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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.
AMP Bank is currently waiving the settlement fee of $349 for this home loan.
|Product Name||AMP Bank 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 Insured LVR||90%|
|Mortgage Offset Account||No|
|Mortgage 100% Offset||No|
|Loan Redraw Facility||Yes|
|Split Loan Facility||Yes|
|Fixed Interest Option||No|
|Suitable for Investment||Yes|
|Available as equity loan/line of credit||No|
|Repayment Type||Principal & Interest and Interest Only Options|
|Valuation Fee||Free under $900|
|Ongoing Fees||$0 p.a.|
- There are $0 service fees
- Make extra payments with no penalty and access the funds via redraw upon request
- A $100 discharge fee applies when you close your home loan account
- No offset account
Features 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 for this loan
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.