AMP: A household name offering competitive home loans

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on January 18, 2022 Fact Checked
AMP: A household name offering competitive home loans

AMP is one of the oldest and most recognisable banking brands in Australia. Read on to see how it stacks up in the home loan space.

Founded in 1849, AMP has 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 offers home loans to meet the needs of a wide variety of customers, whether that’s first home buyers, refinancers or investors. Its key home loan products include:

Here’s a snapshot of some of AMP’s home loans for owner occupiers:

Lender
Advertised rate Comparison rate* Monthly repayment Rate TypeOffsetRedrawOngoing FeeUpfront FeesLVRLump Sum RepaymentAdditional RepaymentsPre-approval

VariableMore details

Essential Home Loan ($100k+, LVR < 80%)

VariableMore details

Professional Package Home Loan (Principal and Interest) ($100k-$500k) (LVR ≤ 80%)

FixedMore details

Professional Package Home Loan Fixed (Principal and Interest) 1 Year

VariableMore details

Basic Variable Rate Home Loan (Principal and Interest) (LVR < 80%)

FixedMore details

Professional Package Home Loan Fixed (Principal and Interest) 2 Years

FixedMore details

Professional Package Home Loan Fixed (Principal and Interest) 3 Years

Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to made on variables as selected and input by the user. All products will list the LVR with the product and rate which are clearly published on the Product Provider’s web site. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *Comparison rate is based on a loan of $150,000 over a term of 25 years. Please note the comparison rate only applies to the examples given Rates correct as of January 26, 2022. View disclaimer.

Considering other lenders? Compare these low-rate offers for owner occupiers:

Lender
Advertised rate Comparison rate* Monthly repayment Rate TypeOffsetRedrawOngoing FeeUpfront FeesLVRLump Sum RepaymentAdditional RepaymentsPre-approval

VariableMore details
LIMITED TIME OFFER

Smart Booster Home Loan Discounted Variable - 2yr (LVR < 80%)

  • Fast turnaround times, can meet 30-day settlement
  • For purchase and refinance, min 20% deposit
  • No ongoing or monthly fees, add offset for 0.10%
LIMITED TIME OFFER

Smart Booster Home Loan Discounted Variable - 2yr (LVR < 80%)

  • Fast turnaround times, can meet 30-day settlement
  • For purchase and refinance, min 20% deposit
  • No ongoing or monthly fees, add offset for 0.10%
VariableMore details
ZERO APPLICATION FEESFEE FREE OFFSET

Owner Occupier Accelerates - Celebrate (LVR < 60%) (Principal and Interest)

  • We lower your rate based off how much you’ve paid down your loan
  • Automatic rate match
  • No upfront or ongoing fees
ZERO APPLICATION FEESFEE FREE OFFSET

Owner Occupier Accelerates - Celebrate (LVR < 60%) (Principal and Interest)

  • We lower your rate based off how much you’ve paid down your loan
  • Automatic rate match
  • No upfront or ongoing fees
FixedMore details
USE A MARKET LEADING APP TO HELP YOU PAY OFF YOUR LOAN SOONER

Fixed Home Loan 1 year (Principal and Interest) (LVR < 80%)

  • Make up to $20,000 additional repayments per fixed term
  • Redraw available – lets you access any extra loan repayments you’ve made
  • Choose to rate lock for 90 days (fee applies)
USE A MARKET LEADING APP TO HELP YOU PAY OFF YOUR LOAN SOONER

Fixed Home Loan 1 year (Principal and Interest) (LVR < 80%)

  • Make up to $20,000 additional repayments per fixed term
  • Redraw available – lets you access any extra loan repayments you’ve made
  • Choose to rate lock for 90 days (fee applies)
VariableMore details
REFINANCE IN MINUTES, NOT WEEKS

Variable Owner Occupied, Principal and Interest (Refinance Only)(LVR <75%)

  • No application or ongoing fees.
  • 100% free offset sub account.
  • Fast online application, approval in minutes not weeks.
  • Mobile app, Visa debit card, Apple and Google Pay
  • Refinance loans and variable rates only.
REFINANCE IN MINUTES, NOT WEEKS

Variable Owner Occupied, Principal and Interest (Refinance Only)(LVR <75%)

  • No application or ongoing fees.
  • 100% free offset sub account.
  • Fast online application, approval in minutes not weeks.
  • Mobile app, Visa debit card, Apple and Google Pay
  • Refinance loans and variable rates only.

Rates correct as of January 26, 2022. View disclaimer.

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.

  • Fee-free: Several home loans have no annual fee, no monthly fees or no settlement fees.

AMP Bank’s director of home lending Michael Christofides told Savings.com.au about some other interesting features.

“AMP Bank has a unique facility called the 'master limit'. Customers get a pre-approved lending limit to borrow against the equity in their property should they need it,” Mr Christofides said.

“It allows loans to be restructured without creating a need to reapply and pass a credit assessment. Customers can borrow 90% of the value of the property and make changes to the structure of their loan without needing to complete a full application.”

Savings.com.au asked Mr Christofides what the future holds for AMP Bank’s home loan service.

“The bank is looking to establish a digitally-enabled direct channel, including improved digital capability for existing customers - for example self service, and real time payments," Mr Christofides said.

“We will deliver step-change improvements in service and customer experience, leveraging technology investments. Some of the improvements include use of electronic signatures for applications, further electronic ID and verification of identity, and leveraging open banking."

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


Photo by Larry Snickers on Pexels

Disclaimers

The entire market was not considered in selecting the above products. Rather, a cut-down portion of the market has been considered. Some providers' products may not be available in all states. To be considered, the product and rate must be clearly published on the product provider's web site. Savings.com.au, yourmortgage.com.au, yourinvestmentpropertymag.com.au, and Performance Drive are part of the Savings Media group. In the interests of full disclosure, the Savings Media Group are associated with the Firstmac Group. To read about how Savings Media Group manages potential conflicts of interest, along with how we get paid, please visit the web site links at the bottom of this page.

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Harrison is Savings.com.au's Assistant Editor. Prior to joining Savings in January 2020, he worked for some of Australia's largest comparison sites and media organisations. With a keen interest in the economy, housing policy, and personal finance, Harrison is passionate about breaking down complex financial topics for the everyday consumer.

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