From October 1, the Rams Home Loan franchise will be reducing the fees associated with missed payments, dishonours and arrears to $15.

The reductions will be made on cheque dishonour fees, 14 day default notice fees and 30, 60 and 90 day arrears fees, which currently range between $50 and $320.

The decision follows a review of all fees and charges since the business was acquired by Westpac Banking Corporation in January 2008.

“The significant reduction in fees in consistent with our position as a desirable and affordable alternative in the home loans market,” said Rams head of product, Joanne Reid.

“We listen to our customers and take their feedback seriously. While we appreciate that our customers endeavour to avoid exception fees altogether, we believe the new fee structure is more straightforward and easier to understand,” she said.