Just weeks after BankWest cut brokers from its Rate Tracker loan, RAMS Home Loans (RAMS) today announced the launch of a new discounted variable-rate loan which it claims is one of the most competitive on the market.
The new Rate Relief loan, which will be available from Monday 25 August, offers borrowers a full one per cent discount on RAMS’ standard variable lending rate for two years, and an ongoing discount of 0.4 per cent after that period.
This would currently translate in to an 8.54 per cent rate (comparison rate of 9.08 per cent) for the first two years – one of the lowest rates available, according to RAMS.
Brendan O’Donnell, CEO of Choice Aggregation Services, welcomed the introduction of the new product.
“This is an excellent initiative given the current market – it’s clearly aimed at providing short term relief for borrowers.
“It would appear to be a very competitive product,” Mr O’Donnell said.
Head of broker business Huw Bough said RAMS was committed to providing the broker channel with innovative and competitive products to support their businesses.
“Where other lenders have pulled products, or even withdrawn from the broker market entirely, RAMS is introducing a better product, at a time when brokers and their clients need it most,” he said.
What do you think of RAMS re-emergence in the broker channel? Would you consider writing its Rate Relief loan? COMMENT HERE
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