RAMS pulls 100 per cent loans from broker channel

Staff Reporter Tuesday, 24 Mar 2009 1 minute read

RAMS Home Loans has withdrawn its 100 per cent home loans from the broker channel due to unsustainably high demand.

Brokers’ clients will now also be required to contribute a genuine savings deposit of 3 per cent for any LVR greater than 90 per cent.

The new credit policy announced yesterday by the lender will see the maximum LVR available through the broker channel reduced to 95 per cent plus LMI capitalisation.

But for now the 100 per cent products will continue to be available to borrowers via the RAMS franchise network.

A RAMS spokesperson told Mortgage Business that the product had been withdrawn from the broker channel due to “unsustainable volumes” and that its distribution via the franchise network was currently “under review”.

COMMENT HERE

If you’re feeling overworked and overwhelmed in this fast-paced mortgage market, it’s time to make some changes, and the Business Accelerator Program can help! Early bird tickets are on sale now. Work smarter, not harder, this year.

Join the discussion