Frequently Asked Questions
For borrowers who received a letter dated in October 2017, your new General Terms were effective from 4 December 2017. For borrowers who received a letter dated in April 2018, your new General Terms will be effective from 4 June 2018.
Yes, this update applies to all loans you currently have with RAMS.
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.
For borrowers who received a letter dated in October 2017, you received this letter because you still had at least one open RAMS home loan on 11 October 2017.
For borrowers who received a letter dated in April 2018, you received this letter because you had at least one loan that had not settled as at 11 October 2017, that had a loan offer dated prior to 4 December 2017.
This fee is only payable where you:
Note: This fee is not payable if the loan is part of a Value Advantage Package or if you decide not to proceed with the application to switch to or extend an IO period.
The fee is not applicable when:
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.
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.
Where you have provided us an electronic address, we may, in the future, send notices and/or demands electronically.
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.
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