AMP Bank Land Loan
Purchase land as an investment or to build on with the AMP Bank Land Loan.
Richard Whitten is a money editor at Finder, and has been covering home loans, property and personal finance for 6+ years. He has written for Yahoo Finance, Money Magazine and Homely; and has appeared on various radio shows nationwide. He holds a Certificate IV in mortgage broking and finance (RG 206) and a Tier 1 Generic Knowledge certification (RG 146).
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.
About this loan
What are the features and benefits of the AMP Bank 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 Bank 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 Bank Land Loan, you can request to withdraw any additional payments on your loan. 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.
What fees and charges come with this loan?
- Settlement fee: $349. You will also be required this fee to settle your loan and cover the various administration fees associated with this.
- Valuation fee: Free under $550. You only pay a valuation fee if the cost of valuing the property exceeds $550.
Other fees and charges apply.
How to apply
You can apply for the AMP Bank 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 Bank 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.