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AMP Bank Essential Home Loan

Advertiser disclosure

The details shown below are for an owner occupier taking out a principal & interest loan of at least $100,000 with an LVR below 90%

The details shown below are for an owner occupier taking out a principal & interest loan of at least $100,000 with an LVR below 80%

The details shown below are for an owner occupier taking out a principal & interest loan between $40,000 and $99,999 with an LVR below 90%

The details shown below are for an investor taking out a principal & interest loan of at least $40,000 with an LVR below 90%

Choose the version of this loan that suits you best

  • Owner Occupier (Principal & Interest)

    LVR < 90%

    Loan: $100,000

  • Owner Occupier (Principal & Interest)

    LVR < 80%

    Loan: $100,000

  • Owner Occupier (Principal & Interest)

    LVR < 90%

    Loan: $40,000 $99,999

  • Investor (Principal & Interest)

    LVR < 90%

    Loan: $40,000

Rate
3.34% p.a.
Comparison Rate
3.37% p.a.
Service fee
$0.00
Upfront fee
$295
Rate
2.77% p.a.
Comparison Rate
2.80% p.a.
Service fee
$0.00
Upfront fee
$295
Rate
4.00% p.a.
Comparison Rate
4.03% p.a.
Service fee
$0.00
Upfront fee
$295
Rate
4.59% p.a.
Comparison Rate
4.62% p.a.
Service fee
$0.00
Upfront fee
$295

Mozo editorial review AMP Bank Essential Home Loan

Last updated: 7 December 2020.

binocular icon
What's hot
  • Low variable rates starting at 2.77% (2.80% comparison rate*)
  • No service or application fees
  • Extra repayments and redraw facility available
What's not
  • No offset account or repayment holidays
Mozo snapshot

Looking for a low cost home loan with plenty of flexibility? Look no further than the Essential Home Loan from AMP Bank. With competitive rates starting from 2.77% (2.80% comparison rate*), flexible features and low deposit requirements, the Essential Home Loan could be a great option for any borrower. 

key icon
Key features

The AMP Bank Essential Home Loan is available to both owner occupiers and investors and comes with a low variable rate starting at 2.77% (2.80% comparison rate*). On top of this you’ll enjoy no application, settlement or account management fee, although there is a legal fee of just $295 and $100 discharge fee.

AMP Bank’s Essential Home Loan is available for: 

• Owner occupiers borrowing from $100,000 (P&I, LVR <80%): 2.77% (2.80% comparison rate*)

• Owner occupiers borrowing from $100,000 (P&I, LVR <90%): 3.34% (3.37% comparison rate*)

• Owner occupiers borrowing from $40,000 to $99,000 (P&I, LVR <90%): 4.00% (4.03% comparison rate*)

• Investors borrowing from $40,000 to $2,000,000 (P&I, LVR <90%): 4.59% (4.62% comparison rate*)

Interest only payments aren’t available with this home loan. But you will have the flexibility to choose either weekly, fortnightly or monthly repayments. You can also make additional payments through the extra repayments facility for free and have the option to dip into those payments through the redraw facility (minimum redraw amount of $2,000). Other features also include a split account but no offset account.

snapshot
Who is it good for

Whether you’re a first home buyer or investor, the AMP Bank Essential Home Loan offers a competitive package and flexible repayment options to suit your needs.

question icon
Any catches

While lower rates apply to owner occupiers, rates can go up to 4.59% (4.62% comparison rate*) for investors.

Details

Rates and fees information correct as at 25 January 2021. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • 3.34% p.a.

  • n/a

  • n/a

  • n/a

  • 3.37% p.a.

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

Fees
  • $0.00

  • $295.00

  • $0.00

  • $0.00

  • n/a

  • $0.00

  • $350.00

Other financial bits
  • $100,000

  • none

  • none

  • 90.00%

Features
  • Owner Occupier

  • Principal & Interest

  • Weekly, Fortnightly, Monthly

  • yes - free

  • none

  • yes

  • $2,000.00

  • yes

  • no

  • AMP Bank will only cover valuation fees up to $900.

  • none

  • none

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.

Details

Rates and fees information correct as at 25 January 2021. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • 2.77% p.a.

  • n/a

  • n/a

  • n/a

  • 2.80% p.a.

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

Fees
  • $0.00

  • $295.00

  • $0.00

  • $0.00

  • n/a

  • $0.00

  • $350.00

Other financial bits
  • $100,000

  • none

  • none

  • 80.00%

Features
  • Owner Occupier

  • Principal & Interest

  • Weekly, Fortnightly, Monthly

  • yes - free

  • none

  • yes

  • $2,000.00

  • yes

  • no

  • AMP Bank will only cover valuation fees up to $900.

  • none

  • none

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.

Details

Rates and fees information correct as at 25 January 2021. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • 4.00% p.a.

  • n/a

  • n/a

  • n/a

  • 4.03% p.a.

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

Fees
  • $0.00

  • $295.00

  • $0.00

  • $0.00

  • n/a

  • $0.00

  • $350.00

Other financial bits
  • $40,000

  • $99,999

  • none

  • 90.00%

Features
  • Owner Occupier

  • Principal & Interest

  • Weekly, Fortnightly, Monthly

  • yes - free

  • none

  • yes

  • $2,000.00

  • yes

  • no

  • AMP Bank will only cover valuation fees up to $900.

  • none

  • none

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.

Details

Rates and fees information correct as at 25 January 2021. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • 4.59% p.a.

  • n/a

  • n/a

  • n/a

  • 4.62% p.a.

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

Fees
  • $0.00

  • $295.00

  • $0.00

  • $0.00

  • n/a

  • $0.00

  • $350.00

Other financial bits
  • $40,000

  • none

  • none

  • 90.00%

Features
  • Investor

  • Principal & Interest

  • Weekly, Fortnightly, Monthly

  • yes - free

  • none

  • yes

  • $2,000.00

  • yes

  • no

  • AMP Bank will only cover valuation fees up to $900.

  • none

  • none

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.

Customer Reviews

How are AMP Bank home loans rated by the Mozo community?

Overall
6.4/10
Price
6.8/10
Features
6.3/10
Customer service
6.2/10
Convenience
5.6/10
Trust
6.3/10

Latest reviews of AMP Bank Essential Home Loan

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About AMP Bank

AMP is a leading wealth management company operating in Australia and New Zealand, with a rich evolving history spanning 150 years. Its growing banking business in Australia now includes a range of retail products such as home loans, savings accounts and term deposits.

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