RAMS Refinance for Brokers 2026

Can a Client Refinance to RAMS?

No, a client cannot submit a new home loan application to RAMS, including an application to refinance another lender’s loan into RAMS. The RAMS business update confirms the closure to new home loan applications.

Existing RAMS-branded loans continue to receive support. Pepper Finance Corporation Limited is the lender for transferred loans, and Pepper Money handles day-to-day servicing. The RAMS homepage directs existing customers to Pepper Money’s RAMS information.

The portfolio transfer continues an existing debt. It doesn’t refinance the borrower into a newly assessed loan or approve extra borrowing. Pepper Money’s advertised new-loan products are separate from the client’s existing RAMS contract.

Keep, Vary or Refinance the Existing Loan

Separate the client’s requested outcome from the name on their statement. A question about a repayment needs a different response from a request for more borrowing.

Client’s Request	Route	What You Need to Establish
Explain a balance, repayment or missing account access	Existing-loan servicing	The account details and the authority needed to discuss it
Change a feature, rate arrangement or another loan term	Proposed variation	Whether the servicer permits that change on this account and what assessment it requires
Replace the loan with another lender’s loan	External refinance	Whether the receiving lender accepts the borrower, security and requested borrowing

Use Pepper Money’s RAMS support information for the existing account. Customers can still call 13 7267, and the page provides a third-party authority route. Obtain the appropriate authority before discussing the client’s loan.

Ask the servicer about the specific variation the client wants. An existing RAMS loan doesn’t establish entitlement to a top-up or a product switch.

For an external application, assess the client’s present income, equity and repayment record against the receiving lender’s rules. Historic RAMS approval doesn’t establish eligibility elsewhere. Record the objective, such as reducing total cost or obtaining a needed feature, so the comparison answers the client’s actual request.

Payout Costs and Features That Matter

Request a payout quote for the intended settlement timing and identify whether any loan split remains fixed. Use the account’s agreement and applicable fee notices when checking charges.

Pepper Money says the existing RAMS fees continue after transfer. The servicer can provide the account’s payout figure and explain applicable discharge fees. A fixed loan can also have break costs, so a statement balance alone isn’t a settlement figure.

Include discharge costs and any fixed-rate break cost in the comparison. Add receiving-lender establishment and settlement costs where they apply. Moneysmart’s switching guidance also explains why a longer new term can increase total interest despite a lower repayment.

For a hypothetical comparison, $2,400 in total switching costs divided by $150 in monthly savings gives a 16-month recovery period. That simple estimate assumes the savings stay constant. Compare total interest over the intended remaining term as well, especially if the proposed loan extends it.

Reconcile accessible cash separately from the payout. Moneysmart explains the difference between offset and redraw: offset money sits in a separate account, while redraw comes from extra repayments already made into the loan.

Pepper Money says offset accounts are unavailable on transferred RAMS loans. Reconcile any former offset funds with the client’s current balances before deciding whether to keep that cash or contribute it to settlement. Avoid subtracting the same money twice.

For redraw, determine whether the client intends to withdraw funds before settlement, because a withdrawal changes the debt to be repaid.

RAMS redraw access also depends on the required borrower and guarantor consents. Resolve access before relying on redraw for settlement cash. Compare the replacement loan’s access rules and ongoing feature costs with what the client actually uses.

Evidence and the External Refinance Sequence

Prepare the receiving lender’s evidence before arranging the replacement loan. NAB’s refinance steps illustrate the usual assessment of income and repayment history, with a property valuation where required.

Collect current RAMS statements and the loan contract, plus identification for each applicant. Gather income evidence and details of living expenses, other debts and assets. Provide the property information the receiving lender needs for its valuation and security checks.

Use that lender’s checklist for document periods and formats. A borrower accepted under older RAMS income rules still needs to satisfy the new lender’s current evidence requirements.

Keep the RAMS exit work in this order:

1. Obtain receiving-lender approval and resolve its conditions before committing to settlement.
2. Contact the existing servicer with authority to confirm the payout and release requirements for the actual account.
3. Complete the required discharge authority through the current route. The RAMS discharge guide covers the authority and lodgement details.
4. Reconcile the final payout against new-loan funds and the client’s contribution before settlement proceeds.
5. Confirm settlement has paid out the old loan, then check the new repayment arrangements and any replacement offset link.

If the final payout exceeds available funds, resolve the shortfall before settlement. If a proposed variation cannot meet the client’s objective, assess the external application on its own merits. Use the broader refinance requirements for the receiving-lender process beyond the RAMS account exit.