RAMS eliminates mortgage application fees in January

Mortgage franchise RAMS is looking to entice new borrowers in the slow month of January by cutting application fees on all its mortgage products.

“Apply for a RAMS Home Loan by 31 January 2012 and we’ll drop the application fee. Yes, we’re offering a $0 home loan application fee across our entire range of new loans – saving you $$$s!” says a message on the RAMS website.

The lender is particularly strong among first-home buyers.

RAMS, which is owned by Westpac, passed on both the November and December rate cuts in full.

The lender offers a standard variable rate of 7.18%, undercutting all the major banks.

NAB is the cheapest major lender, with a rate of 7.22%

Westpac’s standard variable rate is 7.36%.