Mortgage franchise group Rams will waive application and settlement fees for first home buyers, a move designed to encourage renters to enter the home ownership market.

Rams will also waive account keeping fees on its Low Rate Home Loan with introductory Rate Option, during the introductory rate period.

The goup has estimated these offers could help buyers save up to $1590 from the cost of their first home.

Chief executive Melos Sulicich said “We understand the frustrations of first home buyers who tell us they are in a rental rut and are delaying purchasing a property due to their inability to afford repayments and fears of unemployment in an uncertain economy.

“We have listened to their concerns and created genuine options.”

Rams will launch its first home buyers marketing campaign on Sunday 3 February with prime time TV commercials.