A simple and easy-to-manage home loan without the long list of features you don't need.
If you're looking for the essentials in a home loan, such as the flexibility to make additional repayments and a redraw facility, then you may want to add this loan to your comparison.
Suitable for a first home buyer who may be opting for a 'no-frills' home loan with flexible features, it is available for personal customers with a Pay As You Go (PAYG) income.
It offers a competitive interest rate along with no monthly account and management fees, helping you pay off your loan sooner.
However, please note that a mortgage offset account is not available.
AMP are currently waiving the establishment fee of $350 and the settlement fee of $250 for this home loan.
|Product Name||AMP Essential Home 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||No|
|Mortgage 100% Offset||No|
|Loan Redraw Facility||Yes|
|Split Loan Facility||Yes|
|Fixed Interest Option||No|
|Suitable for Investment||No|
|Available as equity loan/line of credit||No|
|Repayment Type||Principal & Interest and Interest Only Options|
|Lender's Legal Fee||$0|
|Ongoing Fees||$0 p.a.|
- There are $0 service fees.
- Make extra payments at any time without penalty.
- Withdraw excess funds from the mortgage using the redraw facility.
- Establishment fee of $350.
- A $100 discharge fee applies when you close your home loan account.
- No offset account.
Features of the AMP Essential Home Loan
- Competitive interest rate. The AMP Essential loan is a variable-rate product which offers a competitive interest rate and good value for money. The owner-occupier rate stands at 3.98% p.a. and 4% p.a. by comparison.
- No monthly fees. With no ongoing account-keeping fees, you can focus on meeting your repayments with the AMP Essential Home Loan.
- Free additional repayments. You can make additional repayments at any time without penalty. This can help you to repay the loan as soon as possible.
- Split your loan. The AMP Essential Home Loan allows you to split your loan into 10 sub accounts for increased flexibility. However, keep in mind that charges apply.
- Redraw facility. This home loan offers a free redraw facility which means you can access the funds that you've made in additional repayments whenever you need them.
Fees you can avoid
- Establishment fee $350. This $350 fee is waived until further notice, however the establishment fee is normally charged for the establishment of a loan when a single security property is offered.
- Settlement fee $250. The $250 settlement fee is also waived until further notice. This fee it is normally charged to cover the processing and administration costs for the settlement of your home loan.
- Monthly maintenance fee $0. There are no ongoing fees for this loan which means you don't have to budget for account-keeping fees.
Fees you can't avoid
- Legal Fee $0. This is payable to cover the cost of all the legal paperwork involved with managing your home loan.
How to apply for this loan
If you would like to apply for the AMP Essentials home loan or find out more information about this product, please fill in the form available on the right-hand side of the page.
A broker will then be in touch to discuss your eligibility for this product and will then put you in touch with an AMP specialist.
The call back is obligation- free and will not be recorded on your credit file.
There are some eligibility and documentation requirements you'll need to fulfil if you decide to apply for the AMP Essential 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.
- 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 Essential Home Loan Interest Rate History vs RBA Cash Rate Graph
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