Just looking for a refinancing home and found this 3K RAMS offer
$3,000 Home Loan Refinance Rebate (Minimum $250,000 Loan Per Property) @ RAMS
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dumkaze on 18/12/2023 - 12:28 rams.com.au (599 clicks)
Last edited 18/12/2023 - 12:48 by 1 other user
Last edited 18/12/2023 - 12:48 by 1 other user
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They'll determine rates based on serviceability, if your finance is strong then it's quite competitive.
RAMS = Rate Affects My Sheep
Or sleep
Rate, offset, annual fee, bank?
Looking at the terms, I assume RAMS is within Westpac group
Effective 1 September 2023. Must settle within 120 days. Min loan amount 250K. Excl owner occupier interest only. Offer can be varied or withdrawn at anytime. T&C’s and exclusions apply. Offer available on the Essential Home Loan, Full Feature and Fixed rate home loan products (excludes Line of Credit) Owner Occupier with Principal and Interest repayments and Investment Loans. $250k min loan per property refinanced. Only 1 rebate per settled application with the predominant purpose is refinance will be paid regardless of the number of loans involved. This offer is not available in conjunction with the New Purchase Buyer $1,000 Rebate. Excludes Line of Credit Loans, switches and refinances of home loans within the Westpac Group which include St. George, Westpac, Bank of Melbourne, BankSA. Offer not available for Owner Occupier Interest Only loans or residential lending originated under family or company trusts. Not available to company and trust borrowers. The offer is limited to one rebate per eligible application. Split loans are counted as one settled home loan regardless of the number of splits. Rebate will be automatically deposited into the home loan account within 60 days after settlement. If the home loan has a fixed interest rate, the rebate will count towards the prepayment threshold. Tax consequences may arise from this promotion for investors and customers should seek independent advice on any taxation matters.
Interest rate - owner occupier (principal and interest): 8.56 % p.a.
Fees
Application fee $595 ($0 under a Value Advantage Package)
Valuation fee First valuation is free!
$220 for each additional valuation.
Account keeping fee No servicing fee
Discharge fee $295 per loan account (plus legal and other associated costs incurred by us)
Loan settlement fee $285 ($0 under a Value Advantage Package)
Lol @ the interest rate.
That rate is awful. I'm at 6.09% with BankWest.
That is the advertised rate but you only know your rate once you put the application in, before last rise mine was 5.94 with offset.
That rate is awful.
It's a standard sales technique. RRP is set stupidly high so that they can offer you discounts to make you feel special, even though everyone gets the discount.
Fees are very high. Avoid any bank that says ‘plus legal and other associated costs incurred by us’ and charges their own discharge fee. From previous experience the legal cost was around $400, which means the effective cost to discharge is $695.
Application fee = $595
Settlement fee = $285
Discharge + legal = $695For comparison, most banks have a $0 application fee, $0-$250 settlement fee and $350 discharge fee.
Looks like 6.29% is the rate with the package ($149 annual fee)
plus trailing 0.05
I'm 500k with HSBC at 5.84% with my rates up to date. That's approx 40% LVR so I'm a low risk lend.
Unfortunately I think they've just ended their $3000 cashback for refinances.
It's a no frills loan, and the app isn't awesome, but I'm glad I picked a decent lender 12 months ago, that hasn't bumped my rates for than the RBA.
I churn CCards fairly regularly, so not sure how that would impact loan refinances but will sit tight until rates from the RBA drop eventually (2nd half of next year?!), and banks become more competitive to fight for customers.good chance they won't pass on full rate cuts. 5.84% is pretty fantastic, I'm on 5.99 with anz but that's cause I got a review 6 month ago. Could only get 6.3% when I enquired for a new loan with ANZ last week.
WestWoolfpack in a sheep cover
BaaahRate way too high, even after the discount. Needs to be below 6% to be competitive.
How many refinance can one do in a year without messing up the credit rating?
Anyone offering a decent cashback anymore?
Has anybody gone for this? 6.09% with 3k cashback seems good, best alternative I can get is 6.04 with with no fees but also no cashback.
Phone quote was 6.34 principal interest and 6.69% interest only for a investment prop heads up guys
Was this interest investment only? What was your loan value? That’s such a good rate
You would be eligible for the $3,000 refinance rebate if your refinance amount is above $250,000, depending on which lender you are currently with and how long you have been with them for.
Enquired, and was told you have to be with your current lender for 12 months.
12 months ey. I got knocked back by RAMS. They said it was because I churned through St George (also Westpac) a couple of times in last few years. But maybe I give them another go if I am still stuck with ME for 12 months. Other option is ANZ, but their rate is shit - don't know what my refinancing excuse would be, and I've been through them twice too lol, but it was longer ago. I might try Aussie and see if they can fudge some shit for me.
nah - not true. I was with previous lender for 4 months. got cashback straight away
Probably depends on the Home Loan Manager you get assigned to.
Not worth it the staff are based in Wollongong and I had a bad experience commenced the refinance process gave out all my details only to have the guy have a tone and try to make me do all the work. Their form is epic convoluted and long and they offered to help complete it but then wasted my time instead. Life is too short to waste time on them
refinance done, cashback paid next day after settlement!
Anyone know if rams lends to joint applicants who are Aus Citizen + Partner Visa 820?
Whats the rate?