To clarify, RAMS was purchased by Westpac around 3 years ago.  What WBC purchased was the brand and the franchise network.  What WBC didn’t keep was the existing loan book which, other then any loans that they sold off, become RHG loans.  The majority of the products that become RHG had early repayment fees during the first 3 years which should all be coming to an end within the next couple of months.  This of course doesn’t include fixed rates or several products which have a 5 year ERF.  Generally speaking it is 1% of the amount borrowed. In regards to how the customers were treated, the loan book remained with RHG who really are the old RAMS (other then what they sold off), and all that WBC took on was the name.  I feel for any customers, much like the Wizard customers that went to GE, who ended up being a captive customer base.   The information that I have received is that the National Credit Act that become effective on 1^st July non-bank lenders, and will be in play 1^st January 2011 for banks should change the way early repayment fees are calculated.  To give you an idea, RAMS (who are already under the National Credit Act) changed their ERF’s in July: 

• Loan discharged in Year 1: ERF capped at $1,600.00
• Loan discharged in Year 2: ERF capped at $1,100.00
• Loan discharged in Year 3: ERF capped at $600.00

 There will be no ERF charged in years 4 and 5 for any products with an ERF calculation that currently extends beyond 3 years  I have spoken with RHG and also received in writing that they are still charging ERF’s as per prior to the new legislation.   

Hi Reggie
I'm new to this forum but I have spent months researching the NRAS scheme and the available properties.  There seems to be a lot in Qld at the moment that look quite interesting.  I am sure that you know the basics of the scheme from the available information on the internet.  I have been involved from the finance side of NRAS when we become aware of it late last year.  An issue that investors were experiencing was sourcing lenders that were willing to lend to under this scheme due to "Head Lease" which was seen to be restrictive if the lender needed to dispose of the security.  These issues have recently been sorted out and it is now easier to lend under the scheme.  During this time I have spoken with people and organisations who are selling and managing properties under the scheme so I have a large amount of knowledge on what is available at the moment.  If you need any help or have anything specific in mind I may be able to point you in right direction.  If you want to know anything else about what is happening in Qld send me a PM
Marni