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Home loan with RHG

Discussion in 'Finance & Banking' started by mich08, 4th Apr, 2009.

  1. mich08

    mich08 Member

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    hi everyone, l am new to this forum, but just thought l would ask anyone if they have heard of Rhg home loans. Well, to be honest, we have a loan with them and were transferred to them without permission from rams to them last year. Anyway half of our loan is fixed for next 3 years. they are totally crap mortgage company, and we have to wait till then. Anyway, lm not sure if we would have to pay mortgage insurance again, if we re finance with another bank?
     
  2. Chris C

    Chris C Well-Known Member

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    My mum is tied up with them as well until mid year, she definitely doesn't have anything nice to say about them either...
     
  3. mich08

    mich08 Member

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    yep, lol, thanks for the info, l knew all that, and it sucks!! l hate them so much for what they did to us! anyway, yeah l wonder if they do go bust, would they just send there loan book to someone else?
     
  4. ashwright

    ashwright Well-Known Member

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    Hi,
    Thought I would point out, RHG, used to be known as RAMS Home Loans Group Limited.
    As you know RAMS went bust (basicly), and they sold there brand to Westpac (I think), as such they can't use the RAMS name any more, so they renamed themselves RHG. Also since they can't take any new customers, I guess (from the comments made) they have no desire to keep their existing customers either.

    Ash.
     
  5. Billv

    Billv Getting there

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    If the mortgage insurer is the same one you shouldn't have to pay LMI again
    but you need to talk to your new lender about this.
     
  6. AsxBroker

    AsxBroker Well-Known Member

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    Hi Mich,

    Why did you go with them in the first place?

    Cheers,

    Dan
     
  7. mich08

    mich08 Member

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    lm not sure why you would ask that question dan , we did not choose to be with rhg with went with rams in the first place
     
  8. AsxBroker

    AsxBroker Well-Known Member

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    Hi Mich,

    Sorry, let me rephrase, Why did you go with Rams in the first place? I see RHG and Rams as the same as RHG was the RAMS stock code when it listed on the stock exchange, like calling WBC - Westpac, CBA - Commonwealth Bank, etc, hence RHG - Rams...sorry for the confusion :)

    What did they do to you? As Ashwright said, they did go bust at the start of the sub-prime mess, it sounds like the existing loans are just being maintained by administration and support services.

    Cheers,

    Dan
     
  9. mich08

    mich08 Member

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    ok l will explain. Being our first home, we went through mortgage choice. And we decided to go through rams as it was a good rate at the time. We are locked into a fixed rate with rhg for next 3 years, lol! :mad:
    Then l would like to refinanance with Say ANZ as we do all our banking with them and l dont trust any other mortgage companys or building societies.
     
  10. AsxBroker

    AsxBroker Well-Known Member

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    Hi Mich,

    It sounds like you should be upset at your mortgage broker and not your lender, why did you fix the loan?

    Cheers,

    Dan
     
  11. mich08

    mich08 Member

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    well on lm not upset with my mortgage broker, because how would of he known that would happen to rams. also the question about fixed, well its obvious, why do most people fix there loan for a period of time, mainly because interest rate seemed low at the time and l knew they were going to go up. Anyway, l don't see how you are helping my situation by asking all these questions.
     
  12. Redwing

    Redwing Well-Known Member

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    Westpac purchased the franchise distribution business for $140 million cash and Westpac took the RAMS brand name, its 53 franchises and all new business.

    Old RAMS (now RHG) still retains its existing $14.5 billion mortgage book

    Your loan is still with the original company?

    We bailed with RHG and McBank as variable rates with both were getting silly, cost a bit in our case, but worth it in the long run to transfer
     
  13. AsxBroker

    AsxBroker Well-Known Member

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    Hi Mich,


    I am trying to understand why you hate them. Your mortgage broker should be helping you as they are getting paid an ongoing commission.

    Cheers,

    Dan
     
  14. mich08

    mich08 Member

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    ok l see, well the reason l hate rhg is because last year when the interest rates kept going up they did not give us any notice at all and put them up without even a letter in the mail, they sent the leter weeks after they had done it. l am most annoyed with rams, l would have preferred our loan to go to westpac, but that wasn't the case.
     
  15. mich08

    mich08 Member

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    also our mortgage broker has left that company last year
     
  16. AsxBroker

    AsxBroker Well-Known Member

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    Hi Mich,

    That's not good that you didn't get any notice when they raised interest rates, did you get any notice when they decreased them :( ?

    Your mortgage broker at the time chose Rams for some reason over other lenders. Even though the broker you dealt with has left the mortgage broking company, the company is more than likely still getting paid an ongoing commission and hence should be helping you (including calculating whether or not you should change your loan).

    Cheers,

    Dan

    PS Speak to your registered lending professional before making a lending decision.
     
  17. TROM

    TROM Active Member

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    Has anyone heard if RHG is cutting there rates again or keeping the whole 25
    %
     
  18. JudgeDreadz

    JudgeDreadz Well-Known Member

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    Hmmm....anyone else like to share their RAMS experience? I was thinking of going with them for my first home loan.
     
  19. GregR

    GregR Reid Consultants

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    Berwick Vic
    JudgeDreadz,
    I have placed a couple of clients with RAMS recently (their choice, I operate on a fixed fee for service model for investors so the lender choice makes no difference to me other than the degree of difficult dealing with lenders) as they are competitive in the market generally offering better rates than the majors. They are now owned by Westpac (who purchased the brand name and franchise network essentially) and I would expect over the years they will be absorbed into the Westpac brand but that is just a guess. Their back office has been slow but so have all the majors.

    RHG was the previous company and no longer associated with the 'new' RAMS operations.
     
  20. AsxBroker

    AsxBroker Well-Known Member

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    Hi Greg,

    I don't want to hijack this thread.
    Interesting that you do a Fee for Service mortgage lending service/business. Could you tell us how it works in the "Fees vs commissions" thread?

    Thank you,

    Dan