• General

    When will my General Terms change?

    Your new General Terms will be effective from 4 December 2017.

    Does this apply to all my loans with RAMS?

    Yes, this update applies to all loans you currently have with RAMS.

    I am a Guarantor, why did I receive a letter regarding the change to the General Terms? Do I need to do anything?

    You have received this letter as you have provided a guarantee for a borrower’s home loan with us. This is for your information only, there is no action required from you. 

    I do not have a loan with RAMS anymore, why did I receive a letter about the change to the General Terms? 

    You received this letter because you still had at least one open RAMS home loan on 11 October 2017. If you have since discharged your loan and have no other loans with us please disregard this letter. 

    New Interest Only Variation Fee

    When would I need to pay the Interest Only variation fee?

    This fee is only payable where you:  

    1. apply to change your repayment type from Principal and Interest to Interest Only and your application is approved; or
    2. you apply to extend the interest only period on your loan and your application is approved 

    Note: This fee is not payable if you have a Value Advantage Package or if you decide not to proceed with the application to switch to or extend an IO period. 

    When isn’t the Interest Only variation fee applicable?

    The fee is not applicable when: 

    1. Your application to change your loan from Principal and Interest to Interest only repayments OR to extend your interest only period is declined.
    2. You have a Value Advantage Package.
    3. You change repayment type from interest only to principal and interest.

    Do I need to pay a fee if I change my repayment type from interest only to principal and interest?

    No, there is no fee payable when changing repayment types from interest only to principal and interest. Please note you are unable to change your repayment type if your loan is currently in a fixed rate period, you will need to wait until your current fixed rate period has expired and your loan is on a variable rate.

    I applied for a IO conversion/extension prior to 4 Dec but it isn’t processed until after – will I be charged a fee?

    You will not be charged the fee.

    Lifestyle Option Changes

    I am currently utilising the RAMS Care Lifestyle option due to injury/illness/retrenchment.  Will I still be able to use this option when it is changed to Parental Leave only?

    Your current arrangement will be unaffected by this change. However, should you wish to extend or apply for a new arrangement after 4 December 2017 the new conditions will apply. 

    If at the end of your current period you continue to be impacted by injury, illness or retrenchment we are able to support you through the RAMS Hardship team. Further details are available on our financial hardship page.


    What does it mean to me if you change my notice periods?

    RAMS will continue to let you know when making changes to your loan.  This change may result in increased notice time but in some instances may result in decreased notice depending on your current General Terms.

    Will you start sending me information through email from now on?

    Where you have provided us an electronic address, we may, in the future, send notices and/or demands electronically.

    I haven’t provided an email address but I would like to receive demands and notices electronically.  What do I do?

    You are able to update any of your contact details, including adding or changing your email address at any time by contacting us on 13 7267.  However, at this time we are unable to commit to sending demands and notices to you electronically.