Things change; like interest rates, income, lifestyle, living expenses. So why shouldn’t your home loan?
Unlock equity in your current property to fund a range of purposes or purchases subject to serviceability
Potentially save money with reduced repayments or a shortened loan term
Consolidate several debts into a single repayment (potentially at a lower rate)^.
Whatever the property market is doing it makes sense to review your home loan from time to time. After all, a new loan structure could offer greater flexibility or features that better suit your current needs; not to mention reduced repayments if your interest rate is lower than what you had previously.
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.
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:
*Please note: The comparison rate for the relevant product is based on a loan of $150,000 over a term of 25 years. WARNING: This comparison rate is true only for examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
New loans only. Credit criteria, fees and charges apply.
^myRAMS is not available to Companies and Trusts and is subject to systems availability.
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 12 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 12 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 capitalisation of 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 Debit card not available to company borrowers.
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 Some institutions may charge a fee for use of their ATMs, payable in addition to any fee for transactions over free threshold.
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 is also required. Not available on some property types or locations and other conditions apply.
12 Not available for the purpose of owner occupied refinance, debt consolidation or equity release.
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.
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