RAMS have today announced a new product that will be available to consumers from the 25th of August. Here at Rate Detective we have taken the time out to review this much talked about new product.
Key features:
Rate of 8.54% for first 2 years of your loan (discount of 1.00% from Standard Variable rate)
Rate of 9.14% for consecutive years (discount of 0.40% from Standard Variable rate)
- Interest rate discounted from the Standard Variable for the life of the loan
- No Annual Account Keeping Fee
- Minimum Loan size $100,000
- Maximum LVR 100%
- Interest only payments available up to 10 years available
- Weekly, fortnightly or monthly payments available
- No converting to another product or switching to fixed allowed in the first 4 years
- Early Repayment Fee is 1% over 4 years
The only main disadvantage we saw on this product was that within the first four years you were not allowed to switch to any other product within Rams. Other than that we really did not see any main flaws in the product.
This product will allow customers to save thousands of dollars over the life of the loan, as there is no lower rate on the market currently. If the RAMS Standard Variable Rate increases or decreases, borrowers have the certainty of knowing their interest rate will also move and remain 1% p.a. less than the SVR in the first two years and 0.4% p.a. less than the SVR for the life of the loan.
Enquire through Rate Detective and one of our expert will help you to go through RAMS application process for free.
