Rams Home Loans Review

What home loans types do they have?

Rams’ Low Rate Home Loan is a basic loan with no monthly fees and few features. It’s best for small loans or investors.

Ram’s Value Advantage Package is similar to a professional package offered by the major banks. You’ll get a tiered interest rate discount depending on the size of your loan and if you’re borrowing over 80% of the property value or not. It’s not bad for loans under $1 million, however other lenders tend to be cheaper for bigger loans.

Rams’ Fixed Rate Home Loan allows you to fix for up to 10 years, which is longer than other lenders but there tends to be a better offer out there.

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Why happened to Rams' Low Doc Loans?

Rams had a home loan known as the Rams self employed ‘lo doc’ home loan which was very popular with business owners.

It had a low rate and easy approval criteria, often only requiring an accountant’s declaration of your income.

However, this was withdrawn in April 2019 as Westpac, the owner of Rams, decided to no longer fund this product.

While there has not been a clear indication from Westpac as to why this decision was made, we believe it may have been the fallout from the Royal Commission.

Low doc loans have long been perceived by the public, government or media to be ‘liar loans’ that allow people who are not paying tax to get approved.

The reality is that self-employed borrowers often lodge their tax returns late, have complex financial situations or their historical tax returns do not reflect their current income.

Luckily, there are low doc solutions available with other lenders, where this suits your needs and so you can afford the repayments.

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A franchisee vs a mortgage broker

Rams home loan centres are franchisees which can cause a conflict of interest.

After 2–3 years, you’ll often find that your lender has you on a higher interest rate than those that they’re offering to their new customers.

As mortgage brokers this is easy to handle, we can negotiate with the lender. If they won’t offer you a better deal, then we can assist you to refinance.

However, the franchisees are tied to Rams and it’s a conflict for them to refinance a customer away from Rams to another lender.

So, if you choose to go with Rams you need to monitor your home loan rate every year and make sure that you’re getting the best possible deal.

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Compare Rams to other lenders

Not sure which lender is right for you? Our Home Loan Experts can help!

Talk to one of our mortgage brokers by calling us on 1300 889 743 or complete our free assessment form.