Value Advantage Package Eligibility3

      		Yes

      ATM11/EFTPOS & cheque access free transactions

      		Yes
       25 free transactions per month across all access methods

      Statement frequency

      		Every 3 months (monthly available)

      RAMS Risk fee Payable by Customer

      		When LVR is over 80%

      Capitalisation of Risk Fee up to

      		90%

    • DISCLAIMER:

      New loans only. Fees, charges, conditions and limitations apply. Subject to RAMS normal lending criteria.

      ^myRAMS is not available to Companies and Trusts and is subject to systems availability.

      1 Not applicable on this product. 2 Not applicable on this product. 3 Not applicable on this product. 4 ® Registered to BPAY Pty Ltd ABN 69 079 137 518.  5 Not applicable on this product. 6 Debit card not available to company borrowers. 7 Not applicable on this product. 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 Free ATM Transactions relate to RAMS ATM alliance including Westpac, St.George (excluding St.George ATMs in BP Service Stations), Bank of Melbourne and BankSA branded ATMs only. Other institutions may charge a fee for use of their ATMs, payable in addition to any fee for transactions over free threshold.10 Not applicable on this product. 11 Not applicable on this product. 

      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 $375, 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.

    • Application fee Fees charged to cover or partially cover the lender's costs of processing a loan approval for a home buyer$595
      Valuation fee

      First valuation is free!

      $220 for each additional valuation.

      Account keeping fee$20 per month
      Discharge fee $295 per loan (plus legal costs)
      Loan settlement fee $285


      • Take out a RAMS Value Advantage Package and save $$$ each year

        Take out a RAMS Value Advantage Package, and save $$$ each year with a discount on your home loan interest rate. More details


      • Arrange a deposit without touching your savings

        Obtaining a Deposit Bond through RAMS could help you secure your dream home by providing you with an alternative to finding a cash deposit before settlement. A Deposit Bond acts as a guarantee to the vendor, allowing the purchaser to pay the deposit amount (together with the balance of the purchase price) on the day of settlement (rather than funding a deposit up front/on exchange). In addition, a deposit bond could also save you the costs of obtaining bridging finance in order to pay your deposit. More details

    • Nick and Diane were looking at renovating their home but didn’t have the cash to pay for the $70,000 they had in quotes. They had a loan with RAMS for over three years and knew they had equity in their home. Nick and Diane wanted to explore their options so they decided to talk to their RAMS Home Loan Specialist.

      RAMS says....

      Nick and Diane’s RAMS Home Loans Specialist suggested an option they hadn’t considered – a RAMS Line of Credit.

      A RAMS Line of Credit works similarly to a credit card, in that interest is only charged on money that is drawn. As a RAMS Line of Credit would be secured against their property, Nick and Diane would be charged interest at the relatively low interest rate payable for their home loan on funds accessed from their Line of Credit, instead of higher interest rates that generally apply to credit cards. In addition, Nick and Diane can pay for their renovations, using funds from their Line of Credit, by debit card, BPAY or internet transfer.