Rates and fees verified as correct at 25 January, 2021. Other information correct at the time of writing. Advertiser disclosure.
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, AMP's 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. You can also borrow up to 90% of the property value.
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. As for fees, there are no application or ongoing service fees, but you will have to account for a legal fee, a settlement fee and a discharge fee.
| Product | Fixed 3 year rate | Comparison Rate | Service fee | Upfront fee | Monthly repayments ‡ |
|---|---|---|---|---|---|
| 4.79% p.a. | 4.28% p.a. | $0.00 | $644 | ||
| 4.49% p.a. | 3.75% p.a. | $0.00 | $644 | ||
| 5.07% p.a. | 4.29% p.a. | $0.00 | $644 | ||
| 3.99% p.a. | 3.81% p.a. | $0.00 | $644 |
If you're after more flexibility without the added features of a home loan package, then a standard variable rate home loan from AMP may be worth considering. The Essential Home Loan comes with an LVR of up to 90%, which means it caters to borrowers with a smaller deposit. As for features, you'll have a range at your disposal, including the ability to make an unlimited amount of extra repayments for free, access a redraw facility (minimums apply), and split your loan into fixed and variable rates. There's an upfront legal fee and a discharge fee to budget for, but zero application or ongoing service fees to worry about. AMP will also help cover the cost of your valuation fee (up to $900).
| Product | Rate | Comparison Rate | Service fee | Upfront fee | Monthly repayments ‡ |
|---|---|---|---|---|---|
| 3.34% p.a. | 3.37% p.a. | $0.00 | $295 | ||
| 4.00% p.a. | 4.03% p.a. | $0.00 | $295 | ||
| 2.77% p.a. | 2.80% p.a. | $0.00 | $295 | ||
| 4.59% p.a. | 4.62% p.a. | $0.00 | $295 |
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 but there's a yearly service fee attached. Both loans allow borrowers to make extra repayments without penalty (up to $10,000 p.a.); however, you won't be able to access those payments once you've made them, as there are no redraw facilities available with either package. That said, because both offers come with the option to split your loan, you could potentially access more flexible features via the variable rate portion of your loan (including a redraw facility and an offset account).
With the Professional Package, you may even be eligible for the AMP Master Limit - 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.
| Product | Fixed 3 year rate | Comparison Rate | Service fee | Upfront fee | Monthly repayments ‡ |
|---|---|---|---|---|---|
| 2.95% p.a. | 3.16% p.a. | $349.00 yearly | $295 | ||
| 4.79% p.a. | 4.28% p.a. | $0.00 | $644 | ||
| 2.95% p.a. | 3.00% p.a. | $349.00 yearly | $295 | ||
| 1.97% p.a. | 2.92% p.a. | $349.00 yearly | $295 | ||
| 1.97% p.a. | 3.01% p.a. | $349.00 yearly | $295 | ||
| 1.97% p.a. | 3.04% p.a. | $349.00 yearly | $295 | ||
| 1.97% p.a. | 2.95% p.a. | $349.00 yearly | $295 | ||
| 4.49% p.a. | 3.75% p.a. | $0.00 | $644 | ||
| 2.68% p.a. | 3.16% p.a. | $349.00 yearly | $295 | ||
| 5.07% p.a. | 4.29% p.a. | $0.00 | $644 | ||
| 2.68% p.a. | 3.33% p.a. | $349.00 yearly | $295 | ||
| 2.49% p.a. | 3.36% p.a. | $349.00 yearly | $295 | ||
| 2.49% p.a. | 3.12% p.a. | $349.00 yearly | $295 | ||
| 2.49% p.a. | 3.71% p.a. | $349.00 yearly | $295 | ||
| 2.49% p.a. | 3.46% p.a. | $349.00 yearly | $295 | ||
| 3.99% p.a. | 3.81% p.a. | $0.00 | $644 |
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 a little more flexible in terms of the amount of extra repayments and free redraws you can make, and both also come with an offset account.
The main difference is that your variable interest rate might change over the duration of your loan term, as it fluctuates with the market. However if you want the certainty of fixed rates over a number of years, you can enjoy the best of both worlds by splitting your loan between the two rate options.
| Product | Rate | Comparison Rate | Service fee | Upfront fee | Monthly repayments ‡ |
|---|---|---|---|---|---|
| 4.35% p.a. | 3.63% p.a. | $349.00 yearly | $295 | ||
| 4.03% p.a. | 4.08% p.a. | $0.00 | $644 | ||
| 3.29% p.a. | 3.22% p.a. | $349.00 yearly | $295 | ||
| 2.86% p.a. | 3.27% p.a. | $349.00 yearly | $295 | ||
| 3.43% p.a. | 3.48% p.a. | $0.00 | $644 | ||
| 2.89% p.a. | 3.29% p.a. | $349.00 yearly | $295 | ||
| 2.49% p.a. | 2.90% p.a. | $349.00 yearly | $295 | ||
| 2.59% p.a. | 3.00% p.a. | $349.00 yearly | $295 | ||
| 3.33% p.a. | 3.56% p.a. | $349.00 yearly | $295 | ||
| 3.94% p.a. | 3.99% p.a. | $0.00 | $644 | ||
| 3.09% p.a. | 3.23% p.a. | $349.00 yearly | $295 | ||
| 3.19% p.a. | 3.30% p.a. | $349.00 yearly | $295 | ||
| 3.27% p.a. | 3.66% p.a. | $349.00 yearly | $295 | ||
| 3.61% p.a. | 3.99% p.a. | $349.00 yearly | $295 | ||
| 3.12% p.a. | 3.51% p.a. | $349.00 yearly | $295 | ||
| 3.68% p.a. | 3.73% p.a. | $0.00 | $644 | ||
| 2.74% p.a. | 3.15% p.a. | $349.00 yearly | $295 | ||
| 2.79% p.a. | 3.20% p.a. | $349.00 yearly | $295 |
WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.
‡ 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.
Some of the home loans offered by AMP including the Basic Package and the Essential Home Loan don’t have yearly account management fees, which can save you big over the life of your home loan. But these loans may have a higher interest rate or less flexibility than the ones with ongoing fees, so be sure you weigh up the pros and cons first.
AMP’s variable rate loans 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 costs. You can also make additional repayments with AMP's fixed rate loans, but there will be a cap on the amount you can pay extra for free.
With AMP’s variable loans, you can tap into extra repayments via a fee-free redraw facility, should you need a cash fix at a later date. Just be mindful that the Essential Home Loan offer comes with a minimum redraw amount each time.
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.
Mozo users have rated AMP Bank home loans on price, features, convenience, trust and customer service so you can see what real Aussies have to say about their experiences.
217 Reviews
Pros - had good interest rates at the time of signing up, easy online banking, every time I contact them via phone they are helpful. Good offset account and no limit to how much we can pay off our loan. Cons - there are no branches near me, yearly fee on my loan.
Read full reviewPros - had good interest rates at the time of signing up, easy online banking, every time I contact them via phone they are helpful. Good offset account and no limit to how much we can pay off our loan. Cons - there are no branches near me, yearly fee on my loan.
Easy to use App. No branch in QLD but only a phone call away. Competitive interest rates. Offer offset account for Variable home loan accounts.
Read full reviewEasy to use App. No branch in QLD but only a phone call away. Competitive interest rates. Offer offset account for Variable home loan accounts.
The customer service sucks. Not only do they have no banking people available to talk to, but when you do talk to them they tell you the wrong information. I have a loan for 630k on an 850k property and they were not willing to increase my loan for 6k for renovations. It also took them more than a week to tell me. If you don’t want to waste your time, avoid AMP. I have an AMP First home loan and whilst the rates are competitive I’m switching.
Read full reviewThe customer service sucks. Not only do they have no banking people available to talk to, but when you do talk to them they tell you the wrong information. I have a loan for 630k on an 850k property and they were not willing to increase my loan for 6k for renovations. It also took them more than a week to tell me. If you don’t want to waste your time, avoid AMP. I have an AMP First home loan and whilst the rates are competitive I’m switching.
AMP offers excellent home loan rates. They offer quite flexible multi-account offset accounts. They are also gradually improving their customer experience (though their mobile app and feature set aren’t nearly as comprehensive, responsive and intuitive as those of the big banks or ING). They have recently added support for ApplePay (albeit a long time after many of their competitors). They have yet to add PayID or instant bank transfers, both of which are common among their competitors. Other than these minor inconveniences, overall worthwhile on balance. The reason for the low trust score was because the Royal Commission into Banking in Australia revealed some very poor practices in AMP at that time) including continuing to bill the dead.
Read full reviewAMP offers excellent home loan rates. They offer quite flexible multi-account offset accounts. They are also gradually improving their customer experience (though their mobile app and feature set aren’t nearly as comprehensive, responsive and intuitive as those of the big banks or ING). They have recently added support for ApplePay (albeit a long time after many of their competitors). They have yet to add PayID or instant bank transfers, both of which are common among their competitors. Other than these minor inconveniences, overall worthwhile on balance. The reason for the low trust score was because the Royal Commission into Banking in Australia revealed some very poor practices in AMP at that time) including continuing to bill the dead.
AMP can offer very competitive interest rates when compared to other banks. I would advise people to do the application process via a financial broker. On the cons side, their customer service is not great. As an example I had to wait over five days for a replacement card. Additionally, their website is not very user friendly when it comes to online banking.
Read full reviewAMP can offer very competitive interest rates when compared to other banks. I would advise people to do the application process via a financial broker. On the cons side, their customer service is not great. As an example I had to wait over five days for a replacement card. Additionally, their website is not very user friendly when it comes to online banking.
AMP's home loan process starts with filling out a pre-qualification form to estimate your borrowing power and how much you'll need to repay. You can then expect to hear back from a home loan specialist within two business days to discuss your options. When it actually comes to applying for an AMP home loan, you'll need a few details handy:
