RAMS Home Loan Review for Australian Expats
RAMS is a popular bank for home loans in Australia. They offer competitive rates and flexible features to suit different budgets and needs.
In this detailed RAMS bank home loan review, we’ll outline the key options, rates, fees, eligibility criteria, and step-by-step application process.
- Borrow up to 80% of the property value
- Does not have minimum overseas income requirements
- Offers an online home loan application process
RAMS Bank Home Loan Options
RAMS provides a wide selection of home loan options to meet the needs of different types of borrowers.
Variable Rate Home Loans
Fixed Rate Home Loans
First Home Buyer Loans
The RAMS Variable Rate Home Loan is the standard RAMS product. With this loan, borrowers can take advantage of discounted variable interest rates that currently start from 3.77% p.a. The interest rate moves up and down over time with market rate changes.
Key features include the ability to make unlimited extra repayments to pay the loan down faster, as well as access to a 100% mortgage offset account to save on interest costs. This product has no ongoing monthly account keeping fees.
For borrowers looking for more certainty, RAMS offers 1, 2, 3, 4 and 5 year fixed rate home loans. These allow you to lock in a fixed interest rate for the term selected, with rates currently ranging from 4.09% p.a. (1 year fixed) up to 5.09% p.a. (5 year fixed).
While the rate is fixed, early termination fees apply if you exit the loan during the set term. After the fixed term ends, the loan reverts to RAMS' standard variable rate. Fixed rate loans provide peace of mind knowing your repayments will remain stable during the term.
First home buyers are a key focus for RAMS, with specific products tailored to help get first timers into their first home. The RAMS First Home Buyer Variable Rate Loan allows a lower deposit from 5% to 10%, with more flexible lending criteria suited to first home buyers. Discounted variable rates apply to this product, currently starting from 3.62% p.a.
The maximum LVR (loan-to-value ratio) is 95% and the loan is eligible for the government's First Home Loan Deposit Scheme.
RAMS Home Loan Review
Here is an overview of the main advantages and potential disadvantages of getting a home loan with RAMS.
| Pros | Cons |
|---|---|
Competitive variable and fixed interest rates | Minimum 20% deposit required |
100% offset account available | Monthly fees apply to basic home loans |
No early repayment or annual fees | Securing a fixed rate can be difficult |
Loyalty discounts for existing RAMS customers | Complex to refinance to another lender |
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RAMS Home Loan Features
RAMS offers a variety of home loan features, including the following.
| Feature | Details |
|---|---|
Online Applications | RAMS has an easy online application process that provides conditional approval within 1-2 days. |
Loyalty Discounts | Existing RAMS customers may be eligible for loyalty discounts resulting in lower rates. |
Additional Repayments | You can make additional repayments to pay your loan down faster with no penalties. |
Redraw Facility | Access any extra repayments you've made through the flexible redraw facility. |
Fixed Rates (1-5 years) | RAMS offers a choice of 1, 2, 3, 4, or 5 year fixed rate terms so you can lock in certainty. |
Able to Switch Products | It's possible to switch between different RAMS home loan products as your needs change. |
No Added Fees | There are no annual fees or monthly service fees on RAMS' Ultimate Home Loan package. |
Facts About RAMS Bank
RAMS was established in 1998 and has over 20 years of experience in home lending.
RAMS has a nationwide reach with over 50 branches across Australia and mortgage brokers across the country.
RAMS home loans are powered by backing from parent company Westpac Bank, one of Australia's "Big Four" major banks.
How Do I Apply?
If you’re ready to apply for a RAMS home loan, you can submit an application online or visit your nearest RAMS branch:
Online
- Go to RAMS website and click “Home Loans”
- Use online calculator to estimate repayments
- Start application and provide personal + financial details
- Upload supporting documents
- Get conditional approval within 1-2 days
In Branch
- Book an appointment with a RAMS lending specialist
- Provide documents to support application
- Get conditional approval within 1 hour typically
Who is Eligible?
To qualify for a standard RAMS home loan, there are a number of eligibility criteria that applicants generally need to meet:
- Australian citizen or permanent resident
- Minimum of 20% deposit
- Good credit history
- Income to cover loan repayments
What Documents Do I Require?
When applying for a RAMS home loan, have the following documents ready:
- Identification Documents: Including passport, driver’s licence, Medicare card, etc.
- Proof of Income: Such as recent payslips, employment contract, previous tax returns if self-employed.
- Savings Evidence: Such as bank statements showing your deposit funds and other savings.
- Assets and Liabilities Summary: List all existing assets you own and debts you owe.
- Property Valuation: This will be arranged by RAMS to determine the property value once a property has been identified.
Related Products from RAMS
RAMS Investment Variable Rate Loan
Investment property buyers are also catered for, with the RAMS Investment Variable Rate Loan. This product is designed for purchasing a residential or commercial investment property. Tax deductions can be claimed on interest payments.
Discounted variable rates apply, currently from 3.94% p.a. The LVR is up to 80% for residential and 70% for commercial property.
RAMS Refinancing Options
RAMS makes it straightforward for existing borrowers to refinance their current RAMS home loan. By refinancing, customers can take advantage of better interest rates or switch to a different loan product as their needs change. The streamlined refinance process is particularly useful for Australian expats, allowing them to easily refinance an existing RAMS loan from overseas.
Expats can manage the entire refinance application online, without needing to visit a branch. RAMS also waives standard loan application fees for internal refinancing. This provides an affordable way for expat borrowers to reduce their interest rate or modify their loan terms.
RAMS Construction Loans
RAMS construction loans give borrowers financing to complete a new property build project. The funds cover land purchase, construction costs, and other expenses. RAMS offers progress payment construction loans, where funds are dispensed in stages tied to completion levels. Interest typically is paid only on the funds drawn during the build process.
Upon completion, the construction loan converts to a standard RAMS home loan product. Australian expats can apply for RAMS construction loans for building a home in Australia while living abroad. RAMS allows offshore applications and income verification for expats.
Construction loans give expats a flexible financing option to build their future Australian home even while located internationally.
Ready to Apply? Speak to Our Mortgage Experts Today.
We hope this detailed RAMS home loan review has provided useful information to consider as an expat or foreigner seeking a home loan in Australia. Our experienced mortgage brokers are ready to help with your RAMS application or to compare other lender options.
Get in touch with one of our specialist mortgage brokers today!
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FAQs About RAMS Home Loans
What deposit is required for a RAMS home loan?
RAMS generally requires a minimum 20% deposit. First home buyers may be able to get loans with a 5-10% deposit.
What interest rates does RAMS offer?
RAMS offers both variable and fixed rate loans. Variable rates currently start from 3.77% p.a. Fixed rates range from 4.09% (1 year fixed) to 5.09% (5 year fixed).
Does RAMS require foreign income verification?
No. RAMS does not have specific overseas income requirements, making their loans suitable for expats.
What fees and charges apply on RAMS home loans?
There are generally no ongoing annual fees or early repayment fees. Monthly fees may apply on basic home loan packages.
How long do RAMS home loan applications take?
Online applications take 1-2 business days for conditional approval. In branch applications can get conditional approval within an hour.
Can RAMS loan documents be signed electronically?
Yes, RAMS has an eSign facility that allows loan documents to be signed electronically for convenience.
Does RAMS offer construction loans?
Yes. RAMS has construction loans to finance building a home, which then convert to standard home loans.
Can expats access RAMS mortgage offsets from overseas?
Yes. RAMS home loan offset accounts can be accessed and managed online from overseas.
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