RAMS waives fees for first-home buyers

Mortgage lender RAMS has waived application fees and settlement fees for first-home buyers as part of a new campaign aimed at helping them move from renting to buying.

The campaign is being promoted by a new television commercial, which aired for the first time last weekend.

RAMS has also waived the account keeping fees on its RAMS Low Rate Home Loan with Introductory Rate Option, during the introductory rate period.

According to the lender, this could save first-home buyers up to $1,590 in fees.

“We understand the frustrations of FHBs who tell us they are in a rental rut and are delaying purchasing a property due to their inability to afford repayments and fears of unemployment in an uncertain economy," says RAMS chief executive Melos Sulicich.

“We have listened to their concerns and created genuine options designed to renew first-home buyer confidence and reignite their passion and drive to take the first step to home ownership."

RAMS says it is also helping first-home buyers by requiring only a 5% deposit with a full-doc loan (plus funds to cover transaction costs), if they meet our other lending criteria.

The lender has also cut its two-year fixed rate from 5.39% to 5.25%.