Rams interest rates

Discussion in 'Loans & Mortgage Brokers' started by hash_investor, 1st Nov, 2016.

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  1. hash_investor

    hash_investor Well-Known Member

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    Just received a letter from RAMS saying my interest rates will be increased by .10.

    The wording makes it look like they are doing it for everyone. Did anyone else get that letter too?
     
    hash_investor, 1st Nov, 2016
    #1
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  2. tobe

    tobe Well-Known Member

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    The westpac group recently changed rates for interest only loans. I'd say that was what your letter was about. I do remember getting some mail about my rams loans recently but didn't pay it much attention.
     
    tobe, 1st Nov, 2016
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  3. D.T.

    D.T. Specialist Property Manager Business Member

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    Is it a lo doc, Hash?
     
    D.T., 1st Nov, 2016
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  4. hash_investor

    hash_investor Well-Known Member

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    @D.T. yes. self employed so most probably lo doc IO loan.
     
    hash_investor, 1st Nov, 2016
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  5. tobe

    tobe Well-Known Member

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    Got my letter in the mail today. It's the westpac changes to price on p&i and I/o. If your happy to go to p&i you can get the cheaper rate back.
     
    tobe, 2nd Nov, 2016
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  6. dabbler

    dabbler Well-Known Member

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    Can I ask the rate and LVR ? and did they pass on any/part of the cuts ?
     
    dabbler, 2nd Nov, 2016
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  7. tobe

    tobe Well-Known Member

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    tobe, 2nd Nov, 2016
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  8. hash_investor

    hash_investor Well-Known Member

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    I was on 3.99% IO with 80% LVR which has now increased to 4.09% obviously
     
    hash_investor, 3rd Nov, 2016
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  9. tobe

    tobe Well-Known Member

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    Not low doc then.
     
    tobe, 3rd Nov, 2016
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  10. hash_investor

    hash_investor Well-Known Member

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    yes just checked, i gave them my tax returns which means its not low doc.
     
    hash_investor, 4th Nov, 2016
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  11. dabbler

    dabbler Well-Known Member

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    Yeah, not low doc for sure, that is a pretty good rate, I am not sure anyone is getting under 4 for IP let alone low doc.

    so does that mean low doc would be 4.59 ish ?
     
    dabbler, 7th Nov, 2016
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  12. hash_investor

    hash_investor Well-Known Member

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    IR increasing by 0.15% with RAMS. Anyone else received that letter?
     
    hash_investor, 29th Jan, 2017
    #12
  13. Redom

    Redom Mortgage Broker Business Plus Member

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    Quite a few would be receiving this. Part of the I.O & P&I pricing differentials. CBA will be next in Mar/April for IO loans. Wouldn't be surprised if ANZ make the move soon too, as they're the only one of the big 4 that haven't stated intentions to do this yet.
     
    Redom, 29th Jan, 2017
    #13
  14. Corey Batt

    Corey Batt Well-Known Member

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    ANZ is inevitable, though I'm surprised that they'd wait CBA out who usually are a slow beast to react to these types of changes. (good for pilfering market share)
     
    Corey Batt, 30th Jan, 2017
    #14