AMP Classic Variable Rate Loan

Customise your home loan to make it suit your personal and financial situation.

The AMP Bank Classic Club gives you access to a wide range of variable home loans that you can personalise to create a loan product that suits your individual preferences and banking needs.

The AMP Classic Variable Rate Loan is part of the Classic Club lineup of loans, and offers a range of features including a 100% offset account, redraw facility and split rate options.

Interest Rate Max Insured LVR Max LVR
(Owner Occupier, P&I)
5.58% p.a.
Comparison Rate
5.76% p.a.
90% 80%
(Investor, IO)
6.69% p.a.
Comparison Rate
6.83% p.a.
80% 80%
(Investor, P&I)
6.64% p.a.
Comparison Rate
6.82% p.a.
80% 80%
(Owner Occupier, IO)
6.18% p.a.
Comparison Rate
6.00% p.a.
90% 80%
Product NameAMP Classic Variable Rate Loan
Interest Rate TypeVariable
Comp Rate^ (p.a.)
Minimum Loan Amount$40,000
Maximum Loan Amount$2,000,000
Maximum Loan Term30 years
Maximum LVR80%
Maximum Insured LVR90%
Mortgage Offset AccountYes
Mortgage 100% OffsetYes
Loan Redraw FacilityYes
Split Loan FacilityYes
Fixed Interest OptionNo
Loan PortableYes
Suitable for InvestmentYes
Extra RepaymentYes
Available as equity loan/line of creditNo
Repayment TypePrincipal & Interest and Interest Only Options
Application Fee$350
Lender's Legal Fee$0
Valuation Fee$220-$440
Ongoing Fees$10 monthly ($120 p.a.)
Settlement Fee$250
Discharge Fee$100


  • 100% offset facility available
  • Interest only repayment period
  • Fee free redraw facility


  • Establishment fee of $350
  • Ongoing fees of $10 per monthly
  • Settlement fee of $250

Things to consider about the AMP Classic Variable Rate Loan.

With an AMP Classic Club membership, you can access a full range of home loans with competitive rates and features to help you repay your loan faster. If you're after a low doc loan, AMP offer a specialised home loan designed to help those who are self-employed or otherwise not able to prove their income.

Features of the AMP Classic Variable Rate Loan

  • Loan size and term. The Classic Variable Rate Loan has maximum loan amount of $2,000,000 and a minimum amount of $40,000, meaning it can be used for a wide variety of properties. This loan has a maximum loan term of 30 years.
  • Maximum LVR. You can borrow up to 80% of the property's value with this loan, or 90% if you don't mind paying Lender's Mortgage Insurance (LMI).
  • Repayment flexibility. You can make monthly, fortnightly or weekly repayments with the Classic Variable Rate Loan. This allows you to structure your home loan to suit your pay cycle.
  • 100% offset account. This loan comes with a 100% offset account. This is a transaction account which is linked to your home loan and any funds in this account will offset interest on your home loan. If you have $10,000 in your offset account for example, and you have a $300,000 loan, interest will only be calculated on $290,000.
  • Interest-only payments. All AMP Classic Club home loans have the option of interest-only repayments. There's a maximum interest-only period of up to five years. After this period expires, your monthly repayments automatically revert to interest and principal payments.
  • Additional repayments. YYou can make additional payments at any time with no penalties helping you to pay off your loan sooner and save in interest.
  • Redraw facility. This allows you to get access to any extra repayments you've made. This can provide you with emergency funds for sudden expenses or bills, or help you pay for other assets or renovations. There's no minimum redraw amount and no fees with these redraws.
  • Split loan facility. You can split your home loan up to 10 times with a minimum of $10,000 for each split.


Fees you can avoid:

  • Annual fees. These fees are usually charged on packaged home loans with facilities such as an offset account but are not charged with this loan.

Fees you can’t avoid:

  • Establishment fee: $350. This fee is charged for the setting up of the home loan and is a one-off payment made at the start of the loan.
  • Settlement fee: $250. This cost is associated with the administration costs which arise out of settlement for your loan.
  • Monthly fees: $10. These fees are paid monthly on your loan account to cover the administration of the loan account and account-keeping costs.

How to apply for the AMP Classic Variable Rate Loan

The AMP Classic Variable Rate Loan can be a great way to finance a home purchase due to the features it offers and the flexibility it gives you on repayments. In most cases, you can also combine different products to form a personalised home loan product that suits your banking and repayment needs.

Please check the following criteria to ensure you’re eligible:

  • You are required to be above the age of 18 years.
  • Be an Australian citizen or be currently residing in Australia on a permanent basis.

What documents would I need to supply if I were to apply?

  • Your Australian driver’s licence.
  • Details of your income and expenses.

The AMP Classic Club gives its members access to a full range of home loans and an introductory rate discount so as to give them a head start in repaying their mortgages. Compare this loan and others in the AMP Classic Club group of home loans at

Know how much you want to borrow? Use our calculator to find out what your repayments will be

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AMP Classic Variable Rate Loan

  • Interest Rate


  • Comparison Rate


  • App Fee / Annual Service Fee

    $350 / $10

  • Max LVR


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