AMP Bank Basic Package Variable Rate Loan

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.

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About this loan

What are the features and benefits 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. If you make additional repayments you can request to redraw them for no extra charge. This is a handy feature that can give you access to your funds quickly while still taking advantage of the low-interest repayments while you had the money in the loan account.
  • 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 upon request.
  • 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.

What fees and charges come with this loan?

  • Settlement fee $349. 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.
  • Valuation fee: . You only pay a valuation fee if the cost of valuing the property exceeds $550.

Other fees and charges apply.

How to apply

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.


  • 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.

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    Default Gravatar
    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

      Default Gravatar
      May 23, 2016

      Hi Parvej,

      Thank you for contacting Finder.

      Please note that 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.


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