Hi Guys,
Some time ago I refinanced with Rams to buy an investment property and hoping to get a better deal.
It has been nothing but a nightmare, they are the most incompetent and frustrating company I've dealt with.
The interest rate paled into insignificance. It took 14 days for a Bank cheque to clear for redraw and all I got was ridiculous explanations by call centre staff who could'nt speak English. After 14 days the cheque had still not cleared, I was told I had to wait 2 more days, after blowing my top I demanded my money and told them I would take my business elsewhere.
I have just about refinanced with another finance company.
Buyer beware.Rams as you know are securitised lender and not a retail Bank and therefore do not offer a full suite of products.
Unless you need to go lodoc / nodoc you would not use their normal suite of products which are uncompetitive and expensive. If you think the customers service staff couldnt speak English you want to try and deal with their credit team. They are an absolute joke.
Certainly a lender of last resort.
I wonder why they are up for sale.
Richard Taylor | Australia's leading private lender
Baaaaa. yeah, but people still go with them for whatever reason. Could tell you some interesting stories about people refinancing or selling the security properity they have with r r r rams. Glad you got things sorted in the end.
The trouble is it will cost you dearly to refinance out of them!
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
It's run by a sheep for chrissakes. I see his picuture everywhere and want to throw darts.
I am waiting for September this year to refinance the whole of my portfolio I would do it sooner but it will cost approx $4,000 per loan to get out under 3 years!!!
I have paid dearly to be with RAMS and it has cost me many good investment opportunities that I have not been able to take up.
I would not do another RAMS loan if you paid me.
Good luck trying to get out of a RAMS loan fees!!!
Hey thanks Guys for the comments,
I have no problem paying an exit fee if it means getting better service.
There is a reason they are called Rams, thats what they do.Freeman Yes many investors realise the folly of their ways and often it is a matter of getting out at any cost.
Richard Taylor | Australia's leading private lender
Hey Guys,
Any sheep jokes?Well it also same with the bank because you have to wait for:
– Long queque
– Long Waiting Period
– No one to one personal relationship
– With Mortgage Broker you can borrow up 105%, credit impaired, high LVR Low Doc
– You will get the best rate & best products (usually they get to choose from 35 lenders)Thinking of the advantages I thinking I will give a mortgage consultant a go ahead. For two minutes loan process, e-mail me at [email protected]
Equity Finance & Mortgages Pty Ltd
Eric mob: 0413 594 675
Mobile Mortgage AdvisorHi Guys,
Can anyone tell me the pro's and cons of reverse mortgages.
My mother is retired has a house worth $450k and is looking for $15,000 every 5 years.
If she lives another 25 years what impact will that have on her,
The house is in Brunswick Melbourne.
Can someone recomenda company that does reverse mortgages?Regards
FrankChoice report on reverse mortgages http://www.choice.com.au/viewArticle.aspx?id=104312&catId=100296&tid=100008&p=1&title=Test%3a+Reverse+mortgages
check out this press report
http://www.abnamro.com.au/content/media/articles/319.asp
You will have to decide which is the better lender
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