AMP Home Loans

Read on to compare some of AMP’s key home loan interest rates and the key features they have.

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Summary

About AMP Bank

Founded 170 years ago, AMP has had a long history in providing Australians with an extensive range of financial solutions and services. AMP Bank provides an array of home loan products for both owner-occupiers and property investors. Besides home loans, AMP Bank also offers a range of other financial products including savings accounts, transaction accounts, term deposits, superannuation and self-managed super funds (SMSF).

What home loans does AMP offer?

AMP Bank has home loans to meet the needs of a wide variety of customers, whether you’re looking to purchase your first home, refinance your current mortgage or invest in property. Its key home loan products include:

  • Variable rate home loans
  • Fixed rate home loans
  • Package home loans to bundle your loan with other products
  • Land loans for purchases of land
  • Construction loans for building or renovating a home
  • Line of credit for consolidation of all your debts into one easy-to-manage loan account

AMP home loan interest rates

Company Ad rate
p.a.
Comp rate*
p.a.
Monthly
repayments
 
Essential Home Loan OO P&I 90% 3.74% 3.77% $1,850 More details
Essential Home Loan Inv P&I 90% 4.99% 5.02% $2,145 More details
Land Loan OO P&I 5.28% 5.33% $2,216 More details
Construction Loan OO IO 6.10% 5.43% $2,033 More details
Ad rate
p.a.
Comp rate*
p.a.
Monthly
repayments
Essential Home Loan OO P&I 90%
3.74% 3.77% $1,850
More details
Essential Home Loan Inv P&I 90%
4.99% 5.02% $2,145
More details
Land Loan OO P&I
5.28% 5.33% $2,216
More details
Construction Loan OO IO
6.10% 5.43% $2,033
More details

Base criteria of: a $400,000 loan amount. Introductory rate products were not considered for selection. This table includes only a snapshot of the lender’s products, not all of them. Monthly repayments were calculated based on the selected products’ advertised rates, applied to a $400,000 loan with a 30-year loan term. *Rates correct as at 3 September 2019.

AMP mortgage features

Below are some of the features that come with select AMP home loan products:

  • Redraw facility: Some AMP home loans let you redraw any extra funds you’ve deposited with no withdrawal fees.
  • Additional repayments: You have the option to make additional repayments anytime at no extra cost.
  • Offset account: 100% offset accounts are available with eligible loan accounts.
  • Split loan: You will have the ability to split your loan between a fixed rate and a variable rate.
  • Interest-only loans: Interest-only payment options are available with a land loan or construction loan.
  • Fee-free: Several home loans have no annual fee, no monthly fees or no settlement fees.

How to apply for home loan with AMP Bank

Eligibility criteria

To be eligible for a home loan with AMP Bank, you generally need to:

  • Be 18 years of age or over
  • Be an Australian citizen or permanent resident
  • Have a regular source of income
  • Demonstrate your ability to service the loan

If you meet the criteria, you can apply for an AMP home loan through:

  • A mortgage broker
  • An AMP aligned financial adviser
  • Phone or internet banking

Documents needed

To ensure that your home loan application goes smoothly, you generally need to have the following documents handy:

  • Identification documents such as your driver’s license, passport, birth certificate etc.
  • Proof of income like your most recent payslips or most recent tax returns if you’re self-employed
  • Your most recent tax returns showing your ownership of the rental property, if you earn a rental income
  • Monthly living expenses, including your food expenses, transport, utilities, health care etc.
  • Asset and liability documents, such as credit card debts
  • The lastest three to six months of transactional statements from your bank
  • If you own an existing property, you’ll need to show your current building insurance policy or contract of sale as proof
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