If you've found this article, chances are you're a current or prior RAMS customer wondering what comes next, or you were thinking about applying for a RAMS home loan and discovered the doors have quietly closed. Either way, you're not alone, and you've got more options than you might think.
At Zest Mortgage Solutions, we've spoken to Queensland borrowers who've found themselves in this position with RAMS or other lenders that have changed hands or closed the doors. So let's walk through what's actually happened, what it means for you, and how to find a home loan that genuinely suits your situation, not just the lender who happens to still be open.
What happened to RAMS?
RAMS was a well-known name in Australian home lending for decades, particularly popular with first home buyers and self-employed borrowers. Westpac, its parent company since 2007, ran a strategic review and decided in August 2024 to stop taking new home loan applications through RAMS. The franchise network was wound down shortly after.
If you already have a RAMS loan, your loan has likely moved across to Pepper Money (if you chose it or not), as in late 2025 Westpac confirmed the RAMS mortgage book is being sold to a consortium of investors, which means your loan will eventually be managed by a different lender, and the latest news from RAMS is that this will be Pepper Money.
For new borrowers, though, RAMS is no longer an option. So where do you go?
The good news: the Australian lending market is bigger than ever
Here's something most people don't realise. Australia has hundreds of active home loan lenders, and a mortgage broker like Zest works with over 60 banks and lenders, even those beyond the big four banks, with second-tier banks, customer-owned banks and credit unions, online-only lenders, and specialist non-bank lenders designed for borrowers who want the right home loan for their needs and lifestyle.
What this means for you: even if RAMS was the perfect fit for your situation a few years ago, there's almost certainly an equivalent (and often better) option available today. The trick is knowing where to look, and that's where we can help, simply get in touch with Zest here.
What kind of borrower were you with RAMS?
The right RAMS home loan alternative depends largely on why you chose RAMS in the first place. Here are the most common scenarios we see at Zest:
If you're self-employed
RAMS had a reputation for being friendly to self-employed borrowers, sole traders and small business owners. The good news is plenty of other lenders specialise in exactly this space. Alt-doc and low-doc home loans are available across the market using BAS statements, accountant declarations or business bank statements instead of two years of tax returns. Each lender has different policies on what they'll accept, so getting matched to the right one matters.
If you're a first home buyer
RAMS was a popular starting point for first home buyers. Today mortgage brokers like Zest have got access to a much wider range of first home buyer products, plus government schemes like the Home Guarantee Scheme that can let you buy with as little as 5% deposit without paying lenders mortgage insurance. The current QLD market also has stamp duty concessions worth knowing about. A broker like our award-winning team can walk you through what you actually qualify for.
If you wanted a low deposit loan
High loan-to-value lending (above 90%) is still very much alive in Australia. Several lenders offer 95% LVR home loans, and some go higher with family guarantor structures. The pricing and policy vary significantly though, so this isn't an area to just pick the first option you find.
If you've had credit issues
Specialist non-bank lenders are built for borrowers who don't fit mainstream credit policy. Late payments, a previous default, irregular income, or a discharged bankruptcy don't automatically rule you out. The interest rate is typically a bit higher, but it's a real path back to owning a home and often a stepping stone to refinancing into a mainstream loan later.
What if you've already got a RAMS loan?
If you're an existing RAMS customer, you don't have to do anything right now, but you will get transfereed automatically to Pepper Money - no matter if you chose that or not.
And that means now is a great time to get a free review of your current loan, for a few reasons:
- Rates have moved a lot. Whether you're on a fixed or variable rate, the market has shifted significantly since you took out your loan. You might be paying more than you need to.
- Your loan features may not match your life today. Maybe you didn't need an offset account when you started, but you do now. Or vice versa.
- Refinance cashback offers come and go. Several lenders offer cashback or fee waivers to win refinance business, which can effectively cover the cost of switching.
- The lender holding your loan is changing. If your loan is being moved to a new servicer, this is a natural moment to ask whether staying put is actually your best option.
A health check on your home loan costs nothing and takes about 30 minutes. Worst case, you find out you're already in a great spot. Best case, you save thousands over the life of your loan. Simply book a free home loan health check here.
Why a mortgage broker beats going straight to a bank
If you walk into a bank, you'll get offered that bank's products. That's it. If their policy doesn't suit you, or their rate isn't competitive, you've used up time and a credit enquiry for not much.
A mortgage broker works the other way around. We look at your situation first, then match you to lenders whose policies and pricing actually suit you. Around 75% of Australian borrowers now use a broker for exactly this reason, and the service is free to you because brokers are paid by the lender once your loan settles.
At Zest, we work with more than 60 lenders, which gives us a wide enough panel to genuinely find the right fit, whether that's a major bank, a small credit union, or a specialist non-bank lender.
What to do next
If you're a former or current RAMS customer in Queensland, here's the simple path forward:
- Get a free home loan review with Zest, award-winning QLD mortgage brokers. No commitment, no pressure. We just look at what you've got and compare it to what's available today.
- Talk through your goals. Buying again, refinancing, consolidating debt, planning an investment - different goals point to different lenders.
- Get matched to the right loan. We'll narrow the field from 60+ lenders down to the handful that genuinely suit your situation, then walk you through the differences.
- We do the paperwork. Once you pick a loan, we handle the application, the back-and-forth with the lender, and the coordination with your solicitor.
About Zest Mortgage Solutions
Zest Mortgage Solutions is an award-winning Springfield mortgage broker, serving clients across wider Queensland. We've won multiple MFAA and Loan Market awards including state and national recognition for customer service and finance broking. We hold a 99% loan approval rate, and every consultation is free.
Whether you're sorting out what to do with an existing RAMS loan or looking for the right alternative to apply for a new one, we're happy to chat. Give us a call on (07) 3461 6499 or book a free consultation online.
Frequently Asked Questions
What happened to RAMS home loans?
RAMS stopped accepting new home loan applications in August 2024 after Westpac, its parent company, decided to wind down the franchise network. Existing RAMS loans remain in place, but the brand is no longer writing new business. In late 2025, Westpac confirmed the sale of the RAMS mortgage book to a consortium that includes Pepper Money, KKR and PIMCO.
Do I have to do anything if I currently have a RAMS home loan?
No immediate action is required. Your loan will, and may have already switched to Pepper Money. However, this is a good moment to review your interest rate and features, because RAMS loans were often priced higher than what's available across the broader market today.
What are the best alternatives to RAMS for a new home loan?
There's no single best alternative. The right lender depends on your deposit size, employment type, credit history and goals. Australia has more than 60 active home loan lenders, including the big four banks, second-tier banks, credit unions and specialist non-bank lenders. A mortgage broker can compare your situation against this full panel rather than limit you to one option.
I'm self-employed and RAMS used to suit me. Where do I go now?
Self-employed borrowers still have strong options. Several mainstream and specialist lenders offer alt-doc and low-doc home loans using BAS statements, accountant declarations or bank statements instead of full tax returns. The policies vary widely between lenders, so this is an area where comparing across a wide panel really pays off.
Will refinancing away from RAMS cost me anything?
Refinancing usually involves discharge fees from your current lender (typically a few hundred dollars), government registration costs and sometimes valuation or application fees with the new lender. Many lenders also offer cashback or fee waivers to win refinance business. A broker can calculate the true cost and savings before you commit. Just book a free call here to find out who would best suit your needs and goals when refinancing.
Can I refinance from RAMS if my circumstances have changed?
Yes, in most cases. Changes like reduced income, becoming self-employed, or a hit to your credit file don't automatically rule you out. Different lenders have different appetites for different scenarios, which is why a broker who knows the policies across 60+ lenders can match you to one that suits your current situation.
Why use Zest Mortgage Solutions to find a RAMS alternative?
Zest Mortgage Solutions is an award-winning mortgage broker based in Springfield, QLD, serving clients across Queensland. The team holds multiple MFAA and Loan Market awards, has a 99% loan approval rate, and negotiates with more than 60 lenders. Consultations are free and there's no obligation to proceed.
