If you have a home loan through AMP you have the opportunity to shave years off of the life of your loan. The Offset Deposit Account is a convenient transaction account that links to your home loan and each time the balance of your loan has its interest applied, it is first reduced by the amount of cash in your account. Over the course of your home loan terms, this could lead to a tremendous savings.
What are the features of the AMP Offset Deposit Account?
The way in which an offset account is structured can be a big difference in how much money you are able to save. Carefully compare the features of a few that you find with other Australian banks with what AMP offers before deciding on the right account for you:
- Availability. Most variable rate home loans with AMP are eligible to be linked to an Offset Deposit Account. Those excluded from this are the; construction and land loans, AMP Essential Home Loan, all lines of credit and all fixed rate home loans. You may request an Offset Deposit Account on a fixed rate home loan after the fixed rate period has ended.
- Monthly service fee. There is a $6 fee payable from the account when it is linked to Basic Variable Rate home loan.
- Amount of offset. This is a 100% offset account, where the entire amount of your balance is deducted from what you owe on the home loan before interest is calculated.
- Accessibility. Your account can be accessed through phone, internet and mobile banking with AMP for electronic transfers and payments. For cash withdrawals and purchases you are issued a Visa debit card linked to the account, along with a chequebook and BPAY for making your payments. Other transactions can also be made at participating Bank@Post offices.
- Visa debit card. The linked Visa debit card allows you to make purchases wherever Visa is accepted, as well as over the phone and online. You are also able to use it for unlimited free cash withdrawals and enquiries at all rediATMs in Australia. Fees may be applied when using an ATM outside of this network.
- Currency conversion. 2.5% of the transaction amount will be charged to your account each time you make a transaction in a foreign currency.
- International point of sale transactions. Your account is charged $1.50 for each purchase made at an overseas EFTPOS.
- International cash withdrawal. When you use your Visa debit card at an ATM outside of Australia you will be charged $5.50 per transaction.
- No minimum account opening balance
- Full access to online banking, mobile banking and phone banking
- Unlimited fee-free ATM transfers
- Need to hold an AMP home loan to be eligible
How do I apply for the AMP Offset Deposit Account?
You are given two choices for applying for the Offset Deposit Account, you can either download the application form or you can visit AMP website and begin your application online. This should only take about 10 minutes, but before starting you should check to see if you are able to meet the eligibility requirements:
- Minimum age. You must be at least 18 years of age to be eligible for this account.
- Residency requirements. You have to be an Australian resident and/or be available to be identified in Australia when the account is opened.
- Depository requirements. While AMP makes no demand for a minimum opening balance, you should remember that the higher your balance is, the more money that will be deducted from your loan balance.
As you are filling in your online application it will also be helpful to have the following documentation readily available:
- Tax file number. For interest earning accounts, providing your tax file number (TFN) or TFN exemption code enables AMP to apply the correct withholding tax rate to your interest earnings.
- Identification. AMP will need to be able to verify your identity with information found on your passport or driver’s licence. If not, you may need to complete this step at a participating Bank@Post.
- Loan number. The home loan number to which this account will be linked to will also be required.
If you need additional forms in order to verify your identity, these will be posted to you within three business days. Once AMP has received identity details your account will be opened in two business days and your linked Visa debit card mailed to your home address.