Did you know you can buy your first home with no deposit and pay no mortgage insurance? The Rams Fast Track Home Loan allows you to buy a home and in most cases borrow up to 110% of the purchase price.

Rams makes this possible by using a friend or family member’s property as additional security for your home loan. So how does the Rams loan compare to the guarantor loans offered by other lenders?

Pricing / Discounts

Rams has their Smartway Professional Package and their Basic Home Loan available for use as a Fast Track loan. Each lender has their own discounts for guarantor loans and so we recommend that you enquire online to speak to one of our brokers who can compare them in detail for you.

• Smartway Professional Package: The Rams Smartway package is an all in one loan that has one of the lowest interest rates available for loans over $500,000. We recommend this loan for anyone looking for ATM or cheque access to their loan account as well as a low variable interest rate.
• Basic Home Loan: The Rams basic home loan is a no frills loan product with a low ongoing rate and no ongoing fees. This loan is suited to someone who does not want to pay for features they don’t need.
• Rams Fixed Rate Home Loan: Fixed rate loans are often used in conjunction with basic loans when used with the Fast Track guarantor loan option. This allows you to have the security of a fixed rate whilst being able to make additional repayments to the variable portion, allowing the guarantee to be removed as soon as possible.

Lending Policy

Rams is less conservative than most lenders and can often lend up to 110% of the purchase price (120% in some rare cases) to allow for the costs of buying a property and the consolidation of some minor debts.

Although, Rams does not allow second mortgages as security or loans for investment purposes. The Fast Track option is primarily designed for people who are buying a home to live in.

Home Loan Features

• Basic Home Loan
  • Redraw (fees apply)
  • No ongoing fees
  • Low variable rate
  • Internet banking (view only access)
  • Interest only is available
• Smartway Professional Package
  • Redraw
  • Annual fee is payable
  • ATM, Eftpos & Cheque book access.
  • All in one account facility
  • Low variable rate
  • Internet banking
  • Interest only is available
• Fixed Rate Home Loan
  • Competitive fixed rates
  • Redraw is available (restrictions apply)
  • Additional repayments of up to $25,000 in total are allowed without break fees during the fixed rate term
  • Can be packaged with a Smartway or Basic home loan
  • Internet banking
  • Interest only or principal and interest repayments

Rams allows you to limit the guarantee to approximately 25% of the loan amount depending on the percentage of the purchase price that you are borrowing. This is known as a limited Fast Track guarantee.

Disadvantages

The main disadvantages of the Fast Track loans offered by CBA are:

• Second mortgages are not accepted as security. If your guarantor has a loan on their property already then Rams cannot accept their guarantee.
• Investment loans are not permitted.
• The income of the guarantors cannot be included in the Rams serviceability

assessment.

If this creates a problem for you then talk to us and we will show you what other guarantor loans are available from other lenders.

Find out more

Enquire online to talk to one of our mortgage brokers to see if the Fast Track loan is suitable for you. For most loans we charge no fees, offer the same loans available from the banks and can help you to protect the guarantor.