RAMS Basic Home Loan Rate Reduced to 6.99% p.a.

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RAMS Basic Home Loan Rate Reduced to 6.99% p.a.

Published on: November 7th, 2008 12:03am by: consult

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Specialist lender, RAMS Home Loans today announced it will once again move quickly to reduce its Standard Variable Rate to 7.59% p.a to remain lower than major banks.

(OPENPRESS) November 7, 2008 -- This rate reduction follows the latest decrease to the Reserve Bank of Australia’s official cash rate and takes the RAMS Basic Home Loan to only 6.99% p.a*, making it one of the most competitive in the market.

RAMS Chief Executive Officer, Melos Sulicich said in this current financial climate many people are turning to RAMS for straightforward, expert information and a more affordable alternative.

"While the global funding markets remain volatile, in the past three months, RAMS has passed on significant interest rate savings to provide relief to our customers," Mr Sulicich said.

"Our customer call volumes were at their highest ever for October and are back to April 2007 levels - well before the onset of the credit crisis - as many people seek to take advantage of the reduced interest rates and Government grants to get a head start into the property market.

"RAMS has always appealed to first home buyers, young families and self-employed professionals who have turned to our local network for friendly, approachable service and now the added strength and security of funding," he said.

On top of the competitive rates, RAMS is waiving the application fee for all first home buyers that qualify for the first home owner grant and apply for a new RAMS home loan before 31 December 2008. This will save customers a further $395.

The latest 0.6% p.a reduction is available on all RAMS variable interest rates and is effective from 10 November 2008.

As an advocate for helping people navigate the home loan process, RAMS provides valuable research tools to assist home buyers get as much information as possible before they embark on the journey towards home ownership.

RAMS recently launched Australia's first online information hub for first home buyers – www.ownyourfirsthome.com.au which has become popular amongst those people seeking to buy or invest in this uncertain market.

To protect customers and its business RAMS remains prudent in its approach to responsible lending. RAMS applies lending criteria and only lends to home buyers who have the ability to meet their repayments.