AMP Bank Basic Package Variable Rate Loan

Rates and fees last updated on

The AMP Bank Basic Package Variable Rate Loan is a simple home loan with flexible features, a competitive rates and low fees.

The AMP Bank Basic Package Variable Rate Loan offers flexible features such as a free redraw facility and 100% offset account, and comes with no ongoing fees.

This loan offers flexible access to your money, and the ability to split your loan up to 10 times in any combination of fixed or variable rates. You can also choose from principal and interest repayments, or interest-only repayments. All AMP home loans are available with internet banking and phone banking.

Special offer

AMP is currently waiving the establishment fee of $350 if your loan-to-value ratio is below 90% for this home loan.

Interest Rate Max Insured LVR Max LVR
(Investor, IO)
4.96% p.a.
Comparison Rate
4.97% p.a.
50% 50%
(Investors, P&I)
4.91% p.a.
Comparison Rate
4.95% p.a.
50% 50%
(Owner Occupier, IO)
4.56% p.a.
Comparison Rate
4.28% p.a.
90% 80%
(Owner Occupier, P&I)
4.05% p.a.
Comparison Rate
4.09% p.a.
90% 80%
Product NameAMP Basic Package Variable Rate Loan
Interest Rate TypeVariable
Comp Rate^ (p.a.)
Minimum Loan Amount$40,000
Maximum Loan Amount$2,000,000
Minimum Loan Term10 years
Maximum Loan Term30 years
Maximum LVR80%
Maximum Insured LVR90%
Mortgage Offset AccountYes
Mortgage 100% OffsetYes
Loan Redraw FacilityYes
Split Loan FacilityYes
Fixed Interest OptionYes
Loan PortableYes
Suitable for InvestmentYes
Extra RepaymentYes
Available as equity loan/line of creditNo
Repayment TypePrincipal & Interest and Interest Only Options

Application Fee$0
Lender's Legal Fee$295
Ongoing Fees$0 p.a.
Settlement Fee$250
Discharge Fee$100

Pros

  • The application fee is currently waived for loans with an LVR under 90%
  • There is $0 service fee
  • Make additional payments with no penalty and access those funds via the redraw facility
  • You can link a 100% offset account to your loan

Cons

  • There is a $295 legal fee to set up this loan
  • A discharge fee of $100 applies when you close your home loan account

Features of the AMP Bank Basic Package Variable Rate Loan

  • Additional repayments. The AMP Bank Basic Package Variable Rate Loan allows you to make unlimited additional repayments.
  • Redraw facility. If you make these additional payments you can take advantage of the AMP Bank Basic Package Variable Rate Loan free redraw facility, which allows you to access any additional repayments you've made. The AMP Bank Basic Package Variable Rate Loan allows you to make as many redraws as you like.
  • Salary depositing. By taking advantage of the free additional payments and the free offset facility, you can have your wage deposited into the loan account to reduce the interest that is charged.
  • 100% offset facility. The AMP Bank Basic Package Variable Rate Loan offers a 100% offset account, which allows you to reduce the amount on which interest is calculated.
  • Loan splitting. The AMP Bank Basic Package Variable Rate Loan allows you to split the loan between a fixed rate and variable rate.

Fees

  • Establishment fee $0. This $350 fee is waived for all applications with an LVR or 90% or below.
  • Ongoing fees. $0. There are no monthly account management fees with this loan.
  • Settlement fee $250. This fee covers the processing and administration costs of settling your loan.
  • Legal fee $295. A legal fee is charged to cover the cost of the legal paperwork involved with managing your mortgage.

How to apply for this home loan

If you'd like to apply for this home loan, you can click the green 'Go to site' buttons on this page.

Once you reach the AMP website you can fill out your contact details to find out more. If you decide to apply you will need the following information handy:

Documentation

  • Personal details: You'll need to supply AMP with personal details including identification (e.g. driver's licence), your date of birth and current address.
  • Employment details: AMP will need you to specify your current occupation, income and employer details.
  • Financial details: You'll need to identify any assets that you may currently hold as well as any other debts or liabilities that you have (e.g. credit card debt).
  • Your loan details: Specify the purchase price and loan purpose.
  • PAYG applicants: Two consecutive payslips confirming at least three months of YTD income.
  • Self-employed applicants: Two tax returns from the past two years and a minimum of one year's Tax Assessment Notice.

Eligibility

  • Residency. To apply for the AMP Essential Home Loan, you need to be an Australian citizen or permanent resident for tax purposes.
  • Age. To be eligible for this home loan, you need to be at least 18 years of age.
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This page was last modified on 30 June 2017 at 2:36pm.

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2 Responses

  1. Default Gravatar
    parvejMay 17, 2016

    what is the difference between a amp essential home loan and basic variable home loan as they seem to have similar features

    • Staff
      JodieMay 23, 2016Staff

      Hi Parvej,

      Thank you for contacting finder.com.au we are a financial comparison website and general information service we are not directly affiliated with any of the lenders we feature on our website.

      The AMP Essential Home Loan is AMP’s basic or no frills variable home loan that doesn’t have any of some of the features found as part of the AMP Basic Package Home Loan. Some of these features include a 100% offset account and a fixed rate option being available with the AMP Basic Package Home Loan.

      I hope this helps clarify the differences.

      Regards
      Jodie

AMP Basic Package Variable Rate Loan

  • Interest Rate

    N/A

  • Comparison Rate

    N/A

  • App Fee / Annual Service Fee

    $0 / 0

  • Max LVR

    80%

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