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AMP Essential Home Loan

Rates and fees last updated on

A simple and easy-to-manage home loan without the long list of features you may not 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.

Special offer

AMP is currently waiving the establishment fee of $350 and the settlement fee of $250 for this home loan.

Interest Rate Max Insured LVR Max LVR
$100,000 and above (Owner Occupier)
3.96% p.a.
Comparison Rate
3.98% p.a.
 90% 80%
(Investors)
5.12% p.a.
Comparison Rate
5.14% p.a.
 50% 50%
$40,000 to $99,999 (Owner Occupier)
4.62% p.a.
Comparison Rate
4.64% p.a.
 90% 80%
Product NameAMP Essential Home Loan
Interest Rate TypeVariable
Comp Rate^ (p.a.)
Minimum Loan Amount$40,000
Maximum Loan Amount$2,000,000
Minimum Loan Term10 years
Maximum Loan Term30 years
Maximum LVR80%
Maximum Insured LVR90%
Mortgage Offset AccountNo
Mortgage 100% OffsetNo
Loan Redraw FacilityYes
Split Loan FacilityYes
Fixed Interest OptionNo
Loan PortableYes
Suitable for InvestmentNo
Extra RepaymentYes
Available as equity loan/line of creditNo
Repayment TypePrincipal & Interest and Interest Only Options

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Application Fee$0
Lender's Legal Fee$0
Ongoing Fees$0 p.a.
Settlement Fee$0
Discharge Fee$100

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Pros

  • There are $0 service fees.
  • Make extra payments at any time without penalty.
  • Withdraw excess funds from the mortgage using the redraw facility.

Cons

  • A $100 discharge fee applies when you close your home loan account.
  • No offset account.

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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.
  • 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 any additional repayments you've made whenever you need them.

Fees

AMP is currently waiving a number of fees for this loan, including:

  • Establishment fee $0. 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 $0. 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.

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 click the green 'go to site' buttons on this page.

There are some eligibility and documentation requirements you'll need to fulfil if you decide to apply for the AMP Essential Home Loan:

Documentation

  • 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.

Eligibility

  • 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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This page was last modified on 30 June 2017 at 2:26pm.

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18 Responses

  1. Default Gravatar
    craigMay 6, 2016

    I am currently with Bankwest. What is your new variable rate given the Reserve Bank change?

    Reply
    • Staff
      JodieMay 6, 2016Staff

      Hi Craig,

      Thank you for your comment you have reached finder.com.au we are not directly affiliated with AMP we are a financial comparison service and general information website.

      AMP have yet to announce their response to the RBA’s choice to cut the cash rate however we are constantly monitoring these announcements and will update the table on this page as each lender announces their decisions. I suggest keeping an eye on this page for further announcements.

      Regards
      Jodie

      Reply
  2. Default Gravatar
    MikeMay 6, 2016

    Can you tell me when we will hear the AMP response to the latest RBA cut to 1.75%?

    Reply
    • Staff
      JodieMay 6, 2016Staff

      Hi Mike,

      Thank you for your comment you have reached finder.com.au we are not directly affiliated with AMP we are a financial comparison service and general information website.

      AMP have yet to announce their response to the RBA’s choice to cut the cash rate however we are constantly monitoring these announcements and will update the table on this page as each lender announces their decisions. I suggest keeping an eye on this page for further announcements.

      Regards
      Jodie

      Reply
  3. Default Gravatar
    SudhindraJanuary 6, 2016

    Seems the interest rates for AMP Essential Home Loan is already increased.

    https://www.amp.com.au/personal/home-loans/products/home-loans/amp-essential

    Reply
    • Staff
      BelindaJanuary 6, 2016Staff

      Hi Sudhindra,

      Thanks for reaching out.

      We have just contacted AMP and we can confirm that the rates on our review page above are correct for the AMP Essential Home Loan. If you have any further enquiries about the interest rate for this product, please contact AMP directly.

      Kind regards,
      Belinda

      Reply
  4. Default Gravatar
    wedgeFebruary 5, 2015

    Will AMP be lowering it’s rates like the other large banks? if so to what rate?
    I currently have CBA loan over 600k how easy is it to move across?

    Reply
    • Staff
      ShirleyFebruary 5, 2015Staff

      Hi Wedge,

      Thanks for your question.

      AMP has announced that they will pass on the rate cut. To find out which lenders have announced rate cuts since the Reserve Bank cash rate cut please check out our RBA page.

      The staff from AMP will be more than happy to assist you with the refinancing process to ensure it’s as easy as possible.

      Cheers,
      Shirley

      Reply
  5. Default Gravatar
    VirginiaJanuary 20, 2015

    I am interested in the AMP Essential Home loan. I notice that this loan doesn’t have a redraw facility. What interest rate do you offer for redraw facility. My current bank offers 5.18%. I am in the process of settling on a house and land package.

    Reply
    • Staff
      ShirleyJanuary 20, 2015Staff

      Hi Virginia,

      Thanks for your question.

      The AMP Essential home loan does have a redraw facility available. If you are interested in this loan or would like to find out more information, please use the enquiry form above this page to get in touch with a representative from AMP.

      Cheers,
      Shirley

      Reply
  6. Default Gravatar
    VibJanuary 9, 2015

    Hi,

    I Have taken Essential Home Loan from AMP. I want to know if I pump more money in my home loan account (which is the same account which act a offset and has withdraw facility) from my saving account will I be saving money.

    Will it work the same as normal offset account i.e. my Loan amount will be reduced and more portion of the EMI will go in paying off principal ?

    Thanks
    Vib

    Reply
    • Staff
      MarcJanuary 12, 2015Staff

      Hi Vib,
      thanks for the question.

      Extra repayments can reduce the total cost of your loan and shorten the time take to pay it off. You can find out how by using our how long to repay calculator.

      Making extra repayments and using an offset account work in similar ways; however, the benefit of extra repayments and 100% offset accounts will differ depending on how often you make these extra repayments and how early in the loan you make them. You might want to compare the savings using our extra payments calculator and offset mortgage calculator.

      I hope this helps,
      Marc.

      Reply
  7. Default Gravatar
    sunnyAugust 27, 2014

    Can I get a home loan?

    Reply
    • Staff
      ShirleyAugust 29, 2014Staff

      Hi Sunny,

      Thanks for your question.

      If you would like to find out if you’re eligible for this home loan, please get in touch with AMP directly (without making any formal applications) to discuss your options.

      All the best,
      Shirley

      Reply
  8. Default Gravatar
    kathyAugust 15, 2014

    Hi my name is Kathy, enquiring $3010,00 about the amount available for this split loan as I need refinance whats the best rate you can offer

    Reply
    • Staff
      MarcAugust 18, 2014Staff

      Hi Kathy,
      thanks for the question.

      This question is best asked to AMP directly, as they’ll be able to negotiate rates with you and find the best solution for you. You can lodge an enquiry about this loan by filling out the form on the left of this page and clicking ‘enquire now’.

      I hope this helps,
      Marc.

      Reply
  9. Default Gravatar
    MauriceOctober 21, 2013

    I have 85,000 left on a home loan of 6.14%.I wish to refinance and switch to variable loan on a lower interest rate.

    Reply
    • Staff
      MarcOctober 22, 2013Staff

      Hello Maurice,
      thanks for the question.

      You may wish to inquire directly with AMP regarding this.

      Cheers,
      Marc.

      Reply
AMP Essential Home Loan

AMP Essential Home Loan

  • Interest Rate

    N/A

  • Comparison Rate

    N/A

  • App Fee / Annual Service Fee

    $0 / $0

  • Max LVR

    80%

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