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 |
|---|---|---|---|---|---|
|
6.49% p.a. |
6.52% p.a. |
$0.00 |
$295 |
||
|
6.29% p.a. |
6.32% p.a. |
$0.00 |
$295 |
||
|
6.34% p.a. |
6.37% p.a. |
$0.00 |
$295 |
||
|
6.18% p.a. |
6.21% p.a. |
$0.00 |
$295 |
||
|
6.44% p.a. |
6.47% p.a. |
$0.00 |
$295 |
||
|
6.18% p.a. |
6.21% p.a. |
$0.00 |
$295 |
||
|
6.54% p.a. |
6.57% p.a. |
$0.00 |
$295 |
||
|
6.49% p.a. |
6.52% p.a. |
$0.00 |
$295 |
||
|
6.64% p.a. |
6.67% p.a. |
$0.00 |
$295 |
||
|
6.49% p.a. |
6.52% p.a. |
$0.00 |
$295 |
||
|
6.64% p.a. |
6.67% p.a. |
$0.00 |
$295 |
||
|
6.49% p.a. |
6.52% 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 |
|---|---|---|---|---|---|
|
7.44% p.a. |
7.42% p.a. |
$0.00 |
$644 |
||
|
6.39% p.a. |
7.14% p.a. |
$349.00 yearly |
$295 |
||
|
6.39% p.a. |
6.87% p.a. |
$349.00 yearly |
$295 |
||
|
6.39% p.a. |
6.80% p.a. |
$349.00 yearly |
$295 |
||
|
7.24% p.a. |
7.57% p.a. |
$0.00 |
$644 |
||
|
5.99% p.a. |
7.03% p.a. |
$349.00 yearly |
$295 |
||
|
6.19% p.a. |
7.14% p.a. |
$349.00 yearly |
$295 |
||
|
5.99% p.a. |
6.99% p.a. |
$349.00 yearly |
$295 |
||
|
5.99% p.a. |
6.44% p.a. |
$349.00 yearly |
$295 |
||
|
6.19% p.a. |
6.67% p.a. |
$349.00 yearly |
$295 |
||
|
5.99% p.a. |
6.44% p.a. |
$349.00 yearly |
$295 |
||
|
6.19% p.a. |
6.67% p.a. |
$349.00 yearly |
$295 |
||
|
5.99% p.a. |
6.47% p.a. |
$349.00 yearly |
$295 |
||
|
7.44% p.a. |
7.56% p.a. |
$0.00 |
$644 |
||
|
6.24% p.a. |
7.10% p.a. |
$349.00 yearly |
$295 |
||
|
6.24% p.a. |
6.65% p.a. |
$349.00 yearly |
$295 |
||
|
6.24% p.a. |
6.68% p.a. |
$349.00 yearly |
$295 |
||
|
7.34% p.a. |
7.87% p.a. |
$0.00 |
$644 |
||
|
6.09% p.a. |
7.06% p.a. |
$349.00 yearly |
$295 |
||
|
6.29% p.a. |
7.20% p.a. |
$349.00 yearly |
$295 |
||
|
6.09% p.a. |
6.61% p.a. |
$349.00 yearly |
$295 |
||
|
6.29% p.a. |
6.70% p.a. |
$349.00 yearly |
$295 |
||
|
6.09% p.a. |
6.61% p.a. |
$349.00 yearly |
$295 |
||
|
6.09% p.a. |
6.64% p.a. |
$349.00 yearly |
$295 |
||
|
6.29% p.a. |
6.80% p.a. |
$349.00 yearly |
$295 |
||
|
6.09% p.a. |
6.64% p.a. |
$349.00 yearly |
$295 |
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 |
|---|---|---|---|---|---|
|
7.55% p.a. |
7.39% p.a. |
$349.00 yearly |
$295 |
||
|
6.80% p.a. |
6.78% p.a. |
$349.00 yearly |
$295 |
||
|
6.66% p.a. |
6.72% p.a. |
$349.00 yearly |
$295 |
||
|
6.54% p.a. |
6.64% p.a. |
$349.00 yearly |
$295 |
||
|
6.59% p.a. |
6.66% p.a. |
$349.00 yearly |
$295 |
||
|
7.74% p.a. |
7.57% p.a. |
$0.00 |
$644 |
||
|
6.99% p.a. |
7.33% p.a. |
$349.00 yearly |
$295 |
||
|
7.07% p.a. |
7.41% p.a. |
$349.00 yearly |
$295 |
||
|
6.94% p.a. |
7.28% p.a. |
$349.00 yearly |
$295 |
||
|
6.19% p.a. |
6.54% p.a. |
$349.00 yearly |
$295 |
||
|
6.39% p.a. |
6.74% p.a. |
$349.00 yearly |
$295 |
||
|
6.19% p.a. |
6.54% p.a. |
$349.00 yearly |
$295 |
||
|
6.14% p.a. |
6.49% p.a. |
$349.00 yearly |
$295 |
||
|
6.39% p.a. |
6.74% p.a. |
$349.00 yearly |
$295 |
||
|
6.14% p.a. |
6.49% p.a. |
$349.00 yearly |
$295 |
||
|
7.24% p.a. |
7.29% p.a. |
$0.00 |
$644 |
||
|
7.34% p.a. |
7.39% p.a. |
$0.00 |
$644 |
||
|
7.64% p.a. |
7.69% p.a. |
$0.00 |
$644 |
||
|
6.99% p.a. |
7.31% p.a. |
$349.00 yearly |
$295 |
||
|
6.94% p.a. |
7.26% p.a. |
$349.00 yearly |
$295 |
||
|
6.54% p.a. |
6.75% p.a. |
$349.00 yearly |
$295 |
||
|
6.59% p.a. |
6.77% p.a. |
$349.00 yearly |
$295 |
||
|
6.61% p.a. |
6.86% p.a. |
$349.00 yearly |
$295 |
||
|
6.61% p.a. |
6.92% p.a. |
$349.00 yearly |
$295 |
||
|
7.74% p.a. |
7.68% p.a. |
$0.00 |
$644 |
||
|
6.99% p.a. |
7.33% p.a. |
$349.00 yearly |
$295 |
||
|
6.94% p.a. |
7.28% p.a. |
$349.00 yearly |
$295 |
||
|
7.11% p.a. |
7.45% p.a. |
$349.00 yearly |
$295 |
||
|
6.39% p.a. |
6.74% p.a. |
$349.00 yearly |
$295 |
||
|
6.34% p.a. |
6.69% p.a. |
$349.00 yearly |
$295 |
||
|
6.34% p.a. |
6.69% p.a. |
$349.00 yearly |
$295 |
||
|
6.39% p.a. |
6.74% p.a. |
$349.00 yearly |
$295 |
||
|
6.54% p.a. |
6.88% p.a. |
$349.00 yearly |
$295 |
||
|
6.39% p.a. |
6.74% p.a. |
$349.00 yearly |
$295 |
||
|
7.49% p.a. |
7.54% p.a. |
$0.00 |
$644 |
||
|
7.54% p.a. |
7.59% p.a. |
$0.00 |
$644 |
||
|
8.02% p.a. |
8.07% p.a. |
$0.00 |
$644 |
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.
They are very easy to get hold of return call and will offer support in hard times. great bank and will try to accommodate for your needs. i had a brain tumor feel behind they were accepting offered lower repayments or hold until I returned to work.
Read full reviewThey are very easy to get hold of return call and will offer support in hard times. great bank and will try to accommodate for your needs. i had a brain tumor feel behind they were accepting offered lower repayments or hold until I returned to work.
This was organised through my mortgage broker. Easy and convenient app. Has an offset account we can use without any hassles as well.
Read full reviewThis was organised through my mortgage broker. Easy and convenient app. Has an offset account we can use without any hassles as well.
Easy to deal with, ongoing competitive interest rates.
Read full reviewEasy to deal with, ongoing competitive interest rates.
Pros of AMP Bank: Established Institution: AMP Bank is a well-known and established financial institution in Australia, offering a range of banking and financial services. Diverse Product Range: They provide various products like savings accounts, home loans, term deposits, and more to cater to different financial needs. Customer Service: Some customers have reported positive experiences with AMP Bank's customer service and support. Cons of AMP Bank: Limited Branch Network: AMP Bank has a limited number of physical branches, which might be a drawback for customers who prefer in-person banking. Fees and Charges: Like any bank, there might be fees associated with certain services or accounts, so it's essential to be aware of these. Interest Rates: The interest rates offered by AMP Bank may not always be the most competitive in the market, so it's essential to compare rates with other banks.
Read full reviewPros of AMP Bank: Established Institution: AMP Bank is a well-known and established financial institution in Australia, offering a range of banking and financial services. Diverse Product Range: They provide various products like savings accounts, home loans, term deposits, and more to cater to different financial needs. Customer Service: Some customers have reported positive experiences with AMP Bank's customer service and support. Cons of AMP Bank: Limited Branch Network: AMP Bank has a limited number of physical branches, which might be a drawback for customers who prefer in-person banking. Fees and Charges: Like any bank, there might be fees associated with certain services or accounts, so it's essential to be aware of these. Interest Rates: The interest rates offered by AMP Bank may not always be the most competitive in the market, so it's essential to compare rates with other banks.
AMP were the only ones who accepted our mortgage broker's calculations for our home loan and offset bank accounts. I didnt have anything to do with AMP and was grateful to have a home loan in the first place. However, I have found AMP to be slow and cumbersome. THey dont have Osko or instant payments so often my friends and payees were left waiting for 2 days for transactions to go through! AMP bank accounts dont have Frequent Flyer options or anything like that, so we are missing out on all the benefits from other bank accounts. Do not recommend unless they're the only ones available!
Read full reviewAMP were the only ones who accepted our mortgage broker's calculations for our home loan and offset bank accounts. I didnt have anything to do with AMP and was grateful to have a home loan in the first place. However, I have found AMP to be slow and cumbersome. THey dont have Osko or instant payments so often my friends and payees were left waiting for 2 days for transactions to go through! AMP bank accounts dont have Frequent Flyer options or anything like that, so we are missing out on all the benefits from other bank accounts. Do not recommend unless they're the only ones available!
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: