I don't understand what you are getting at. There is no mention of LVR of 90% on website as it is not up to date. The 60% LVR only has to do with mortgage insurance.
Your opinion on "NEW" RAMS 90% no doc
- Thread starter Nth Brisbanite
- Start date
I don't understand what you are getting at. There is no mention of LVR of 90% on website as it is not up to date. The 60% LVR only has to do with mortgage insurance.
Save your hysterics for your masters and their outstandingly woeful launch of a new product Kristine...... The thread wouldn't exist if they'd synchronized the website with the email contents the staff are trickling to consumers.
I'm very happy to pay the LMI as it is firstly, tax deductible over 5 years and secondly, it allows me to take on a project which will earn me at least $65,000. I'll be using the money in property and possibly shares, if the market drops substantially. It also allows me to retain a much higher line of credit which I can use for further investment opportunities.
Yes, that's what i mean.... the LMI is payable when you borrow more than the 60% LVR.
I'm just not familiar with banking regulations and advertising.... when a bank advertises it's LVR, are they allowed to advertise their maximum LVR (90% after paying LMI) or is it really 60% (exluding LMI)?
http://www.rams.com.au/default.asp?page=/our+home+loans/all+our+products/rams+line+of+credit+pro+pack
Good question but I'm not familiar with banking regulations and advertising either.
As far as I'm aware, lenders are not required to advertise their LMI schedules, they're only required to provide a comparison rate schedule (which does not include LMI anyway). They are required to disclose that there may be fees and charges.
LMI rates change depending on the LVR, the price range of the property, the actual insurer and the lender (they differ from one lender to the next). Since RAMS has three insurers, trying to quote LMI rates in their advertising would simply confuse people, including the most experienced investors.
LMI rates change depending on the LVR, the price range of the property, the actual insurer and the lender (they differ from one lender to the next). Since RAMS has three insurers, trying to quote LMI rates in their advertising would simply confuse people, including the most experienced investors.
Kristine
Thanks for the clarification... I concur that its tough to cover the same topic across multiple threads as its happening with the interest rate issues as well.
Can I trouble you to confirm that the interest rates (or annual percentage rates) are re what Nth Brisbanite was stating - didnt see that bit clarified in the post
Also as a post note - but just for clarity - re the profile name... I took my name and MB contact details off of my auto sig on purpose, more so with the notion of contributing to the forum without looking to gain in business (which i can still state i've never done a loan for a s/soft member since leaving cba - as far as I know anyway). Think the only person I ever did something for was Peter 147 and that was when I was at cba and he was getting stuffed around royally and from all I saw he didnt deserve it.
On one hand, its nice for people to know your name but on the other its nice for them not to as well, and I get enough biz to float along and keep the caviar & moet chilled.
Thanks for the clarification... I concur that its tough to cover the same topic across multiple threads as its happening with the interest rate issues as well.
Can I trouble you to confirm that the interest rates (or annual percentage rates) are re what Nth Brisbanite was stating - didnt see that bit clarified in the post
Also as a post note - but just for clarity - re the profile name... I took my name and MB contact details off of my auto sig on purpose, more so with the notion of contributing to the forum without looking to gain in business (which i can still state i've never done a loan for a s/soft member since leaving cba - as far as I know anyway). Think the only person I ever did something for was Peter 147 and that was when I was at cba and he was getting stuffed around royally and from all I saw he didnt deserve it.
On one hand, its nice for people to know your name but on the other its nice for them not to as well, and I get enough biz to float along and keep the caviar & moet chilled.
www.rams.com.au
OK
Our amazing Operations Manager has now advised that the website has been updated www.rams.com.au and the SE Pro Pack 90%LVR is at http://www.rams.com.au/default.asp?page=/our+home+loans/pro+packs/rams+self+employed+(se)+pro+pack
By the way, existing RHG customers can access their ongoing options, products and interest rates at www.rhgl.com.au
Thanks to all for your collective patience - every business relies on customer feedback. I'm currently reading John McGrath's 'You Inc.' which was given to me by my Action Coach.
McGrath says that whenever they design a new website they trial it for 90 days and ask all staff, families, friends, customers to use the site and to report on any faults, errors etc
So if the SE Pro Pack 90%LVR wasn't such an amazing product and if all you enthusiastic prospective customers hadn't gone and looked at the site, the error may have remained there for much longer
Thanks, Nth Brisbanite for the thread and for all the feedback on the product and particularly the website.
Cheers
Kristine
OK
Our amazing Operations Manager has now advised that the website has been updated www.rams.com.au and the SE Pro Pack 90%LVR is at http://www.rams.com.au/default.asp?page=/our+home+loans/pro+packs/rams+self+employed+(se)+pro+pack
By the way, existing RHG customers can access their ongoing options, products and interest rates at www.rhgl.com.au
Thanks to all for your collective patience - every business relies on customer feedback. I'm currently reading John McGrath's 'You Inc.' which was given to me by my Action Coach.
McGrath says that whenever they design a new website they trial it for 90 days and ask all staff, families, friends, customers to use the site and to report on any faults, errors etc
So if the SE Pro Pack 90%LVR wasn't such an amazing product and if all you enthusiastic prospective customers hadn't gone and looked at the site, the error may have remained there for much longer
Thanks, Nth Brisbanite for the thread and for all the feedback on the product and particularly the website.
Cheers
Kristine
hi all
got a couple of questions.
1. is this for resi only or can you do comm thru this loan.if the company is 2 years old with abn but has not traded.
2.same as above but with a unit trust attached.
3. The lmi on a 1 mil property purchase anyone like to have a stab at what the lmi cost would be doesn't have to be exact just to give me an idea.
4 does rams give out there valuer panel if you ask ( never done a deal thru rams before but this loan seems like something that I could use.
5 is the loan post code sensitive.
got a couple of questions.
1. is this for resi only or can you do comm thru this loan.if the company is 2 years old with abn but has not traded.
2.same as above but with a unit trust attached.
3. The lmi on a 1 mil property purchase anyone like to have a stab at what the lmi cost would be doesn't have to be exact just to give me an idea.
4 does rams give out there valuer panel if you ask ( never done a deal thru rams before but this loan seems like something that I could use.
5 is the loan post code sensitive.
It does appear to be an amazing product. I've checked all the information on this thread with 4 different people and can assure you that it is accurate. All the people I've talked to cannot believe that such a product would come out when all the other lenders are becoming more and more conservative.
I'll probably apply for this new product and give you feedback later on.
I can't answer any of the above questions. Why not send a private message to Kristine..? Alternatively, ring one of the branches. The people I've dealt with are very helpful. Kristine.. has been great to deal with.
Are there any good deals for existing RAMS customers who want to refinance? Can any Broker advise.
I'm not a broker but my local RAMS office said that Westpac are giving an incentive to customers of the OLD RAMS to refinance to the NEW RAMS. I think he told me that Westpac is going to contribute $1500 to pay for any switching fees. You need to confirm this yourself.
Yes I had heard similar, but not with Westpac, it was with one of the other majors. A $1000 contribution towards exit fees when a broker refinances them away from RAMS OR a non-conforming lender.
This is all unconfirmed as yet, just what I heard on the grapevine!
It's not all that different from the "waiver of application fees" for refinances that some lenders offer at the moment.
Dan
This is all unconfirmed as yet, just what I heard on the grapevine!
It's not all that different from the "waiver of application fees" for refinances that some lenders offer at the moment.
Dan
LMI Calculator
I'm not sure how accurate this is, but it's the one I usually use to get an estimate.
LMI Calculator:
http://www.inmortgages.com.au/mortgage-calculator.htm
I'm not sure how accurate this is, but it's the one I usually use to get an estimate.
LMI Calculator:
http://www.inmortgages.com.au/mortgage-calculator.htm
I hadn't heard of this offer and decided to investigate via my CBA BDM. Here's the reply I just received:-
Hi Stephen,
This was a trial that was in place briefly, recently but has since been withdrawn. It was to help compensate customers who had been affected by sub prime rate increases, not specifically RAMS.
It is no longer available.
regards
G'Day
A number of the major lenders thought there was a marketing opportunity last year to offer to subsidise the Early Repayment Fee if an RHG customer wanted to refinance away from RGH.
With the new RAMS, Westpac has offered to assist with ERF but it is on a case by case basis.
For example, we have an RHG customer who is quite happy with their loan, but wants to sell their house and buy land to build.
In this case, the ERF is because of the customer's changing circumstances and has nothing to do with interest rates or change of perception of the brand etc
The loan is eighteen months old, and their ERF would ordinarily be about $6,500.
If we can offer them an appropriate RAMS product, and they decide to refinance RHG to RAMS, then in spirit of the offer they would not be eligible for the subsidy as their circumstances have changed and this would have required refinacing anyway. We will certainly put their case forward but it is not for us to make the decision.
In the market place, incentives arise from time to time. This is a circumstance driven incentive primarily as a good will gesture. The loan would have to be very small for the $1,500 to cover the ERF and for most people the ERF would not be covered by any real or perceived reduction in interest rates by refinancing to another lender. You would feel very cross indeed if you had closed your RHG loan, paid the ERF,then your new lender increased their interest rates anyway because of market conditions.
Acting on the spur of the moment is not the way to make business or investment decisions. Feeling miffed is one thing, paying the equivalent of a year's capital growth to smooth ruffled feathers is another.
Cheers
Kristine
A number of the major lenders thought there was a marketing opportunity last year to offer to subsidise the Early Repayment Fee if an RHG customer wanted to refinance away from RGH.
With the new RAMS, Westpac has offered to assist with ERF but it is on a case by case basis.
For example, we have an RHG customer who is quite happy with their loan, but wants to sell their house and buy land to build.
In this case, the ERF is because of the customer's changing circumstances and has nothing to do with interest rates or change of perception of the brand etc
The loan is eighteen months old, and their ERF would ordinarily be about $6,500.
If we can offer them an appropriate RAMS product, and they decide to refinance RHG to RAMS, then in spirit of the offer they would not be eligible for the subsidy as their circumstances have changed and this would have required refinacing anyway. We will certainly put their case forward but it is not for us to make the decision.
In the market place, incentives arise from time to time. This is a circumstance driven incentive primarily as a good will gesture. The loan would have to be very small for the $1,500 to cover the ERF and for most people the ERF would not be covered by any real or perceived reduction in interest rates by refinancing to another lender. You would feel very cross indeed if you had closed your RHG loan, paid the ERF,then your new lender increased their interest rates anyway because of market conditions.
Acting on the spur of the moment is not the way to make business or investment decisions. Feeling miffed is one thing, paying the equivalent of a year's capital growth to smooth ruffled feathers is another.
Cheers
Kristine
