RAMS waives application fee for new home loan borrowers

Mortgage lender RAMS is offering all its home loans until the end of January with no application fee at a time when it says many Australians are reviewing their finances and when first-home buyers are more proactive about considering entering home ownership.

The offer will save borrowers $595 on fees, including the valuation fee.

RAMS has variable rate home loans starting from 5.54% and a three-year fixed rate home loan starting from 5.39%.

In order to be eligible for this promotion, home loan applications need to be received by RAMS by 5 pm on January 31, 2013.

The RAMS campaign is similar to successful marketing campaigns it has run in the past few years.

Currently, some lenders charge in excess of $800 in mortgage application fees.

Westpac, which owns RAMS, charges total mortgage fees of $600.

“We find the new year is a popular time for Australians to review their finances and look at ways they can save money,” says RAMS spokesperson Melanie Monico.

“Many people also take more proactive steps towards their goal of moving into a home of their dreams in the new year.

 “Often people are on holidays and have more time to research properties and start their property search."

Details of the offer can be found in the new RAMS advertising campaign.

RAMS is particularly focused on providing loans to first-home buyers.

Housing figures released by the ABS yesterday show that first-home buyer numbers fell from 18.7% of all mortgage commitments in October to 15.8% in November.