AMP home loans

AMP
AMP's overall rating for home loans

(as rated by the Mozo community)

6.3 / 10

based on 51 reviews

For more than 160 years, AMP has been a leading specialist in wealth management in Australia and New Zealand. If you’re looking for a home loan lender with the security of a big bank and a little bit more flexibility than what the Big 4 can offer, AMP bank is worth considering. It has a range of home loans on offer with something to suit everyone, and received a Mozo Experts Choice Award for Best Value First Home Loan in 2016.


On this page you can compare all of the AMP home loans including variable, fixed and line of credit to find the perfect fit for you. Or to compare AMP home loans against other lenders head on over to the Mozo comparison engine and search all home loans here.

Rates and fees verified as correct at 06 December, 2016. Other information correct at the time of writing.

What home loans do AMP offer?

Fixed Rate Home Loans Fixed Rate Home Loans

If you want to protect yourself from future interest rate rises and love the idea of knowing exactly how much you’ll need to repay each month an AMP fixed rate loan is an ideal option. There are a range of fixed terms (1, 2, 3 or 5 years) available and you can choose from a number of flexible repayment options including weekly, fortnightly or monthly to suit your financial situation. With AMP fixed rate loans you can make fee free extra repayments of up to $10,000 p.a. but if you’re the type of borrower that may need to dip into those extra repayments at a later date, keep in mind that you won’t have the luxury of a redraw facility with AMP fixed loans so you might want to consider taking up AMP’s split rate home loan option which will allow for redraws on the variable portion.

Home loan repayments calculator
years
Product Fixed 3 year rate Comparison Rate* Service fee Upfront fee Monthly repayments ‡

5.17% p.a.

5.74% p.a.

$10.00 monthly

$895

4.70% p.a.

5.40% p.a.

$10.00 monthly

$895


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Variable Rate Home Loans Variable Rate Home Loans

From the Essential Home Loan which is a fee free, home loan great for first time buyers as it as an LVR of up to 90% to the Classic Club Home Loan which is available to people who are close to paying off their home loan and only need to borrow less than $100,000, AMP Bank has a selection of basic variable rate home loans suited for borrowers who don’t want the added features of a home loan package. AMP variable rate loans allow for extra repayments and redraws and a mortgage offset facility is available for a monthly fee.

Home loan repayments calculator
years
Product Rate Comparison Rate* Service fee Upfront fee Monthly repayments ‡  

5.72% p.a.

5.89% p.a.

$10.00 monthly

$895

5.43% p.a.

5.61% p.a.

$10.00 monthly

$895

4.37% p.a.

4.39% p.a.

$0.00

$295

3.98% p.a.

4.00% p.a.

$0.00

$295

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3.78% p.a.

3.80% p.a.

$0.00

$295

4.72% p.a. variable for 12 months and then 5.72%

5.79% p.a.

$10.00 monthly

$895

4.43% p.a. variable for 12 months and then 5.43%

5.51% p.a.

$10.00 monthly

$895


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Fixed Package Home Loan Fixed Package Home Loan

AMP offers two fixed home loan packages: a Basic Package for loans starting at $40,000 and a Professional Package for people who are looking to borrow more than $100,000. On the Basic Package there are no monthly account fees, and for loans up to 90% LVR you won’t have to pay any loan establishment fees. The AMP Professional Package includes a discounted interest rate, the ability to make extra repayments without penalty, interest-only payments and a redraw facility. You may even be eligible to access the AMP Master Limit which is a pre-approved lending limit that is available for you to use for any investment needs in the next 10 years without the need to reapply for funds. While you only make repayments on the funds you use, there is an application fee which you should consider.

Home loan repayments calculator
years
Product Fixed 3 year rate Comparison Rate* Service fee Upfront fee Monthly repayments ‡

4.57% p.a.

4.39% p.a.

$0.00

$545

4.57% p.a.

4.68% p.a.

$349.00 yearly

$295

4.28% p.a.

4.60% p.a.

$349.00 yearly

$295

4.28% p.a.

4.10% p.a.

$0.00

$545


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Variable Package Home Loan Variable Package Home Loan

A Basic Package from $40,000 and a Professional Package for loans over $100,000 are also available from AMP with a variable interest rate. AMP’s variable home loans have the same fees and most of the same features as the fixed rate alternative, although they are generally a little more flexible in terms of the amount of extra repayments and free withdrawals you can make, and also come with  the use of an offset account.

The main difference is that your variable interest rate might change over the duration of your loan term. You could also enjoy the best of both worlds and split your loan between the two rate options.

Home loan repayments calculator
years
Product Rate Comparison Rate* Service fee Upfront fee Monthly repayments ‡

4.06% p.a.

4.10% p.a.

$0.00

$545

3.99% p.a.

4.36% p.a.

$349.00 yearly

$295

4.22% p.a.

4.59% p.a.

$349.00 yearly

$295

3.99% p.a.

4.36% p.a.

$349.00 yearly

$295

3.89% p.a.

4.26% p.a.

$349.00 yearly

$295

4.22% p.a.

4.59% p.a.

$349.00 yearly

$295

3.98% p.a.

4.02% p.a.

$0.00

$545

3.85% p.a.

4.22% p.a.

$349.00 yearly

$295


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Line of Credit Line of Credit

Line of Credit

AMP’s line of credit home loans allow you to consolidate your debts by offering a buffer of extra funds that you can access again and again for future investments such as the home reno. You are only charged interest on the funds that you use and should you need to divert cash to other commitments, you can take advantage of the interest-only period (up to 10 years). While there is a monthly account management fee, you’ll be able to access a range of handy features including extra repayment options, a redraw facility and an ATM card (on request) which you can use to freely withdraw via the rediATM network Australia wide.

Product Rate Comparison Rate* Service fee Upfront fee

5.92% p.a.

n/a

$10.00 monthly

$895

5.63% p.a.

n/a

$10.00 monthly

$895

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AMP home loan features in a glance

No monthly feesNo monthly fees

Some of the home loans offered by AMP including the Basic Package and the Essential Home Loan don’t have monthly account management fees which can save you big over the life of your home loan. But these loans usually have less features so be sure you weigh up the pros and cons of not having access to certain features.

Extra repayment abilityExtra repayment ability

Most of AMP’s standard variable and line of credit rates allow you to make extra repayments whenever you like and without penalty, so be sure to take advantage of this feature to pay your loan off faster and reduce your interest payments. You can also make extra repayments with AMPs Fixed Loans but there will be a cap on how much you can make in extra repayments.

Redraw facilityRedraw facility

With AMP’s variable and line of credit loans you can tap into extra repayments should you need a cash fix at a later date with the redraw facility.

100% Mortgage Offset100% Mortgage Offset

Another handy feature that could possibly save you thousands in interest is a linked offset deposit account that is optional with many of AMP’s variable rate home loans. When you deposit your savings into this account, these funds are offset against the balance of your loan and therefore reduce the interest you’ll have to pay. Say you have a $200,000 loan and $50,000 in your mortgage offset account, you’ll only be charged interest against $150,000.

How are AMP home loans rated?

The rate and review service offered by Mozo has given thousands of Australians the opportunity to review their mortgage provider on the home loan essentials such as price, convenience, customer service and trustworthiness. See how the Mozo community rated AMP’s home loans here.

AMP home loans

Overall 6.3*

Price

Features

Customer service

Convenience

Trust

51 Reviews

* Overall rating based on reviews in the past 12 months.

Recent AMP home loan reviews Recent AMP home loan reviews

AMP

AMP Essential Home Loan (Owner Occupier) home loan review

Overall rating   4 / 10

Absolute best rate but close to worst service.

The service from AMP when you want statements and setting up internet banking is awful. The rates for this loan are outstanding and no other financial institution could come within 0.75% of their rate. The best thing is that when they give you a...

Full review

The service from AMP when you want statements and setting up internet banking is awful. The rates for this loan are outstanding and no other financial institution could come within 0.75% of their rate. The best thing is that when they give you a loan, they won't bother you, unless there is a problem. Unfortunately, their service is what makes them go down in my ranking.

    Price   10 / 10

    Features   6 / 10

    Customer service   0 / 10

    Convenience   0 / 10

    Trust   6 / 10

Less

Darren (QLD), reviewed about 1 month ago

AMP

AMP Essential Home Loan (Owner Occupier) home loan review

Overall rating   6 / 10

Responsive and solid no-frills home loans

A solid bank that has responded to my questions about comparative interest rates by providing discounts! Updated internet site looks snazzy, but is slightly harder to negotiate, but a solid no-frills option with a trusted bank.

Full review

A solid bank that has responded to my questions about comparative interest rates by providing discounts! Updated internet site looks snazzy, but is slightly harder to negotiate, but a solid no-frills option with a trusted bank.

    Price   5 / 10

    Features   7 / 10

    Customer service   8 / 10

    Convenience   7 / 10

    Trust   6 / 10

Less

Annette (ACT), reviewed 8 months ago

AMP

AMP Essential Home Loan (Owner Occupier) home loan review

Overall rating   2 / 10

AMP need to keep in contact with their clients

I am not very happy with our current interest rate.

Full review

I am not very happy with our current interest rate.

    Price   2 / 10

    Features   2 / 10

    Customer service   5 / 10

    Convenience   4 / 10

    Trust   2 / 10

Less

Sara (WA), reviewed 8 months ago

AMP

AMP Fixed Rate Loan (Owner Occupier) home loan review

Overall rating   10 / 10

We highly recommend AMP.

We have found AMP to be fantastic. We were with Commonwealth for many years and they didn't do much for us.

Full review

We have found AMP to be fantastic. We were with Commonwealth for many years and they didn't do much for us.

    Price   10 / 10

    Features   10 / 10

    Customer service   10 / 10

    Convenience   10 / 10

    Trust   10 / 10

Less

Lisa (VIC), reviewed 9 months ago

AMP

AMP Classic Variable Rate Loan (Owner Occupier) home loan review

Overall rating   10 / 10

Awesome customer service and very competitive

This is the easiest bank I have ever dealt with ... never go back to the big 4

Full review

This is the easiest bank I have ever dealt with ... never go back to the big 4

    Price   10 / 10

    Features   10 / 10

    Customer service   10 / 10

    Convenience   10 / 10

    Trust   10 / 10

Less

Carol (QLD), reviewed 10 months ago

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Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers. Reviewers may receive a voucher from Mozo in exchange for their review. Vouchers are given to all reviewers who meet our review guidelines regardless of the sentiment of their reviews.

* The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a home loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years, and applies only to this example. Different amounts and terms will result in different comparison rates. Full comparison rate schedules are available from lenders. Costs such as redraw fees or early repayment fees, and savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

‡ Results from this calculation are estimates only as individual lenders apply different formulas. Actual repayments will depend on your individual circumstances and interest rate changes.

Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers.

What do you need to apply for a AMP home loan? What do you need to apply for a AMP home loan?

To apply for an AMP home loan, you’ll need the following:

  • Your Tax File Number (TFN)
  • Personal details including your bank account number, marital status, driver’s licence number and previous residential address.
  • Professional details including your current employment, annual income before tax, the name of your employer or ABN if you’re self-employed.
  • Financial details including your assets, liabilities and monthly income.
  • Loan details including the purchase price of the property you’re intending to buy, an estimate of how much you will need to borrow, the term and purpose of the loan.
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