AMP Bank Basic Package Rate Loan

Rates and fees last updated on

A home loan with a competitive interest rate which makes management easy

The AMP Bank Basic Variable Rate Loan is a simple home loan with few features but competitive rates and low 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 loans. 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 are 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)
4.61% p.a.
Comparison Rate
4.61% p.a.
90% 80%
(Investors, P&I)
4.56% p.a.
Comparison Rate
4.60% p.a.
90% 80%
(Owner Occupier, IO)
4.56% p.a.
Comparison Rate
5.28% 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$350
Lender's Legal Fee$295
Ongoing Fees$0 p.a.
Settlement Fee$250
Discharge Fee$100


  • The $350 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


  • There is a $295 legal fee to set up this loan
  • There is a $250 settlement fee
  • A discharge fee of $100 applies when you close your home loan account

Features of the AMP Bank Basic Package Rate Loan

Basic variable rate home loans provide a few features that can give you flexibility on your home loan. These features include:

  • Additional repayments. If you come into extra money you may want to make additional repayments towards the loan. This can help reduce the total amount owing on your loan as well as the interest that is charged to the loan.
  • Redraw facility. If you make these additional payments you can take advantage of the AMP Bank Basic Variable Rate Loan free redraw facility which allows you to access the funds that you've made in additional repayments at any time. The AMP Bank Basic 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 redraw facility, you can have your wage deposited into the loan account to reduce the interest that is charged. If you deposit your wage into the loan account and use a credit card to make your purchases throughout the month you can let the money sit in the loan account to reduce the interest charged. When you are about to be charged fees on your credit card you can then pay off it off with your wages.
  • 100% offset facility. The AMP Bank Basic Variable Rate Loan allows you to use the savings you have accumulated against the loan to reduce the amount of interest charged. By reducing the interest that is charged to the AMP Bank Basic Variable Rate Loan, you can save money and pay off the loan faster.
  • Loan splitting. The AMP Bank Basic Variable Rate Loan allows you to split the loan between a Fixed Rate Loan or Line of Credit facilities, so you can enjoy the benefits of both a fixed and variable rate.


Fees you can avoid

  • Establishment fee $350. 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.

Fees you can't avoid

  • 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 complete the form available on the right hand side of this page.

By filling in your details, you can request a obligation-free call back from a home loan specialist.

This is just an enquiry and will not appear on your credit history.


  • 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.


  • 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.

AMP Bank Basic Package Rate Loan Interest Rate History vs RBA Cash Rate Graph

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This page was last modified on 28 March 2017 at 1:49pm.

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2 Responses to AMP Bank Basic Package Rate Loan

  1. Default Gravatar
    parvej | May 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
      Jodie | May 23, 2016

      Hi Parvej,

      Thank you for contacting 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.


AMP Basic Package Variable Rate Loan

  • Interest Rate


  • Comparison Rate


  • App Fee / Annual Service Fee

    $350 / 0

  • Max LVR


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