AMP Bank Professional Package Variable Rate Home Loan

Rates and Fees verified correct on December 6th, 2016

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

Variable rate loans often come with a great range of features that can help you save money. In addition to this, people who are considered professionals may also receive discounts on the loans as they are considered low risk customers.

Special offer

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

People who may be considered for the professional discount are people who have a large income or a large investment portfolio. 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)
4.22% p.a.
Comparison Rate
4.58% p.a.
90% 80%
$100,000 to $249,999 (Owner Occupier)
4.22% p.a.
Comparison Rate
4.58% p.a.
90% 80%
$250,000 to $749,999 (Investor)
3.99% p.a.
Comparison Rate
4.35% p.a.
90% 80%
$250,000 to $749,999 (Owner Occupier)
3.89% p.a.
Comparison Rate
4.25% p.a.
90% 80%
$750,000 and above (Investor)
3.99% p.a.
Comparison Rate
4.35% p.a.
90% 80%
$750,000 and above (Owner Occupier)
3.85% p.a.
Comparison Rate
4.22% 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 $0 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 professionals who would like to borrow between $100,000 and . The amount you borrow can only be up to 80% of the loan to value ratio, however if you borrow over 80% you will have to pay the mortgage insurance fee. 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

Fees you can avoid

AMP are currently waiving:

  • Establishment fee. You can avoid the $350 establishment fee if you keep your loan-to-value ratio under 90%.
  • Settlement fee. You don't have to worry about the $250 settlement fee as it is currently waived.

Fees you can't avoid

  • Legal fee. The $0 legal fee applies to the cost of covering the legal costs of managing your home loan.

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 professionals 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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AMP Bank Professional Package Variable Rate Home Loan Interest Rate History vs RBA Cash Rate Graph


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This page was last modified on 27 January 2016 at 11:16.

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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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