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.
AMP are currently waiving the establishment fee of $350 if your loan-to-value ratio is below 90% for this home loan.
|Product Name||AMP Basic Package Variable Rate Loan|
|Interest Rate Type||Variable|
|Comp Rate^ (p.a.)|
|Minimum Loan Amount||$40,000|
|Maximum Loan Amount||$2,000,000|
|Minimum Loan Term||10 years|
|Maximum Loan Term||30 years|
|Maximum Insured LVR||90%|
|Mortgage Offset Account||Yes|
|Mortgage 100% Offset||Yes|
|Loan Redraw Facility||Yes|
|Split Loan Facility||Yes|
|Fixed Interest Option||Yes|
|Suitable for Investment||Yes|
|Available as equity loan/line of credit||No|
|Repayment Type||Principal & Interest and Interest Only Options|
|Lender's Legal Fee||$295|
|Ongoing Fees||$0 p.a.|
- 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
- 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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AMP Bank Basic Package Rate Loan Interest Rate History vs RBA Cash Rate Graph
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