AMP Bank Essential Home Loan
A simple and easy-to-manage home loan without the long list of features you may not need.
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.
However, please note that a mortgage offset account is not available.
About this loan
What are the features and benefits of the AMP Bank Essential Home Loan?
- Competitive interest rate. The AMP Bank 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 Bank 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. 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.
- Split your loan. The AMP Bank Essential Home Loan allows you to split your loan into ten sub-accounts for increased flexibility. However, keep in mind that charges apply.
What fees and charges come with this loan?
AMP Bank is currently waiving a number of fees for this loan, including:
- Establishment fee $0. This $0 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 $0 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.
- 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.
How to apply
If you would like to apply for the AMP Bank 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 Bank Essential Home Loan:
- Personal details: You'll need to supply AMP Bank with personal details including identification (e.g. driver's licence), your date of birth and current address.
- Employment details: AMP Bank 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 Bank 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.
Home Loan OffersImportant Information*
Up to $3,000 refinance cashback. A flexible and competitive variable rate loan. Eligible borrowers refinancing $250,000 or more can get $2,000 cashback per property plus a bonus $1,000 for their first application. Other conditions apply.
Up to $4,000 refinance cashback With this competitive variable rate loan from St.George, refinancers borrowing $250,000+ can get up to $4,000 cashback and borrow up to 80% of the property's value (terms, conditions & exclusions apply).
A competitive variable rate mortgage for owner occupiers $0 application and $0 ongoing fees. This interest rate falls over time as you pay off the loan.