Sydney, Australia (PressExposure) September 22, 2009 -- Specialist lender, RAMS Home Loans today announced a reduction in a broad range of fees, including exception fees.
From 1 October 2009, the fees associated with missed payments, dishonours and arrears will be reduced to $15. This includes cheque dishonour fees, 14 day default notice fees and 30, 60 and 90 day arrears fees.
RAMS Head of Product Joanne Reid said the decision to significantly reduce a number of fees provides a more simplified and streamlined approach to fees.
âWe listen to our customers and take their feedback seriously. While we continue to assist our customers to help them to avoid exception and dishonour fees, we believe the new fee structure is more straightforward and easier to understand.â
Todayâs announcement follows a review of all fees and charges since the business was acquired by Westpac Banking Corporation in January 2008.
âThe significant reduction in fees is consistent with our position as a desirable and affordable alternative in the home loans marketâ said Joanne Reid.
RAMS encourages customers who may be concerned about meeting their home loan repayments to call 13-RAMS (13 7267) as soon as possible to discuss the options available to meet their personal needs.
Tips that might help avoid fees
The most common reason for a default notice and arrears fees is a periodical payment, direct debit arrangement, or a cheque deposited to your loan account is dishonoured because there aren't enough cleared funds in the account set up to make your loan repayments to cover it.
Check your balances regularly on the account set up to make your loan repayment to make sure there are enough cleared funds to cover scheduled repayments.
If you've scheduled a payment to coincide with a deposit being made into your account (like your salary), then consider requesting a change to your scheduled payment day to ensure the deposit has cleared. That way, if you need to wait on the money going into your bank account, you'll have some time up your sleeve, generally one or two days before your scheduled payment is due. Itâs a good idea to allow a couple of days between when you deposit is due and your payment date.
Build yourself a buffer, a surplus balance that ensures you always have enough cleared funds available to cover scheduled payments.
Consider an alternative method of repayment that your lender has available for scheduled payments, e.g. salary credit, BPAYÂ® or Online Banking.
Set a reminder in your diary, organiser, computer or mobile phone for the day before a scheduled repayment is due. This way you can check there's enough money in your account to cover the repayment.