AMP is one of the leading wealth management companies in Australia and provides a range of home loan products.
The Australian Mutual Provident Society (AMP) was founded in 1849 and offers an alternative to the big banks in the home loan market, providing loans with competitive interest rates, inclusive features and low or no fees. AMP allows borrowers to choose the features they want to build a loan that suits their financial situation.
AMP gives borrowers the option to include income protection, as well as life and disability insurance; retail banking products; superannuation services, retirement income offers and various other products designed for investors; and also multi-asset funds, share investments and financial advice.
AMP Home Loan Offer
With the AMP Essential Home Loan - Owner Occupier enjoy a home loan with no ongoing fees and you only need a deposit of at least 10%.
- Interest rate of 3.96% p.a.
- Comparison rate of 3.98% p.a.
- Application fee of $350
- Maximum LVR: 80%
- Minimum borrowing: $100,000
- Max borrowing: $2,000,000
Compare AMP home loans
The types of home loans offered by AMP
Professional Package home loan
The Professional Home Loan Package is available as a variable interest rate, a fixed interest rate or a line of credit.
You can get a pre-approved maximum borrowing amount with the Master Limit feature. This option allows you to use the extra money for shares, investment properties or various other opportunities for financial growth. As an additional advantage of the Master Limit option, you only have to make repayments on the funds that you use, and the amount you borrow can be available for your future investment needs for 10 years after applying. There's also a discount on your interest rate that applies for the variable rate loans and lines of credit.
Basic Package home loan
The AMP Basic Package is a simple and straightforward home loan with a competitive interest rate, as well as range of options to keep your home loan flexible. This loan lets you split your home loan up to 10 times in any combination of fixed or variable rates, as well as the option of choosing interest-only repayments for five years. There are no monthly account management fees, and the loan offers a 100% offset account.
Classic Club home loan
Customise your home loan with the AMP Classic Club Home Loan and you may also be eligible for discounted introductory rates. You can combine fixed, variable and line of credit loans with up to 10 splits allowed. This loan also offers a 100% mortgage offset facility as well as the other features of the home loans you want to combine.
The AMP Construction Loan offers a competitive variable interest rate during the construction period along with the option of choosing from the range of AMP home loans when the construction has finished. Suitable for builders, renovators and landowners, this loan covers the construction period of a maximum of 12 months. You can build on the land you already own, or use it to buy vacant land to build your property within the year.
If you need more than 12 months to build your property, then the AMP Land Loan may be more suitable for you. This loan has a variable interest rate for up to 30 years and you can redraw at any time without any penalties. There are also no monthly account fees and you can make additional repayments at any time without any early repayment fees.
Low Doc Package
If you’ve been self-employed and held an Australian Business Number (ABN) for two years or more, the AMP Low Doc Package allows you to self-certify your income and borrow up to 80% of the property’s value. If you borrow more than 80% loan-to-value ratio (LVR), you will have to pay lenders mortgage insurance (LMI). A 100% mortgage offset facility is also available with this loan.
How do I apply for a home loan from AMP?
If one of the AMP home loans in the table above interests you, simply click 'Go to Site' to be taken directly to AMP to start an enquiry. Alternatively, you can click 'More Info' to be taken to a review page or a mortgage broker form where you can contact a mortgage broker. They'll take you through the next steps.
The application process for an AMP home loan is relatively simple, requiring only a simple application form to be filled in (you can also ask for help by contacting one of the AMP banking specialists by phone). You will only have to complete additional forms in the case you are a Guarantor or you need a loan for a company or a trust.