RAMS ‘No Deposit’ And ‘Low Deposit’ Loans
– Options To Secure Your First Home
|
The time it can take to save a deposit when purchasing your first home can sometimes mean the difference between being able to afford to buy the home of your dreams as soon as you find it, or missing out because of lack of immediate funds.
RAMS Home Loans can offer a range of low deposit home loan packages that will help you secure your finances and your dream home with no deposit or a small deposit. Find out how we can help.
|
RAMS Fast Track
|
RAMS Fast Track can help you buy your first home sooner AND save on lender’s mortgage insurance by enlisting the help of a guarantor to guarantee your loan.
|
RAMS Fast Track enables you to borrow the full purchase price – up to 110% or 105% if not including debt consolidation - and save thousands of dollars in lender’s mortgage insurance costs at the same time by using a guarantor to guarantee your home loan.
So, with RAMS Fast Track there’s no need to save for a deposit – the limited guarantee take the place of your deposit.
You can exercise the RAMS Fast Track on most RAMS home loans that are purchased for owner occupation, excluding Line of Credit and Low Docs loans.
|
What’s a guarantor?
|
A guarantor is someone who agrees to be responsible for the payment of someone else's debt should they default on payments.
Anyone over 18 years of age can be a guarantor. Normally, a guarantor is subject to credit search references and in most cases they must also provide evidence of a steady income before their role as guarantor is accepted.
With RAMS Fast Track, your guarantor must be related to you and simply needs to provide RAMS with a limited guarantee that is supported by a first registered mortgage over their own property. This needs to equate to the amount that you need to borrow that exceeds 80%1 of the overall property value.
Note: there are risks involved in giving a guarantee and the guarantor needs to obtain their own independent advice on whether it is appropriate to their own personal circumstances. Please speak with a RAMS Consultant to find out more.
|
RAMS Easy Start
|
RAMS Easy Start Home Loan offers RAMS customers the benefits of lower repayments in the early years of the loan via our ‘three year honeymoon’ period – so you can spend more money on your home, garden or furnishings.
The RAMS Easy Start Home Loan offers discounted variable rates2 for 3 years and a competitive ongoing rate and customers can borrow up to 95%3 of the purchase price of their property (or valuation if lower). What’s more, you can choose to have up to 5 years of interest only repayments (or 10 years, if the loan is for investment purposes).
The RAMS Easy Start Home Loan also offers access to overpayments with a ‘fee free’ redraw facility.
The Easy Start Home Loan can be combined with RAMS Fast Track4 , which means that customers can borrow the full purchase price (or valuation if lower) and can save thousands in lender’s mortgage insurance costs by using a sponsor to guarantee the loan.
The RAMS Lifestyle Option is also offered as part of the Easy Start Home Loan, enabling customers to defer repayments on the loan for up to 6 months – twice during the life of the loan.
To find out more about the RAMS range of low deposit home loans, click here.
|
[1] For loans up to 1.5 million.
[2] Rates discounted off the RAMS Easy Start Variable Rate.
[3] 10 year IO option available for investment purposes only.
[4] With RAMS Fast Track, you can borrow up to the full purchase price and save thousands in lenders mortgage insurance. A sponsor (a family member acceptable to RAMS) simply needs to provide RAMS with a limited guarantee, supported by a first mortgage over their property, for the amount you need to borrow over 80% of the property value for loans up to $1.5 million . |
Share
