• Unlock options with a line of credit home loan. With approved funds on tap, you're always 'good to go'

  • Line of credit for self-employed

    How RAMS helps 

    If you’re self-employed, accessing equity should be more about opportunity rather than austerity.  Line of credit home loans have an approved credit limit in place – ready for you to use for whatever purpose: renovate, invest, or bring that dream to life.

    And at RAMS we've made it less onerous for the self-employed to apply for a line of credit home loan by simplifying the application process and requiring less paperwork+.

  • Three reasons to choose this loan

     

    Interest charged only on the outstanding loan balance, so no repayment required if under your approved credit limit

     
     

    Well suited to the ups and downs of cash flow; make payments in good times then redraw in quiet times (however, the line of credit needs to be repaid within the term of the loan)

     
     

    Borrow up to 80% of your property value and pay no lender’s mortgage insurance (funds to cover transaction costs required

     
    • Interest rates - owner occupier

      Interest rate p.a.

      Comparison rate* p.a.

      LVR < = 70%
      5.30
      n/a
      LVR > 70%
      5.55
      n/a

      Interest rates - investor

      Interest rate p.a.

      Comparison rate* p.a.

      LVR < = 70%
      5.30
      n/a
      LVR > 70%
      5.55
      n/a
    • DISCLAIMER:

      *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.

    • Minimum loan size

      $15,000

      Maximum loan size

      $1,500,000 if LVR <= 70%

      $1,000,000 if LVR is > 70%

      Owner Occupier Max LVR

      (Refer Credit Guidlines for full details)

      80%

      Investor Max LVR

      (Refer Credit Guidlines for full details)

      80%

      Redraw

      Yes
      No minimum

      Loan Splitting

      Yes
      Minimum $15,000

      Interest Only payments

      Yes
      No minimum

      Interest Capitalisation

      Yes

      Weekly/Fortnightly/Monthly Payments

      Weekly: Yes
      Fortnightly: Yes
      Monthly: Yes

      Extra payments

      Not required if under the credit limit

      Deposit methods6

      Direct debit, salary credit, BPAY®4, Bank@Post and myRAMS^

      Loan fixing

      No at origination

      Yes post settlement

      Fee - $295

      Loan switching

      First 2 yrs: convert to any Self employed product.

      After 2 yrs: convert to any product.

      Conversion fee - $295

      Repayment Holiday

      Yes

      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.

      After 25 transactions these fees apply:

      $2.00 for ATM, $0.65 for EFTPOS and $0.90 for cheques.

      Statement frequency

      Quarterly (monthly available)

      RAMS Risk fee Payable by Customer

      N/A

      Capitalisation of Risk Fee up to

      N/A

       

    • 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 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 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 Not applicable on this product. 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. 

      +The  financials you need to support your application are a signed Borrower Certificate of Income Declaration form together with a satisfactory Accountant Declaration for amounts up to $750,000 and (if refinancing) statements for the last six months of the loan (s) being refinanced. If the amount is more than $750,000 then 12 months of BAS are required. If you manually lodge your BAS evidence of payment to the ATO is also required.

       

       

       

    • 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
      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

    • Stuart is self-employed and wants to build an investment property portfolio.

      He’d like to borrow $160,000 to purchase his first property and wants another $50,000 available for a deposit should another investment property come up.

      RAMS says …

      A Self-employed Line of Credit home loan would meet Stuart’s needs. He liked the interest rate and the approved credit limit of $210,000 even more. 

      Stuart was able to draw down $160,000 immediately to purchase his first investment property, paying interest only on this amount, until he draws on the rest. 

      As he is below his credit limit, he doesn’t have to worry about making regular repayments right now, as interest will capitalise on the loan. 

      Stuart needs to be aware though that capitalising interest reduces that $50,000 balance available for any future deposit.

      Note: Stuart is required to pay the balance remaining at the end of the term.