AMP Land Loan

Rates and Fees verified correct on December 8th, 2016

Purchase land as an investment or to build on with the AMP Land Loan.

The AMP Land Loan can help you buy a vacant block of land to build a home or investment property without the time restrictions of a construction loan or the eligibility restrictions of a regular home loan. With this loan you can also buy and hold a piece of land as a standalone investment.

This loan offers you a variable rate that applies for up to 30 years and low annual fees you also don't have to start building immediately. If you are planning to construct a home immediately after buying land, you may want to consider AMP's Construction Loan, which is geared towards covering your construction expenses for up to 12 months.

Interest Rate Max Insured LVR Max LVR
Investor
5.72% p.a.
Comparison Rate
5.78% p.a.
90% 80%
Owner Occupier
5.43% p.a.
Comparison Rate
5.61% p.a.
90% 80%
Product NameAMP Land Loan
Interest Rate TypeVariable
Comp Rate^ (p.a.)
Minimum Loan Amount$40,000
Maximum Loan Amount$600,000
Maximum Loan Term30 years
Maximum LVR80%
Maximum Insured LVR90%
Mortgage Offset AccountNo
Mortgage 100% OffsetNo
Loan Redraw FacilityYes
Split Loan FacilityYes
Loan PortableNo
Suitable for InvestmentYes
Extra RepaymentYes
Available as equity loan/line of creditNo
Repayment TypePrincipal & Interest and Interest Only Options
Application Fee$350
Lender's Legal Fee$0
Valuation Fee$0
Ongoing Fees$0 p.a.
Settlement Fee$250
Discharge Fee$100

Pros

  • $0 monthly fees
  • Extra repayments with no maximum amount
  • Fee-free redraw facilities

Cons

  • Establishment fee of $350
  • Settlement fee of $250
  • Discharge fee of $100

 Things to consider about the AMP Land Loan

AMP's Land Loan is ideal for anyone looking for flexible financing to cover the cost of a land purchase. If you have found land on which you wish to build your home but aren’t ready you build straight away or just want invest in a piece of land this loan may suit your needs. It offers a variable rate for a period of up to 30 years, waives monthly account fees and lets you access your additional repayments at any time within the loan period.

Features of the AMP Land Loan

  • Loan amount. You can borrow a minimum of $40,000 or a maximum of $600,000 with this loan.
  • Loan-to-Value Ratio.You will be able to access funding for up to 90% of the property value, although keep in mind that borrowing more than 80% will come with Lender’s Mortgage Insurance fees (LMI).
  • Additional repayments. Make additional repayments on the AMP Land Loan at any time without incurring any penalty fees, allowing you to save more on the interest repayments over the life of your loan.
  • Repayment flexibility. You can make your repayments weekly, fortnightly or monthly which makes it easy to set up your repayments to suit your pay cycle. However, if you opt for any interest only period you can only make repayments monthly.
  • Redraw facility. With the AMP Land Loan, you can withdraw any additional payments on your loan at any time. There are no redraw fees charged when you use the redraw facility and you also get to access your funds quickly and easily online or over the phone.
  • Interest only period. You can opt to pay interest only repayments for a maximum of five years, which may help with your cash flow.

Fees

Fees you can avoid

  • Monthly fees. These fees cater for the administration of your loan account and are not charged with this loan.
  • Redraw fees.You are allowed to make unlimited redraws without having to pay any redraw fees. You can access your additional loan repayments for free online or over the phone.
  • Early repayment fees. Make early repayments on your land loan at any time without incurring any penalties.

Fees you can’t avoid

  • Establishment fee: $350. The establishment fee covers the cost of documenting the loan and setting up your account.
  • Settlement fee: $250. You will also be required this fee to settle your loan and cover the various administration fees associated with this.

How to apply for the AMP Land Loan

You can apply for the AMP Land Loan by filling in the form located on the right hand side of this page.

You will need to meet the following eligibility requirements:

  • Be an Australian citizen or a permanent Australian resident
  • Be over the age of 18

Please supply the following information when filling out the online AMP Land Loan application:

  • Your name, address and contact information
  • Your employer’s name, contact information and current address
  • You will need to provide information about your income, current credit accounts, debts and assets
AMP’s Land Loan is a viable option for those looking to purchase a vacant block of land. Compare the loans featured on finder.com.au to find one that will suit your finances and preferences.


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AMP Land Loan Interest Rate History vs RBA Cash Rate Graph


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This page was last modified on 20 January 2016 at 18:12.

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AMP Land Loan

  • Interest Rate

    N/A

  • Comparison Rate

    N/A

  • App Fee / Annual Service Fee

    $350 / $0

  • Max LVR

    80%

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