- AMP offers home loans and everyday banking products.
- Its loan range caters to owner-occupiers, investors, refinancers, and first-home buyers.
- Key features include flexible repayments, offset accounts, redraw facilities, and fast approvals.
Founded in 1849, AMP has a long history of 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, and superannuation/retirement products.
Compare AMP home loan rates
| Lender | Home Loan | Interest Rate | Comparison Rate* | Monthly Repayment | Repayment type | Rate Type | Offset | Redraw | Ongoing Fees | Upfront Fees | Max LVR | Lump Sum Repayment | Extra Repayments | Split Loan Option | Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
6.08% p.a. | 6.11% p.a. | $3,024 | Principal & Interest | Variable | $0 | $845 | 80% | |||||||||||||
6.28% p.a. | 6.63% p.a. | $3,088 | Principal & Interest | Variable | $349 | $295 | 60% | |||||||||||||
6.29% p.a. | 6.64% p.a. | $3,092 | Principal & Interest | Variable | $349 | $295 | 60% | |||||||||||||
6.29% p.a. | 6.32% p.a. | $3,092 | Principal & Interest | Variable | $0 | $845 | 90% | |||||||||||||
6.39% p.a. | 6.71% p.a. | $2,663 | Interest-only | Variable | $349 | $295 | 60% | |||||||||||||
6.39% p.a. | 6.74% p.a. | $3,124 | Principal & Interest | Variable | $349 | $295 | 60% | |||||||||||||
5.94% p.a. | 5.98% p.a. | $2,978 | Principal & Interest | Variable | $0 | $530 | 90% |
| Promoted | Disclosure |
What home loans does AMP offer?
AMP Bank offers home loans to meet the needs of a wide variety of customers, whether that’s first home buyers, owner occupiers, refinancers or investors. Its key home loan products include:
Essential Home Loan
AMP’s Essential Home Loan is a variable home loan option that forgoes an offset account in exchange for a simpler feature set:
Fast approvals
Unlimited additional repayments and redraw
Flexible repayment options
No ongoing fees
- Self-employed options
Offset Home Loan
For borrowers seeking greater flexibility, AMP’s Offset Home Loan is available in fixed, variable and line of credit formats, with offset facilities attached to variable-rate loans. Key features include:
Fast approvals
Unlimited additional repayments and redraw for variable and line of credit
Flexible repayment options
100% offset accounts with variable rate loans
Up to $10,000 in extra repayments each year on fixed-rate loans
Interest-only repayments available during the construction phase
Pre-approved lending limit to borrow against equity
Construction Loan
A home loan designed for building or major renovations. Key features include:
Option to pay off your loan faster
Construction, purchase or renovation plans must commence within 12 months of loan approval
Fixed-rate options are not available during the construction phase
No redraw facility available
Land Loan
A variable-rate loan designed for purchasing vacant land before you build, offering flexible borrowing secured against the property, but without an offset account. Key features include:
Loan terms of up to 30 years with a variable interest rate
Interest-only repayments available for up to five years
Convenient access to extra funds through a redraw facility
Flexible repayment frequencies, including weekly, fortnightly and monthly options on P&I only
- Settlement fees may apply
AMP Professional Package Explained
AMP’s longstanding Professional Package series of home loans is a suite of packaged home loans for both investors and owner occupiers.
With the package, borrowers are able to:
Access an offset account on variable loans
Split the home loan between fixed and variable rates
Make unlimited additional repayments on variable rate loans, $10,000 per year on fixed rate loans, or $10,000 per year on each fixed rate portion of a split loan
Get a pre-approved lending limit to borrow against equity in the property
Request a redraw above your minimum repayments with variable rate loans, depending on loan type
Investors are also able to access a line of credit up to $500,000 - some restrictions apply. Across all Professional Package home loans, an annual package fee applies.
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. AMP is one of the few lenders to offer a 10-year IO period for investors. Most cap theirs at five.
- Master limit: Customers get a pre-approved lending limit to borrow against the equity in their property. It allows loans to be restructured without creating a need to reapply and pass a credit assessment.
AMP home loan fees
Below is a rundown of typical fees that customers might face when settling on and maintaining an AMP home loan:
- Package fees: $349 for the Professional and Select product lines.
- Account management: $20 per month for construction loans and $10 a month for SuperEdge products.
- Internal refinance fee: $299 if you're changing to another AMP home loan product
- Discharge fee: $390 may apply when ending the loan or externally refinancing, i.e. discharging the property off AMP's books.
- Master limit: $399 for those applying for a master limit account.
- Rate lock: If you want to lock-in your fixed rate at the time of application, you will be charged 0.15% of the loan amount. Applies for 90 days.
Certain products or scenarios may also have to pay additional fees including: settlement, solicitor, valuation, and other costs.
AMP home loan approval times
AMP says the majority of its digital applications can be approved within 24 to 48 hours.
This is fast becoming industry standard; however, it emphasises the importance of having the correct documentation ready to go. This limits back-and-forth with the credit assessment team to approve your mortgage.
Further, this is likely for simple applications only. More complex scenarios might take longer.
Potential drawbacks of an AMP home loan
While AMP has generally competitive interest rates - especially among publicly-listed banks - and a suite of interesting products, it may not suit everyone. Certain limitations may include:
- 90%< LVR borrowers: AMP limits lending to those with a maximum of 90% LVR i.e. those with a deposit/equity of at least 10%. As such it's not a 5% deposit scheme participant, either.
- Low doc borrowers: While AMP offers mortgages to business owners, it may not cater to those who are 'low doc' i.e. those with less than two years' worth of financial activity. This might preclude some self employed and gig workers.
- Larger loan sizes: AMP caps its home loan size to $2 million. While this is typical of many lenders, it might be too low for some.
- Tiered interest rates: Different interest rates apply depending on the size of your loan - they are typically higher on smaller loan sizes, which might not suit those looking to buy a modest property, apartment or in a cheaper regional area.
How to apply for an AMP home loan
Eligibility criteria
To be eligible for an AMP home loan, 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 licence, 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 latest three to six months of transaction 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