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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 and full transaction banking using ATMs and eftpos.
Loan features include a redraw facility and a 100% offset account.
| Product Name | AMP Bank Professional Package Variable Rate Home Loan |
|---|---|
| Interest Rate Type | Variable |
| Comp Rate^ (p.a.) | |
| Minimum Loan Amount | $100,000 |
| Maximum Loan Amount | $5,000,000 |
| Minimum Loan Term | 10 years |
| Maximum Loan Term | 30 years |
| Maximum LVR | 80% |
| Maximum Insured LVR | 90% |
| Mortgage Offset Account | Yes |
| Mortgage 100% Offset | Yes |
| Loan Redraw Facility | Yes |
| Split Loan Facility | Yes |
| Fixed Interest Option | Yes |
| Loan Portable | Yes |
| Suitable for Investment | Yes |
| Extra Repayment | Yes |
| Available as equity loan/line of credit | No |
| Repayment Type | Principal & Interest and Interest Only Options |
| Application Fee | $0 |
|---|---|
| Lender's Legal Fee | $295 |
| Valuation Fee | Free under $900 |
| Ongoing Fees | $349 p.a. |
| Settlement Fee | $0 |
| Discharge Fee | $100 plus mortgage processing costs |
Pros
- Make extra payments with no penalty and access the funds via redraw upon request
- You can link a 100% offset account to your loan
Cons
- There is a $349 annual package fee
- A discharge fee of $$100 plus mortgage processing costs 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 $5,000,000. 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). It's important to note that your interest rate will change depending on the amount you are borrowing. 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 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 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.
- Portability. If you would like to move the loan to other investments or another property you can do so for a fee while retaining your existing 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 is linked to your home loan. You can deposit your savings into this account and these funds will then offset 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.
What fees and charges come with this loan?
- Settlement fee: $0. There is no settlement fee.
- Annual package fee: $349. This fee is charged annually.
- Valuation fee: Free under $900. You only pay a valuation fee if the cost of valuing the property exceeds $900.
Other fees and charges apply with this loan.
How to apply for this loan
If you'd like to apply for the AMP Bank 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 if you decide not to proceed then the equiry will not be recorded on your credit file.
Documentation
When applying for this loan, you may need to supply the following information, among other details:
- 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 Bank 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
Other eligibility criteria may apply.
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.
