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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 80%

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 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 < 80%

    Loan: $100,000

  • Owner Occupier (Principal & Interest)

    LVR < 90%

    Loan: $100,000

  • Owner Occupier (Principal & Interest)

    LVR < 90%

    Loan: $40,000 $99,999

  • Investor (Principal & Interest)

    LVR < 90%

    Loan: $40,000

Rate
2.22% p.a.
Comparison Rate
2.25% p.a.
Service fee
$0.00
Upfront fee
$295
Rate
2.45% p.a.
Comparison Rate
2.48% 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: 30 November 2021

binocular icon
What's hot
  • Variable rates from 2.22% (2.25% comparison rate*) for owner occupiers
  • No annual service fee
  • $3,000 cashback offer for refinancers (conditions apply)
What's not
  • No offset account
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 2.22% (2.25% comparison rate*) for owner occupiers, plus a few flexible features including low deposit requirements, the Essential Home Loan could be a great option for a range of borrowers. On top of all this, AMP is currently $3,000 cashback to eligible borrowers refinancing from another lender (conditions apply, more on this below).

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Key features

The AMP Bank Essential Home Loan is available to both owner occupiers and investors willing to make principal and interest repayments on their loan, and it comes with relatively low variable rates starting at 2.29% (2.32% comparison rate*). On top of that, borrowers won't need to pay any application, settlement or ongoing services fees, although there is a legal fee of $295 and a $100 discharge fee.

So who exactly can apply for the Essential Home Loan and what kind of variable rate will be available? Here's the lowdown:

  • Owner occupiers borrowing $100,000+ (LVR <80%): 2.22% (2.25% comparison rate*)
  • Owner occupiers borrowing $100,000+ (LVR <90%): 2.45% (2.48% comparison rate*)
  • Owner occupiers borrowing $40,000 to $99,000 (LVR <90%): 4.00% (4.03% comparison rate*)
  • Investors borrowing from $40,000 (LVR <90%): 4.59% (4.62% comparison rate*)

Borrowers will have the flexibility to choose between making weekly, fortnightly or monthly repayments, and they can also make additional payments through the extra repayments facility for free. There's even the the option to dip into those extra payments down the track through the redraw facility (minimum redraw amount of $2,000 applies). 

Just remember that the Essential Home Loan Other doesn't come with an offset account attached, or the option of taking a repayment holiday.

Finally, AMP is currently offering $3,000 cashback to eligible refinancers for a limited time. To be eligible for the deal, you must be refinancing a loan of at least $500,000 with an LVR equal to or less than 80% from another lender. Applications must be made by 31 December 2021 and settled by 31 March 2022. Eligible borrowers must have either an AMP Bett3r or AMP Access account for the money to be paid into. For those who are eligible, the cashback will be paid within 60 days of the settlement date. Other terms and conditions may apply.

snapshot
Who is it good for

Given the relatively competitive variable rates on offer to owner occupiers with LVRs <80%, the AMP Bank Essential Home Loan could be a low cost option for refinancers with built-up equity or new buyers with a decent deposit.

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Any catches

While lower rates are available to owner occupiers, rates can go up to 4.59% (4.62% comparison rate*) for investors. So investors may want to compare other investment loan options if they're looking for a lower rate. 

Details

Rates and fees information correct as at 4 December 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

2.22% p.a.

n/a

n/a

n/a

2.25% 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

$390.00

Other financial bits

$100,000

none

none

80.00%

Features

Owner Occupier

Principal & Interest

Weekly, Fortnightly, Monthly

yes - free

none

yes - free

$2,000.00

yes

no

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

none

Receive $3,000 cashback when you refinance an existing home loan of $500,000 or more with an LVR of equal to or less than 80%. Must apply by 31 December 2021 and settle by 31 March 22.

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 4 December 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

2.45% p.a.

n/a

n/a

n/a

2.48% 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

$390.00

Other financial bits

$100,000

none

none

90.00%

Features

Owner Occupier

Principal & Interest

Weekly, Fortnightly, Monthly

yes - free

none

yes - free

$2,000.00

yes

no

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

none

Receive $3,000 cashback when you refinance an existing home loan of $500,000 or more with an LVR of equal to or less than 80%. Must apply by 31 December 2021 and settle by 31 March 22.

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 4 December 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

$390.00

Other financial bits

$40,000

$99,999

none

90.00%

Features

Owner Occupier

Principal & Interest

Weekly, Fortnightly, Monthly

yes - free

none

yes - free

$2,000.00

yes

no

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

none

Receive $3,000 cashback when you refinance an existing home loan of $500,000 or more with an LVR of equal to or less than 80%. Must apply by 31 December 2021 and settle by 31 March 22.

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 4 December 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

$390.00

Other financial bits

$40,000

none

none

90.00%

Features

Investor

Principal & Interest

Weekly, Fortnightly, Monthly

yes - free

none

yes - free

$2,000.00

yes

no

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

none

Receive $3,000 cashback when you refinance an existing home loan of $500,000 or more with an LVR of equal to or less than 80%. Must apply by 31 December 2021 and settle by 31 March 22.

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.

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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.