Can any one please tell me if rams mortgages are good or bad. I need to know if i should continue with them,i have read some posts where the review is ordinary, only problem is they are very old posts.
So does any one have any experience with them. How are they to deal with. etc.
Thanks
We have borrowings with RAMS and personally I have found them good to deal with – we are based in Tasmania and have dealt with Matthew Collins in Melbourne. Our loan had low establishment fees, has a variable rate lower than the big four banks, no ongoing fees, free redraw etc. Only catch – there is an exit fee for early payout of the loan.
Good luck.All of their loans are mortgage insured – which could create problems down the track.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
thanks guys, how do you mean that they are mortgage insured and may create problems, what sort of issues do you see.
For a start you will have to get approval from the lender and the mortgage insurer.
Then there are maximum exposure leves, lenders mainly all using the same insurers etc.Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Ok, What would the best way to go about this be then.
I just got approvedv ona re-fi recently through Rams, 6.39% low doc and I looked up the Mort Insurer and I don't think it's one of the 2. I think its Westpac's own insurer, but can't be totally sure. It was approved in 24hrs. Cash out was maxed at $10K though, that was a pain as i had over $240K equity in the property. Now all my Westpac loan's are at the highest rate at the moment – damn those buggers at Westpac.
I would only use a loan from a major bank myself.
I think RAMS use the 2 major mortgage insurers and then one smaller one as well.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Thanks guys for your comments. I will keep looking around,
Yes Rams used to use Gemworth / PMI and Prime but replace Prime with WBLMI.
As Terry mentioned not ideal if you dont want to have your whole loan mortgage insured irrespective of the loan amount.
Richard Taylor | Australia's leading private lender
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