Specialist lender, RAMS Home Loans announced today it is increasing its Standard Variable Rate (SVR) by 0.29% p.a. to 6.48% p.a. effective Friday 11 December 2009.
RAMS Chief Executive Melos Sulicich said that the increase reflected sustained increases in funding costs and the Reserve Bank of Australias (RBA) increase in the official cash rate earlier this month.
Over the past few months we have faced continued pressure on our cost of funds but we always need to be mindful of the impact increased interest rates have on our customers. The decision to increase our interest rates by more than the RBAs cash rate movement was not one that we took lightly. With the changes announced today we have tried to balance our higher funding costs with the needs of our customers.
RAMS funding costs are approximately 80 per cent higher than this time last year.
While our funding costs have increased we remain committed to providing a range of home loans that are cheaper than those offered by the major banks. In the last two years we have helped over 30,000 Australians achieve the dream of buying their own home and that continues to be at the core of our business, said Mr Sulicich.
RAMS continues to offer a range of home loans with extremely competitive interest rates.
RAMS encourages any customers who are concerned about meeting their home loan repayments to call 13 RAMS (13 7267) to discuss the options available to meet their individual circumstances.
For further information, please contact: Paul Smith on 02 8218 6359 or 0437 896 093
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