AMP Home Loans

AMP Refinancing

Key  Benefits

+ Flexible mortgage repayment options
+ Specialised loans on offer
+ Discounted rates on large loans

Drawbacks

x Some loans are charged ongoing fees
x Interest only payments limited

The Australian Mutual Provident Society (AMP) believes that every individual should have the power to control their financial life.

AMP was founded in 1849, and offers a variety of products and services designed to help customers take control over their finances and plan for their futures. With a variety of loan options on offer, AMP refinancing loans could be a great solution for those looking to switch  their home loan.

With AMP refinancing loans, there is the option to include other financial services products aside from AMP refinancing loans, including income protection, life and disability insurance, superannuation, retirement products, investor focused products, multi-asset funds and financial advice.

AMP Home Loan Products

AMP Basic Package

AMP Basic Fixed Rate

For this loan, the interest rate is set for the first year of the loan. After this period, the loan switches to a variable rate, which corresponds with the current standard rate. Borrowers can redraw from this loan at any time and can also make extra repayments with no early repayment penalty.

AMP Basic Variable Rate

The interest rate on this loan varies according to the current standard rate. This means that the borrower’s repayment amounts will fluctuate as well. Customers have the option of splitting the loan into up to 10 smaller amounts, each with either a fixed or variable interest rate.

AMP Classic Club

With this type of home loan, the interest rate varies in accordance with the current standard interest rate. As the interest rate changes, so will the borrower’s repayments. This loan also includes the option for 100 percent offset, helping customers to save money on interest over the life of the loan.

AMP Construction Loan

The Construction Loan is designed to help borrowers either build a new home or renovate their existing one. This loan comes with a variable interest rate, but customers will only be charged interest on the amount they withdraw. Customers can use as much or as little at a time as they wish.

AMP Essential Home Loan

The Essential Home Loan offers a competitive variable interest rate to help borrowers keep their repayments low and pay off the loan faster. Customers can make extra repayments at any time without penalties and can redraw from the amount that they have already repaid.

AMP Land Loan

This loan is designed to help customers purchase land either to build upon later or as an investment property. Borrowers have the flexibility of making interest-only payments or of making extra repayments with no penalties for doing so.

AMP Line of Credit

With a line of credit, borrowers draw upon the amount of equity that they have built up in their homes. They are free to borrow as much or as little as they choose and will only be charged interest on the borrowed amount. They can link other accounts to the loan as well.

AMP Professional Package

With the Professional Package, customers have the option of choosing between fixed rate loans, variable rate loans or lines of credit. They also have the option of splitting the loan into up to 10 smaller amounts as they see fit. Other accounts can also be linked to the loan.

AMP Home Loan Products Comparison

 

Frequently Asked Questions

Did AMP drop interest rates?

After the RBA’s 3 March 2020 rate cut AMP dropped interest rates on some products. No cuts were made after the RBA’s emergency rate cut later in March.

Is AMP a good bank?

AMP was founded in 1849 and has a longstanding history in Australia. Many customers like the bank however, it did receive some controversy during the 2017-2019 Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. However it has worked to implement risk assessment.

How much can I borrow for a home loan with AMP?

Depending on the home loan product and individual circumstances, AMP can usually lend borrowers $750,000 and above.