Scheduled maintenance: myRAMS will be unavailable on Tuesday 18 December from 10:00pm to midnight (Sydney Time). We apologise for any inconvenience caused.
  • General

    When will my General Terms change?

    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.

    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? 

    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.

    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. Please note there may be restrictions on your eligibility to change from Principal and Interest to Interest Only, including that you are unable to change from Principal and Interest to Interest Only in the first 12 months from settlement of your loan; 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 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. 

    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. The loan is part of 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.

    Other

    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.