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Review by

Richard Whitten is a money editor at Finder, and has been covering home loans, property and personal finance for 6+ years. He has written for Yahoo Finance, Money Magazine and Homely; and has appeared on various radio shows nationwide. He holds a Certificate IV in mortgage broking and finance (RG 206) and a Tier 1 Generic Knowledge certification (RG 146).

Expert review

The AMP Bank Basic Package Fixed Loan is a basic package home loan well-suited to first home buyers who want a competitive rate with flexible options.

About this loan

What are the features and benefits of the AMP Bank Basic Package Fixed Loan?

  • Loan amount. The AMP Bank Basic Package Fixed Loan has a minimum borrowing amount of $40,000 and a maximum loan amount of $2,000,000. The loan allows you to borrow up to 90% of the value of the property you're buying. Borrowing above 80% will incur a lenders mortgage insurance premium.
  • Waived fees. This loan carries no account management fees, and AMP Bank is currently waiving the establishment fee for loans up to 90% loan-to-value ratio.
  • Interest-only option. The AMP Bank Basic Package Fixed Loan gives you the option of making interest-only repayments for up to five years.
  • Repayment frequency. Weekly, fortnightly or monthly repayment options are available. You can make up to $10,000 in extra repayments per year without any penalty.
  • Split facility. The AMP Bank Basic Package allows you to split your loan in order to take advantage of both variable and fixed rates.

What fees and charges come with this loan?

  • Settlement fee: $349. This fee covers the administrative cost of funding your home loan.
  • Discharge fee: $100. This fee is charged when you either repay or refinance your home loan.
  • Valuation fee: . You only pay a valuation fee if the cost of valuing the property exceeds $550.

Other fees and charges apply with this loan.

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