RAMS undercuts major banks with rate cut

RAMS Home Loans has moved quickly to pass on 0.9 per cent of the Reserve Bank’s October one per cent official cash rate cut.

Melos Sulicich, RAMS chief executive said today “as funding costs remain high and global funding markets remain unstable we have moved quickly to pass on the maximum amount we possibly could – almost the full cut.”

The RAMS reduction, which is 10 bps more thank the big banks’ 0.80 per cent, will bring the non-bank lender’s standard variable rate to 8.39 per cent, 14 basis points lower than any of the big four’s standard variable rates.