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Review by


Adam Smith was the home loans editor at Finder.

Expert review

The AMP Bank Professional Package Line of Credit is a flexible line of credit that offers full transaction access and a pre-approved master limit for purchases.

About this loan

What are the features and benefits of the AMP Bank Professional Package Line of Credit?

  • Loan amount. The AMP Bank Professional Package Line of Credit has a minimum borrowing amount of $100,000 and a maximum loan amount of N/A. The funds are a pre-approved credit limit, and you'll only be charged interest on the amount that you use.
  • Waived fees. AMP Bank is currently waiving the establishment fee for loans with a loan-to-value ratio (LVR) of up to 90%.
  • Interest-only option. The AMP Bank Professional Package Line of Credit gives you the option of making interest-only repayments.
  • Repayment frequency. Repayments must be made monthly, and you can make as many additional repayments as you like without penalty. 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.
  • Access to funds. You can access your line of credit funds using a debit card at ATMs across Australia. There is no limit to the number of transactions you can perform.

What fees and charges come with this loan?

  • Discharge fee: $100. The discharge fee applies when you either repay or refinance your home loan.
  • 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 believe the AMP Bank Professional Package Line of Credit is the right product for you, click the link below. You'll be directed to fill out a brief form, and you'll then be contacted by an AMP lending specialist.

Home Loan Offers

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2 Comments

  1. Default Gravatar
    Warwick
    February 6, 2022

    1. Does this loan require a home loan in conjunction with it?
    2. We have an existing line of credit. Can it be refinanced to AMP?

    • Avatarfinder Customer Care
      Sarah
      February 8, 2022

      Hi,

      A stand-alone line of credit can generally be used as a substitute for a mortgage, so you may not need a standard mortgage in addition to the line of credit. This will depend on AMP’s individual policy and that information isn’t available on their website, so it’s best to confirm this directly with AMP.

      You can also confirm whether they allow you to refinance a line of credit. You can call them on 133-888 or send them an email at askamp@amp.com.au.

      Regards,
      Sarah

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