| Home Loan Lender |
 |
RAMS Home Loan |
|
| Home Loan Product Name |
2 yr fixed Low Doc |
| Interest Rate |
7.64% |
Comparison Rate
Estimated |
7.92% |
| Amount |
$150,000 |
| Term |
30 years |
Initial Monthly Payment
Estimated |
$1,063.24 |
Monthly Payment
Estimated |
$1,078.19 |
Total Paid
Estimated |
$391,915 |
| Establishment Fee |
$595.00 |
| Enquire/Apply |
 
|
| Target Market |
Savvy customers eligible for professional pricing who want a flexible fixed rate Low Doc loan.
,
Customers who have a longer term ownership horizon who want to benefit from lower rates in the earlier stages of their loan
,
Business purpose loans, loan amount and LVR restrictions apply refer separate guidelines. |
| Acceptable Income |
Self employed minimum of 2 years; must complete the A&L statement and signed self certification.
,
Mortgage Insured Self Employed minimum > 70% LVR two (2) years in same business <= 70% LVR one (1) year in same business.
,
Non Mortgage Insurance Self Employed minimum <= 70% LVR one (1) year in same business.
,
ABN registration for all Self employed applications.
,
GST Registration
,
No Min GST but if registration is in proximity or as result of loan application satisfactory explanation required Not required if declared Business income is < $75K .
,
If declared Income is > $75K and No ABN or GST Registration, then confirmation letter from Applicant’s accountant is required in regards to why GST registration is not applicable. |
| Loan Term |
1, 2, 3, 4, 5 and 10 yr fixed term. |
| Loan Size |
Minimum $25K.
,
Maximum: $1,000,000 |
| Repayment Type |
Fixed 1 to 5 & 10 year
,
Principal and Interest & Interest Only term 1 - 5 years & 10 yrs (NB. 10 yrs IO for Investment purpose only & IO can not be less that fixed term) |
| Repayment Options |
Weekly, fortnightly or monthly.
,
Available as an interest only or principal and interest option.
,
Available for accelerated payments. |
| Extra Repayments |
|
| Split Loan Facility |
Available at anytime minimum of $25k. |
| Offset |
Not available. |
| Redraw Facility |
Redraw $10 Fee. Minimum redraw amount $1000. |
| LVR |
Owner Occupied Maximum LVR 80%
,
Investment Maximum LVR 80%
,
Construction Maximum LVR 80%
,
Refinancing Maximum LVR 80%
,
Debt consolidation Maximum LVR 80% |
| Fees |
Application Fee $395.
,
Valuation Fee $200.
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Discharge Fee $295 plus legals.
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Loan Settlement Fee $300 (shown as Mortgage Prep Fee).
,
Account Servicing Fee: $120 p.a.
,
Redraw Fee $10
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Early payout: Years 1-3: 1% of the original loan amount. Plus Break costs for fixed period
,
Fixed Rate Lock-in Fee = 0.15% of credit limit available at application |
| Enquire/Apply |
|