Professional Package Home Loans - RAMS - Line of Credit SE Pro Pack 1>$150<$250K |
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to select a different loan amount and loan term. Currently: $150,000 over 30 years |
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| Home Loan Lender |
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RAMS Home Loan |
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| Home Loan Product Name |
Line of Credit SE Pro Pack 1>$150<$250K |
| Interest Rate |
7.09% |
Comparison Rate
Estimated |
7.40% |
| Amount |
$150,000 |
| Term |
30 years |
Monthly Payment
Estimated |
$1,007.04 |
Total Paid
Estimated |
$372,115 |
| Establishment Fee |
$595.00 |
| Enquire/Apply |
 
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| Target Market |
Customers who are unable to disclose their full income details and are seeking minimum amount of paperwork and fuss at a Pro pack rate.
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This includes people with irregular income streams like self employed individuals.
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They must have a clear credit history, substantial equity and the ability to service their loan payments. |
| Acceptable Income |
Self employed minimum of 2 years; must complete the A&L statement and signed self certification.
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Mortgage Insured Self Employed minimum > 70% LVR two (2) years in same business <= 70% LVR one (1) year in same business.
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Non Mortgage Insurance Self Employed minimum <= 70% LVR one (1) year in same business.
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ABN registration for all Self employed applications.
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GST Registration
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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 .
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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 |
Maximum loan term 30 years |
| Loan Size |
Minimum Loan - $250K & $500k
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Maximum: depending on LVR, mortgage insurer and postcode. |
| Repayment Type |
Principal and Interest and Interest Evergreen Line of Credit |
| Repayment Options |
Weekly, fortnightly, Monthly payment frequencies on any nominated day.
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available as an interest only option or principal and interest option. |
| Extra Repayments |
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| Split Loan Facility |
Available at anytime (minimum = $50K). |
| Offset |
No. |
| Redraw Facility |
Yes, No min
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Redraw fee = Nil. |
| LVR |
Owner Occupier Maximum LVR 80%
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Investment Maximum LVR 80%
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Refinance Maximum LVR 80%
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Land LVR N/A
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Debt Consolidation Maximum LVR 80% |
| Fees |
Application Fee $395.
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Valuation Fee $200
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Additional Valuation Fee $220
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Loan Settlement Fee $300
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Account Keeping Fee Single loan $300
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2-4 loans $150 per loan
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5 or more loans $100 per loan (based on total number of RAMS Pro Packs held by customer)
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Loan Switching Fee $295
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Discharge Fee $295 plus legals.
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Early Repayment Fee Year 1-3: 1%
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Early Repayment Refund to customers that settle a new loan within 6 months of incurring the ERF on their original closed RAMS loan.
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Conditions apply refer to BDM for further details.
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ATM, EFTPOS Cheque access 10 Free Transactions across all access methods
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Loan FixingFee $295 post settlement only
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Customers who convert their current loan to a construction loan will not be charged the $295 Conversion Fee. A Conversion Fee is payable if changes are made such an increase or a change of product. |
| Enquire/Apply |
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| Other Professional Package Home Loans |
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| Other RAMS Home Loan Products |
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This Comparison Rate applies only to $150,000 with a loan term of 30 years. The loan amount and term will affect the comparison rate calculation. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparsion rate calculation but may influence the cost of the loan.
This rate is to be used as a guide only and we recommend that you confirm it with the lender before acting upon it.
The information provided in this website is a guide only and may not be complete for your purposes. ratesonline.com.au is not licensed to provide investment advice and recommends that you consult an independent financial adviser.
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