| Home Loan Lender |
 |
RAMS Home Loan |
|
| Home Loan Product Name |
Low Doc 500 Plus 80 Option |
| Interest Rate |
9.54% |
Comparison Rate
Estimated |
9.56% |
| Amount |
$150,000 |
| Term |
30 years |
Monthly Payment
Estimated |
$1,250.35 |
Total Paid
Estimated |
$454,195 |
| Establishment Fee |
$595.00 |
| Enquire/Apply |
 
|
| Target Market |
An all in one loan designed for self employed customers who are unable to provide detailed financials to support their application.
,
This includes people with irregular income streams like self employed individuals.
,
They must have a clear credit history, substantial equity & the ability to service their loan payments.
,
First Home Buyers subject to producing evidence of at least 20% equity in genuine savings (excluding FHOG). |
| Acceptable Income |
Self employed minimum of 2 years; must complete the A&L statement and signed self certification. |
| Loan Term |
Maximum term 30 years. |
| Loan Size |
Minimum: $500K.
,
Maximum: $1M. (depending on LVR, mortgage insurer and postcode). |
| Repayment Type |
Principal and Interest and Interest Only up to a total of 5 years. |
| Repayment Options |
Weekly, fortnightly and monthly. |
| Extra Repayments |
|
| Split Loan Facility |
Yes. Minimum splits $25K. |
| Offset |
Not available. |
| Redraw Facility |
Yes. No minimum, free redraw. |
| LVR |
Owner Occupier Maximum LVR 80%
,
Investment Maximum LVR 80%
,
Construction Maximum LVR 80%
,
Refinance Maximum LVR 80%
,
Land LVR N/A.
,
Debt Consolidation Maximum LVR 80%
,
Maximum LVR <= 60% Maximum Loan amount $1.5M |
| Fees |
Application Fee $395.
,
Valuation Fee $200.
,
Additional Valuation Fee $220
,
Discharge Fee $295 plus Legal.
,
Loan Settlement Fee $300 (shown as Mortgage Prep Fee).
,
Account keeping fee of $120 p.a.
,
Early Repayment Fees: Years 1- 3: 1%
,
Switch Fee $295.
,
ATM, EFTPOS Cheque access 15 Free Transactions across all access methods
,
Construction Low Doc policy
,
At Completion Valuation cost now $0 (previously $220).
,
Full council approval plans required before progress payments can be made. RAMS must be noted on the Clients Home Insurance policy. |
| Enquire/Apply |
|