6.5 / 10

based on 454 AMP Bank reviews as rated by Mozo community

AMP Bank home loans

For more than 170 years, AMP Bank 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 is worth considering. 

On this page you can compare all of the AMP home loans including variable rate, fixed rate and package deals to find the perfect fit for you. 

What home loans do AMP offer?

Rates and fees verified as correct at 12 April, 2021. Other information correct at the time of writing. Advertiser disclosure.

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, 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. 

Home loan repayments calculator

years

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

Variable Rate Home Loans

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).

Home loan repayments calculator

years

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

4.73% p.a.variable for 12 months and then 5.73% p.a.

5.68% p.a.

$0.00

$644

4.59% p.a.

4.62% p.a.

$0.00

$295

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 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.

Home loan repayments calculator

years

Product Fixed 3 year rate Comparison Rate Service fee Upfront fee Monthly repayments

3.05% p.a.

3.05% p.a.

$0.00

$644

2.95% p.a.

3.00% p.a.

$349.00 yearly

$295

2.95% p.a.

3.16% p.a.

$349.00 yearly

$295

2.09% p.a.

3.07% p.a.

$349.00 yearly

$295

1.99% p.a.

2.95% p.a.

$349.00 yearly

$295

1.99% p.a.

2.92% p.a.

$349.00 yearly

$295

2.09% p.a.

3.04% p.a.

$349.00 yearly

$295

2.19% p.a.

2.77% p.a.

$0.00

$644

2.78% p.a.

2.99% p.a.

$0.00

$644

2.68% p.a.

3.33% p.a.

$349.00 yearly

$295

2.68% p.a.

3.16% 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

2.59% p.a.

3.73% p.a.

$349.00 yearly

$295

2.59% p.a.

3.49% p.a.

$349.00 yearly

$295

2.69% p.a.

3.17% p.a.

$0.00

$644

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 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.

Home loan repayments calculator

years

Product Rate Comparison Rate Service fee Upfront fee Monthly repayments

2.99% p.a.

3.04% p.a.

$0.00

$644

2.99% p.a.

3.10% p.a.

$349.00 yearly

$295

4.35% p.a.

3.63% p.a.

$349.00 yearly

$295

2.86% p.a.

3.27% p.a.

$349.00 yearly

$295

2.89% p.a.

3.29% p.a.

$349.00 yearly

$295

2.49% p.a.

2.90% p.a.

$349.00 yearly

$295

2.49% p.a.

2.54% p.a.

$0.00

$644

2.59% p.a.

3.00% p.a.

$349.00 yearly

$295

2.59% p.a.

2.64% p.a.

$0.00

$644

2.89% p.a.

2.94% p.a.

$0.00

$644

3.33% p.a.

3.56% p.a.

$349.00 yearly

$295

2.99% p.a.

3.04% 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

2.74% p.a.

3.15% p.a.

$349.00 yearly

$295

2.74% p.a.

2.79% p.a.

$0.00

$644

2.79% p.a.

3.20% p.a.

$349.00 yearly

$295

2.79% p.a.

2.84% p.a.

$0.00

$644

3.27% p.a.

3.32% p.a.

$0.00

$644

AMP Bank home loan features in a glance

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No ongoing service fees

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.

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Free extra repayments

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.

Free icon

Redraw facility

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.

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100% 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 Bank home loans rated?

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.

Icon of home-loans
AMP Bank home loans
Overall
6.4/10
Price
Features
Customer service
Convenience
Trust

219 Reviews

Recent AMP Bank home loan reviews

AMP Bank Home Loan review
Overall 1/10
Very Poor! Don't use AMP for a home loan.

Poor response to correspondence, customer service will just hang up the phone rather then help. Please don't think about a home loan with them, you'll regret it. Glad I've sold my property and I don't have to deal with AMP anymore. No wonder their share price is in the toilet.

Read full review

Poor response to correspondence, customer service will just hang up the phone rather then help. Please don't think about a home loan with them, you'll regret it. Glad I've sold my property and I don't have to deal with AMP anymore. No wonder their share price is in the toilet.

Price
4/10
Features
4/10
Customer service
1/10
Convenience
5/10
Trust
1/10
Less
Mark, Western Australia, reviewed 2 months ago
AMP Bank Home Loan review
Overall 2/10
Incompetent staff.

I have been with Commonwealth and Bankwest and they have a much better service price and helpful staff over AMP. If you want a home loan I would advise against getting it with AMP.

Read full review

I have been with Commonwealth and Bankwest and they have a much better service price and helpful staff over AMP. If you want a home loan I would advise against getting it with AMP.

Price
3/10
Features
3/10
Customer service
1/10
Convenience
3/10
Trust
5/10
Less
Hayden, Western Australia, reviewed 2 months ago
AMP Bank Home Loan review
Overall 6/10
AMP are easy to deal with, so far so good.

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 review

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.

Price
5/10
Features
5/10
Customer service
9/10
Convenience
6/10
Trust
6/10
Less
Keira, New South Wales, reviewed 4 months ago
AMP Bank Home Loan review
Overall 9/10
Very good

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 review

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.

Price
9/10
Features
7/10
Customer service
9/10
Convenience
6/10
Trust
9/10
Less
Jess, Queensland, reviewed 5 months ago
AMP Bank Home Loan review
Overall 2/10
Customer service sucks.

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 review

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.

Price
7/10
Features
4/10
Customer service
1/10
Convenience
1/10
Trust
1/10
Less
Christina, Australian Capital Territory, reviewed 6 months ago

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

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: 

  • Your Tax File Number (TFN)
  • Personal details including your bank account number, marital status, Australian 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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