AMP Bank Professional Package Variable Rate Home Loan

Rates and fees last updated on

Enjoy a discounted rate and complete flexibility with the Professional Package Variable Rate

The AMP Bank Professional Package Variable Rate Loan offers a competitive variable rate, your choice of features from the AMP Bank range of home loans and full transaction banking using ATMs and eftpos.

Special offer

AMP is currently waiving the establishment fee of $350 if you keep your loan-to-value ratio under 90%. The bank is also waiving the $250 settlement fee for this home loan.

The AMP Bank Professional Package Variable Rate Loan offers professionals a competitive variable home loan with a discounted variable interest rate.

Interest Rate Max Insured LVR Max LVR
$100,000 to $249,999 (Investor, IO)
5.12% p.a.
Comparison Rate
5.40% p.a.
50% 50%
$100,000 to $249,999 (Investor, P&I)
5.07% p.a.
Comparison Rate
5.41% p.a.
50% 50%
$100,000 to $249,999 (Owner Occupier, IO)
4.8% p.a.
Comparison Rate
4.82% p.a.
90% 80%
$100,000 to $249,999 (Owner Occupier, P&I)
4.29% p.a.
Comparison Rate
4.65% p.a.
90% 80%
$250,000 to $749,999 (Investor, IO)
4.99% p.a.
Comparison Rate
5.27% p.a.
50% 50%
$250,000 to $749,999 (Investor, P&I)
4.94% p.a.
Comparison Rate
5.28% p.a.
50% 50%
$250,000 to $749,999 (Owner Occupier, IO)
4.47% p.a.
Comparison Rate
4.39% p.a.
90% 80%
$250,000 to $749,999 (Owner Occupier, P&I)
3.79% p.a.
Comparison Rate
4.16% p.a.
90% 80%
$750,000 and above (Investor, IO)
4.99% p.a.
Comparison Rate
5.27% p.a.
50% 50%
$750,000 and above (Investor, P&I)
4.94% p.a.
Comparison Rate
5.28% p.a.
50% 50%
$750,000 and above (Owner Occupier, IO)
4.33% p.a.
Comparison Rate
4.27% p.a.
90% 80%
$750,000 and above (Owner Occupier, P&I)
3.69% p.a.
Comparison Rate
4.06% p.a.
90% 80%
Product NameAMP Professional Package Variable Rate Home Loan
Interest Rate TypeVariable
Comp Rate^ (p.a.)
Minimum Loan Amount$100,000
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$0
Valuation Fee$0
Ongoing Fees$349 p.a.
Settlement Fee$0
Discharge Fee$100

Pros

  • The application fee is currently waived for loans with an LVR below 90%
  • 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 $349 annual package fee
  • A discharge fee of $100 applies when you close your home loan account

Features of the AMP Bank Professional Package Variable Rate Loan

The AMP Bank Professional Package Variable Rate Loan has a wide range of features, including:

  • Borrowing conditions. The AMP Bank Professional Package Variable Rate Loan is available to borrowers who would like to borrow between $100,000 and $2,000,000. The maximum loan-to-value ratio (LVR) is 90%. However, if you borrow more than 80% you will have to pay for lenders mortgage insurance (LMI). The term of the loan can be from 10 to 30 years.
  • Extra repayments. You can make additional repayments onto the AMP Bank Professional Package Variable Rate Loan loan at any time for no extra charge. This will help you pay off the loan faster while reducing the interest that will be charged to your account. If you make additional repayments you can then 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.
  • Portability. If you would like to move the loan to other investments or another property you can do so for a fee of while using the AMP Bank Professional Package Variable Rate Loan. While you still have to pay the fee you will save money by not paying all the costs associated with applying for a new loan.
  • Mortgage offset account. A mortgage offset account is an account that you can deposit your savings into. These funds will then be offset on the total amount owing on your loan when the interest is calculated. So the more money you have in the offset account, the less money you will pay on interest.
  • Split the loan. The AMP Bank Professional Package Variable Rate Loan allows you to split the loan into up to 10 different sub-accounts (a minimum of $10,000 each). This is handy if you have many investments tied up in the loan and would like to manage each one individually. Separate statements will be issued for each of the sub-accounts.

Fees

  • Establishment fee. AMP is currently waiving the $350 establishment fee if you keep your loan-to-value ratio under 90%.
  • Settlement fee. AMP is currently waiving the $250 settlement fee.

How to apply for this loan

If you'd like to apply for the AMP Professional Package Variable Rate home loan, you can fill in the form available on the right-hand side of this page. A home loan specialist will then contact you to discuss your borrowing needs.

The call back is obligation-free and it will not be recorded on your credit file.

Documentation

When applying for this loan, you may need to supply the following:

  • Personal details: Date of birth, driver's licence, current address.
  • Employment details: Current occupation, income, employer details.
  • Financial details: Any assets that you may currently hold, and debts or liabilities that you have (e.g. credit card debt).
  • Loan details: Purchase price and loan purpose.

Eligibility

To be eligible for the AMP Professional Package Variable Rate home loan, you need to be:

  • Residency. An Australian citizen and/or permanent resident for tax purposes
  • Age. Aged 18 years or over

The AMP Bank Professional Package Variable Rate Loan offers a competitive loan package with a discounted interest rate and useful features such as a redraw facility and the ability to make additional repayments, which can help you save more.

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This page was last modified on 30 June 2017 at 2:27pm.

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AMP Professional Package Variable Rate Home Loan

  • Interest Rate

    N/A

  • Comparison Rate

    N/A

  • App Fee / Annual Service Fee

    $0 / $349

  • Max LVR

    80%

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