AMP Home Loans
Everything you need to know about an AMP Home Loan
Renowned as one of the leading wealth management companies in Australia and New Zealand, AMP is also a high-demand bank lender, offering competitive rates and forward-thinking home loan products. With a core value of empowering their customers to gain control over their financial life, AMP is ideal for borrowers who would appreciate the diverse range of offerings. They are also a top choice for investors and owner-occupiers interested in purchasing a property with their Self-Managed Super Fund.
Key Benefits
- Great full-featured and flexible loans
- Very competitive rates on some loans
- Ideal for SMSF loans and investors
Drawbacks
- Not many options for self-employed borrowers
- No branch access
- Not all loans offer flexible repayment options
AMP Home Loan Products Breakdown
AMP Professional Package Home Loan
- Competitive rates
- 100% loan offset account
- Full transaction access
Build your future now by tailoring your home loan
This package is designed for borrowers who want a loan that can evolve with the changes in their financial life. Whether you want to pay down your home loan faster or consolidate your debts with an easy-to-manage line of credit account, AMP Bank’s Professional Package gives you the ability to take control of your financial needs today – and five, ten, fifteen or more years in the future as your financial goals shift.
AMP Essential Home Loan
- Great ongoing rates
- No monthly fees
- No settlement fee
Enjoy your first home sooner with all the added benefits
This variable rate loan makes is possible to own your property that much sooner. It’s designed for borrowers who want a straightforward home loan package with minimal fees plus the flexible features that allow you to get ahead on your repayments. If you ever need to redraw any of the extra you’ve paid, AMP makes it easy with their Essential Home Loan package; just call and redraw. Zero account management fees, no penalty for additional repayments, and as a bonus, your Establishment and Settlement fees are waived.
AMP Basic Package
- Split your loan
- No annual fees
- No monthly fee
A stress-free choice to flexible interest rates
AMP’s Basic Package lets you choose between a fixed or variable interest rate, or you can split your mortgage between both, giving you a great balance of security and flexibility. You also have the freedom to pay down your loan faster, with no penalty on extra repayments up to $10,000 a year, or the ability to redraw when you need to. For the savvy borrower, you’ll appreciate paying no monthly account management fees and, as long as you are borrowing less than 90% of the loan to value ratio, you won’t have to pay the $350 Establishment fee.
AMP Classic Club
- Split your loan
- 100% loan offset account
- Up to 10 sub-accounts
Customise your home loan for greater flexibility
For a slightly higher interest rate than the low rates found with AMP’s other home loan packages, you can customise your home loan, picking and choosing the features that suit your finances and future financial goals. Also, for qualified borrowers, AMP Bank offers an introductory interest rate discount. Choose from a fixed, variable, or line of credit home loan and then opt for the features you want from the full range of AMP Bank home loans, including a 100% offset account, line of credit, and redraw facility.
AMP Land Loan
- No pressure to build
- Variable rates
- Easy to redraw funds
An easy way to build your property portfolio
Interested in a building but not ready to get started? AMP Bank even has a home loan product that is designed to allow borrowers to purchase a vacant lot of acreage now, and then build later. You also will get plenty of flexibility to pay down your loan faster with the ability to make extra repayments, full access to redraw funds, and the choice to pay interest only on your repayments for up to five years.
AMP SuperEdge Loan
- 24/7 access & transactions
- No monthly fees
- Government guarantee
An everyday cash account to help plan your future
Borrow money for your property with your self-managed superannuation fund, SMSF. This is an excellent choice if you’re considering purchasing a residential investment property, which can be used as a source of income during retirement. Borrow up to 70% of the property value and take advantage of features like interest-only repayments for five years and a 100% offset account when you choose a variable rate loan.
AMP Construction Loan
- Flexibility
- Access to funds
- Interest only payments
Build or renovate your dream home with a great rate loan
This loan allows you to build your dream home from the ground up or renovate your current home with a smart loan product. You can draw down your loan using just what you need for each phase of the construction period. You can also use this loan to consolidate debt, which can make investing in your renovating or building a project that much simpler – and more affordable with a competitive rate.
AMP Home Loan Products Comparison
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Estimated Refinancing Savings
Potential Lender Options
Competitive Interest Rates
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Frequently Asked Questions
Did AMP drop interest rates?
After the RBA’s 3 March 2020 rate cut AMP dropped interest rates on some products. No cuts were made after the RBA’s emergency rate cut later in March.
Is AMP a good bank?
AMP was founded in 1849 and has a longstanding history in Australia. Many customers like the bank however, it did receive some controversy during the 2017-2019 Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. However it has worked to implement risk assessment.
How much can I borrow for a home loan with AMP?
Depending on the home loan product and individual circumstances, AMP can usually lend borrowers $750,000 and above.