AMP Home Loans
Read on to compare some of AMP’s key home loan interest rates and the key features they have.
- About AMP Bank
- AMP home loan interest rates
- AMP home loan features
- How to apply for an AMP home loan
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
|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|
|Essential Home Loan OO P&I 90%|
|Essential Home Loan Inv P&I 90%|
|Land Loan OO P&I|
|Construction Loan OO IO|
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 4 October 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
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
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