AMP Essential Home Loan

Rates and Fees verified correct on December 7th, 2016

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.

Special offer

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

Interest Rate Max Insured LVR Max LVR
Owner Occupier
3.98% p.a.
Comparison Rate
4.00% p.a.
90% 80%
$500k to $750k LVR <=90% Special Offer (Owner Occupier)
3.78% p.a.
Comparison Rate
3.80% p.a.
90% 90%
Investors
4.37% p.a.
Comparison Rate
4.39% 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
Application Fee$350
Lender's Legal Fee$0
Ongoing Fees$0 p.a.
Settlement Fee$250
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

  • 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

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:

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.

Enquire about this home loan

AMP Essential Home Loan Interest Rate History vs RBA Cash Rate Graph


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This page was last modified on 27 January 2016 at 11:05.

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18 Responses to AMP Essential Home Loan

  1. Default Gravatar
    craig | May 6, 2016

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

    • Staff
      Jodie | May 6, 2016

      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

  2. Default Gravatar
    Mike | May 6, 2016

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

    • Staff
      Jodie | May 6, 2016

      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

  3. Default Gravatar
    Sudhindra | January 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

    • Staff
      Belinda | January 6, 2016

      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

  4. Default Gravatar
    wedge | February 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?

    • Staff
      Shirley | February 5, 2015

      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

  5. Default Gravatar
    Virginia | January 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.

    • Staff
      Shirley | January 20, 2015

      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

  6. Default Gravatar
    Vib | January 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

    • Staff
      Marc | January 12, 2015

      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.

  7. Default Gravatar
    sunny | August 27, 2014

    Can I get a home loan?

    • Staff
      Shirley | August 29, 2014

      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

  8. Default Gravatar
    kathy | August 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

    • Staff
      Marc | August 18, 2014

      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.

  9. Default Gravatar
    Maurice | October 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.

    • Staff
      Marc | October 22, 2013

      Hello Maurice,
      thanks for the question.

      You may wish to inquire directly with AMP regarding this.

      Cheers,
      Marc.

AMP Essential Home Loan

  • Interest Rate

    N/A

  • Comparison Rate

    N/A

  • App Fee / Annual Service Fee

    $350 / $0

  • Max LVR

    80%

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