Question about RAMS home loan

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RAMS Home Loan

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  sagrules on 11/03/2016 - 17:24

  Here are some user reviews from Mozo to help with your decision
  https://mozo.com.au/rate-and-review/rams/home-loan-reviews

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  mskeggs on 11/03/2016 - 17:35

  +2

  I am a RAMS customer and they have been adequate, although their online portal security measures are annoying.
  I strongly suggest you talk to a mortgage broker instead of directly to a lender.
  A good broker will find the best deal for you, based on your own specific circumstances. They also have lots of experience on what questions to ask, and possible pitfalls you might not think of.
  There are several brokers who participate on OzBargain that could help, or at least point you in the right direction.
  Brokers will get a finders fee from the home loan supplier you end up using, but you don't pay them directly. Regardless of your brokers advice, it is a good idea to read through the loan documents yourself.

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  thisisnotakn on 11/03/2016 - 18:04

  thanks for the quick replies. I'll try and talk to a broker first

• 

  naritas on 11/03/2016 - 18:51

  Speaking as credit advisers who have significant experience with RAMS (as they are on our lender panel), we can give you a few general tips:

  • RAMS market niche is mortgage lending at 60-80%LVR for self-employed borrowers.
  • They have competitive credit policy for mixed (consumer/commercial) borrowing purposes for their mortgages (which is consistent with their s/e borrower focus).
  • They are not a price competitor with lenders who focus on relatively straightforward PAYG lends. In other words, if you have a stable employment history as an employee, clean credit and your prime goal was to get a bargain on your interest rate, you could probably find cheaper loans elsewhere.
    In terms of finding a 'better bank/lender' - it will really depend on your circumstances & how you rank your preferences. If you rank price very highly and are happy to go through a stringent application process, there are some very competitive deals listed right here on OzBargain in the home loans section. If you're looking for a relatively easy approval process with lower levels of verification as a self-employed person, there are numerous competitors in that space, but RAMS would typically be in a shortlist for a borrower seeking such a loan. As mskeggs mentioned, it is always best to evaluate a number of options and take your time to read any loan offer thoroughly before making a commitment.
    Hope this helps and please feel free to send us a PM if you'd like some further input.
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  samprofs on 12/03/2016 - 20:04

  What product/rate did they quote you?

  The owner occupier segment is extremely competitive at the moment and a lot of lenders are willing to match almost anything. If you are looking for a second opinion and would like to have a obligation free face to face chat to a Melbourne based MFAA accredited credit adviser/broker feel free to PM or shoot me an email to discuss further.

  Some popular deals that we have recently helped clients with and that you might want to research into:

  Citibank Basic product at 4.08% (4.10% comparison) with no ongoing fees for the life of the loan and up to 90% LVR
  Vow Home Loans (powered by Macquarie Bank) 4.10% (4.10% comp.) with no ongoing fees for the life of the loan and 100% off-set with unlimited free ATM withdrawals
  Suncorp promo 3 year fixed at 3.99% with a variable split at 4.14% and 100% offset

  Hope that helps. It always pays to shop around :)

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  thisisnotakn on 13/03/2016 - 02:01

  I had a look around today and got the following quotes:
  ANZ: 4.41% variable / 4.19% fixed
  Commonwealth: 4.22% variable
  Bankwest: 4.24% variable / 4.19% fixed
  Ram: 4.56% variable / 4.19% fixed