RAMS and GE win low-doc loan awards

RAMS and GE Mortgage Solutions have picked up best loan in the low-doc categories of the annual Money Magazine Best of the Best awards. RAMS won best low doc loan for borrowers without an impaired credit history while GE won for best low-doc loan for those with medium credit impairment. RAMS won for its lowest overall combination of rates and fees with its 7.24 per cent interest rate along with features such as redraw and direct salary crediting. Mortgage House of Australia came in third but had the best fee schedule – no monthly fee at all. GE's interest rate of 10 per cent was the lowest in the medium-impairment category with Bluestone second on 10.25 per cent.