Buy a property through your SMSF and secure your retirement with the AMP SuperEdge Loan.
Loan no longer available
AMP are no longer offering the SuperEdge Loan as part of its suite of home loan products.
The variable rate SuperEdge Loan from AMP is designed to help Australians buy a residential property through their Self Managed Super Fund (SMSF). It offers a range of features, including a 100% offset account, and can also be used for refinancing existing SMSF loans, too.
It should be noted that AMP also offers a fixed SuperEdge loan, with fixed terms ranging from one t
Things to consider about the AMP SuperEdge Loan
The AMP SuperEdge Loan is strictly for SMSFs looking to get a hold of residential investment properties. It can also be used to refinance an already established SMSF loan.
Features of the AMP SuperEdge Loan
- Loan amount. This refers to the amount of money you can borrow from the lender. With the AMP SuperEdge Loan there’s a minimum loan amount of $100,000 that can be used to fund your residential investment property. If you’re looking to borrow less this loan might not be suited to your needs.
- Loan term. The variable rate option is available for a maximum term of 30 years. This lengthy term will amount to lower repayment amounts since the whole loan amount is stretched over the loan term.
- Offset account. With the variable rate option there is a 100% offset account that comes as an additional feature to the loan. The money in your offset account can compensate for a part of your principal and can save you money in the long run.
- Loan split option. AMP gives you the option to split your loan up to 10 times. While this may seem helpful there’s a fee that applies to the second split as well as each subsequent split.
Fees you can avoid
- Establishment fee: Normally the establishment fee charged by AMP is $350. With the current special offer the establishment fee is waived, saving you money. Once the special promotion is over this fee is unavoidable.
- Settlement fee: This is usually an unavoidable fee but AMP is also waiving the $250 fee for a limited time.If you miss out on the promotion you will have to pay this fee.
- Split fee: This is a $75 fee that only applies if you split your loan more than once. This fee is charged each time you split after your first free split. If you choose not to split your loan more than one time you can avoid this fee and save yourself $75 or more.
Fees you can’t avoid
- Solicitor’s fee: $1,925. This is a fee that’s charged in order to cover the work of a solicitor during the application process. While it’s a hefty fee, this is unavoidable since it’s to satisfy a third party.
- Guarantor administration fee: $200. This fee is for the guarantor of the loan and is unavoidable when you apply for the AMP SuperEdge Loan.
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How to apply for the AMP SuperEdge Loan
Before you begin the application process for the AMP SuperEdge Loan you should go through the loan criteria and make sure that you’re eligible for the loan. This will save you time in the long run.
- Age and residency requirements In order to apply for this loan you have to be at least 18 years of age and be a permanent Australian resident with a valid Australian address.
- Income and credit requirements You’ll need to meet the minimum annual income requirements outlined by AMP. You’ll also have to have a good credit history so AMP can be sure that you can meet your repayment commitment.
Once you determine your eligibility you can begin the application process. While the application doesn’t take very long it can go smoother if you gather all of the necessary paperwork beforehand.
- Identification information You’ll need to provide proof of your identity. This usually requires a valid driver’s license or passport. Sometimes a valid Medicare card is required too.
- Income information In order to show that you make what you say you do you’ll have to provide proof of income in the form of payslips or bank statements. You may also need to provide your employer’s information. If you’re self-employed you may need to provide your accountant’s information.
Before you apply for any loan you should compare similar offers from different lenders. This will help you see what different options you have and ensure that you get the best deal for your financial situation. Be sure to compare things like interest rates, loan terms and minimum amounts, and additional features.