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The new Rams (Westpac owned) has mostly the same products as the old Rams (now RHG) did. As some posters mentioned above, they were/are excellent products. Rams is still one of the only lenders doing 100% loans at 5.89% and lo doc at 6.89% (before the cut) with only ABN required for 2 yrs , hence the delay brokers are having with Rams at the moment.
PosEnter, yes RHG fund there money from overseas. This has always been the RHG model when Kinghorn owned the company. Things were going gangbusters right before the float, they had too many applications for them to handle and needed to grow. You have to wonder though how they didn't see the collapse coming with funds coming from overseas. Instead the staff all buy shares and the owner runs off with $500mil or whatever it was.
Solidgoldinvestment pretty much sums it up in his post also….
they will reduce it but by how much i'm not sure…let us know when you find out…
lol no, RHG is completely seperate from Rams now
Rams (owned by Westpac) have reduced their rate by 0.9%. Rate relief product is now 5.69%!you'll be lucky to get that from RHG…keep calling them otherwise you will never find out
sorry for the bad news for you…
Rams have reduced their variable rate by 0.9% this morning.
right now with existing customers, variations/increases only…good question, it's a deminishing loan book. a lot of customers are refinancing to Rams so they make on ERF's etc..they may get bought out sometime down the track but who knows? it's still a valuable loan book but without new business it will struggle you'd imagine…always give them a call if you are unsure
I bit the bullet and got out of RHG, it's a pitty westpac didn't also purchase the old Rams loan book, instead the customers got shaft ed and ended up with RHG as we now know it, which has little or no future. Remember Passnby, it's not really out of pocket cost b/c you add the fees to your new loan amt if you refinance but yes it does eat into equity. You need to work out how much you save with a better rate, a broker can help you with this obviously. The good thing is RHG doesn't take any new business so nobody else can go with them except existing customers. Break costs etc are bit of a rort for sure
I'm not too familiar with Pepper but heard they were struggling in the marketplace through the whole credit funding thing. You're right 10.12% is way too high and I doubt they would pass on a full cut. Either way, you are still looking at 9.5% or above…You should give them a call. You say you are not in a position to refinance? Rams can do low doc at 6.99% with minimal documentation required still and there are others who do low doc at a lower rate also. That's a huge interest rate difference. If you need help let me know, just email me…
$13k is hefty, a lot of RHG products had ERF's at 2% of loan amt if you refinance within first 2 years, and then drop to 1% after that.
Pos
My ERF's were around $7300 after 1 year with them, so with the rebate around $5k. But if you look long term it is well worth refinancing a) to a better institution and b) to a better rate.
The thing with RHG is their loan book is diminishing, they don't cater for any new business except for variations to current loans. Their ability to pass on rate cuts is not the same as bigger institutions. Before the rates started falling, the majority of Rams business was refinancing RHG customers.
You would need to call RHG, they will send you a letter in a few weeks but otherwise they probably won't announce it in the media and it won't be the full cut.
If you are unhappy at RHG you should look at refinancing to Rams (now owned 100% by westpac) as you can get a rebate off your early repayment fee, depending on your loan amount it can be up to $2500. You will save $$ thousands on a much better rate and product. This is what I have just done. I have many connections at Rams so if you need help let me know.
Cheers
imaginaryhero
you are wanting to purchase a unit to live in?
if so, you can use your mothers property as security as long as she provides a supporting limited guarantee at a specific dollar amount. You can borrow 100% of the purchase price but with the guarantee the LVR drops down to 80% so you also avoinf lenders mortgage insurance.Contact me if you wish to discuss further and can point you in the right direction
CheersThey are merging officially today but will stay seperate for now. However, will eventually merge everything into one and many jobs will be lost. Rams which is owned by Westpac will remain a seperate business. Westpac's originations centre is in Adelaide, whilst Rams is in Sydney. I have a lot of contacts there, and Westpac are happy to run it as a seperate business….for now
Hi Sydneyme
send me a private message or email me
can help you outCheers
