Home loan with RHG

I would also like the opportunity to share my experience with RAMS / RHG.

I signed up with them almost 3 years ago via a Mortgage broker.

The rate was originally competitive, the loan had the facilities I needed and they were willing to lend to me (98% LVR) and my income was between $50k and $60k at the time. The RAMS loan allowed me to buy my first place - which was a mortgagee in possession for about $50k (15%) below market (based on sales of identical apartments). Bonza.

I agree that with the upward rates spiral of last year, I got a letter almost every month after the variable rate was increased (following RBA announcements) which I saw as very poor back end / admin.

However, the same has happened as interest rates have spiralled down - which is great for everyone on a variable rate - me included. Although not the best rate around, it is still around the lower end based on my comparisons.

I was very aware that the RAMS loan had deferred establishment fees - meaning if I re-financed in the first 3 years I was going to cop it pretty bad on fees.

What I didn't appreciate was when RHG took over, they sent through all these amendments to my mortgage contract or the terms and conditions attached to them (can they even do that legally?) stating that I would incur a $3,000 fee if I re-financed within the first 3 years.

My 3 years is almost up, and I will be shopping around later this year to see if I can find a better deal - likely with Westpac as I work closely with them for many of my accounting clients and have a really good relationship with them.

However right now RAMS is working for me, so all it well.

Thanks

 

Yep me to only got 2 months left before I leave RHG/RAMS I also got stung! at the time RAMS was a good product until they offloaded and got everyone stuck with high rates and fees.

I will be glad to get out of this high rate that I am paying also.

Westpac sounds good!

 

we had a no doc RAMS loan that went to RHG. by last december we were paying nearly 12% so we refinanced to ANZ. Breakcosts were enormous but in the long run what we saved made it worth it. I never had any trouble dealing with them, even when we were refinancing they were very helpful.

 

update with RHG hard to refinance with other banks especially on Lo Doc loans - Worstpac said I was only paying I/O on my loans and was not paying them down so that was a suprise. Am stuck with RHG until I can refinance with another bank which is very hard in this current market due to vals also coming down