finder.com.au

AMP Bank Essential Home Loan

Marc Terrano
Marc Terrano
Last updated:  

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.

We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!

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:

Documentation

  • 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.

Eligibility

  • 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 Offers

Important Information*
Logo for Westpac Flexi First Option Home Loan - Basic Variable Rate (Owner Occupier, P&I)
Westpac Flexi First Option Home Loan - Basic Variable Rate (Owner Occupier, P&I)

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.

More info
Logo for St.George Basic Home Loan - LVR 60% to 80% (Owner Occupier, P&I)
St.George Basic Home Loan - LVR 60% to 80% (Owner Occupier, P&I)

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).

More info
Logo for Athena Liberate Home Loan - 70% to 80% LVR Owner Occupier, P&I
Athena Liberate Home Loan - 70% to 80% LVR Owner Occupier, P&I

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.

More info
Logo for Suncorp Back to Basics Home Loan - Better Together Special Offer $150k+ LVR ≤ 80% (Owner Occupier, P&I)
Suncorp Back to Basics Home Loan - Better Together Special Offer $150k+ LVR ≤ 80% (Owner Occupier, P&I)

Get a competitive variable interest rate with no application fee or ongoing fees.

More info

Ask an expert

To ask a question simply log in via your email or create an account.

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.

22 Comments

    Default Gravatar
    Peter
    March 26, 2018

    What is the minimum term of a loan of $110,000

    Reply
      Default Gravatar
      Liezl
      March 27, 2018

      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

      Reply
    Default Gravatar
    Tam
    March 23, 2018

    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

    Reply
      Avatarfinder Customer Care
      Jeni
      March 23, 2018

      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 use our comparison table to start comparing line of credit loans that suit your needs.

      When you are ready, you may then click on the “Go to site” button and you will be redirected to the lender’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.

      Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. You can also contact the provider if you have specific questions. Alternatively, you can speak to a mortgage broker who can take your personal circumstance into account and offer you a range of borrowing options.

      I hope this helps.

      Have a great day!

      Cheers,
      Jeni

      Reply
    Default Gravatar
    craig
    May 6, 2016

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

    Reply
      Default Gravatar
      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

      Reply
    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%?

    Reply
      Default Gravatar
      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

      Reply
    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

    Reply
      Default Gravatar
      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

      Reply
    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?

    Reply
      Avatarfinder Customer Care
      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

      Reply
    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.

    Reply
      Avatarfinder Customer Care
      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

      Reply
    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

    Reply
      Avatarfinder Customer Care
      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.

      Reply
    Default Gravatar
    sunny
    August 27, 2014

    Can I get a home loan?

    Reply
      Avatarfinder Customer Care
      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

      Reply
    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

    Reply
      Avatarfinder Customer Care
      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.

      Reply
Go to site