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.
| 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 LVR | 80% |
| Maximum Insured LVR | 90% |
| Mortgage Offset Account | No |
| Mortgage 100% Offset | No |
| Loan Redraw Facility | Yes |
| Split Loan Facility | Yes |
| Fixed Interest Option | No |
| 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 | $0 |
| Valuation Fee | $220-$440 |
| Ongoing Fees | $0 p.a. |
| Settlement Fee | $0 |
| Discharge Fee | $100 |
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.
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 ten 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.
What is the minimum term of a loan of $110,000
Hi Peter,
Thanks for your question. For Owner Occupier home loan, the minimum loan term for a loan amount of $100,000 and above is 10 years.
Feel free to message us again if you have other questions.
Cheers,
Liezl
hi, im interested in finding a home loan which offers a loan increase option as I have a lot of equity. could you tell me which of your loans offer this and is there a minimum amount eg $5000
Hi Tam,
Thank you for getting in touch with finder.
You may take advantage of your existing equity in your home to finance a renovation or property purchase with a line of credit loan. Please check out this link so you can start comparing line of credit loans that suit your needs. I also suggest that you seek professional help on this by speaking to a mortgage broker.
I hope this helps.
Have a great day!
Cheers,
Jeni
I am currently with Bankwest. What is your new variable rate given the Reserve Bank change?
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
Can you tell me when we will hear the AMP response to the latest RBA cut to 1.75%?
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
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
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
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?
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
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.
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
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
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.
Can I get a home loan?
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
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
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.