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
| Availability | Loan type | LVR | Min loan amount | Max loan amount | |
|---|---|---|---|---|---|
| | Owner Occupier | Principal & Interest | < 90% | $100,000 | |
| | Owner Occupier | Principal & Interest | < 80% | $100,000 | |
| | Owner Occupier | Principal & Interest | < 90% | $40,000 | $99,999 |
| | Investor | Principal & Interest | < 90% | $40,000 |
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
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.
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.
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.
While lower rates apply to owner occupiers, rates can go up to 4.59% (4.62% comparison rate*) for investors.
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
$0.00
$295.00
$0.00
$0.00
n/a
$0.00
$350.00
$100,000
none
none
90.00%
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.
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
$0.00
$295.00
$0.00
$0.00
n/a
$0.00
$350.00
$100,000
none
none
80.00%
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.
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
$0.00
$295.00
$0.00
$0.00
n/a
$0.00
$350.00
$40,000
$99,999
none
90.00%
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.
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
$0.00
$295.00
$0.00
$0.00
n/a
$0.00
$350.00
$40,000
none
none
90.00%
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.
Put in an application to refinance my current loan and they called me up to decline the application for non disclosure on a credit card I had which I thought was inactive and been at $0 for years. I told them I didn't know about it and can show them that I will close it and haven't used it for years, but because the credit report showed it was active they declined the application. I have a perfect credit score and pay all bills and payments on time and now will have a decline on my file. I will take this to the ombudsmen if this either does not proceed or the decline will not be taken off my file.
Read full reviewPut in an application to refinance my current loan and they called me up to decline the application for non disclosure on a credit card I had which I thought was inactive and been at $0 for years. I told them I didn't know about it and can show them that I will close it and haven't used it for years, but because the credit report showed it was active they declined the application. I have a perfect credit score and pay all bills and payments on time and now will have a decline on my file. I will take this to the ombudsmen if this either does not proceed or the decline will not be taken off my file.
This home loan package is a great no fuss set and forget loan. Always competitive rates and no on going fees. What you see is what you get. It even allows you to take your extra money out. AMP banking app is easy to understand and negotiate.
Read full reviewThis home loan package is a great no fuss set and forget loan. Always competitive rates and no on going fees. What you see is what you get. It even allows you to take your extra money out. AMP banking app is easy to understand and negotiate.
The service from AMP when you want statements and setting up internet banking is awful. The rates for this loan are outstanding and no other financial institution could come within 0.75% of their rate. The best thing is that when they give you a loan, they won't bother you, unless there is a problem. Unfortunately, their service is what makes them go down in my ranking.
Read full reviewThe service from AMP when you want statements and setting up internet banking is awful. The rates for this loan are outstanding and no other financial institution could come within 0.75% of their rate. The best thing is that when they give you a loan, they won't bother you, unless there is a problem. Unfortunately, their service is what makes them go down in my ranking.
A solid bank that has responded to my questions about comparative interest rates by providing discounts! Updated internet site looks snazzy, but is slightly harder to negotiate, but a solid no-frills option with a trusted bank.
Read full reviewA solid bank that has responded to my questions about comparative interest rates by providing discounts! Updated internet site looks snazzy, but is slightly harder to negotiate, but a solid no-frills option with a trusted bank.
I am not very happy with our current interest rate.
Read full reviewI am not very happy with our current interest rate.
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.
loans.com.au
Smart Booster Home Loan
1.99% p.a.variable for 12 months and then 2.48% p.a. variable
2.47% p.a.
Newcastle Permanent
Fixed Rate Home Loan (Premium Plus Package)
1.98% p.a.
fixed 3 years
3.56% p.a.
Bank of Queensland
Fixed Rate
1.94% p.a.
fixed 3 years
2.97% p.a.
loans.com.au
Smart Booster Home Loan
1.99% p.a.variable for 12 months and then 2.48% p.a. variable
2.47% p.a.
Newcastle Permanent
Fixed Rate Home Loan (Premium Plus Package)
1.98% p.a.
fixed 3 years
3.56% p.a.
loans.com.au
Smart Booster Home Loan
1.99% p.a.variable for 12 months and then 2.48% p.a.
2.47% p.a.
Homestar
Star Gold Home Loan
1.79% p.a.
1.84% p.a.
Yard
Variable Home Loan Special
2.09% p.a.
2.12% p.a.
Newcastle Permanent
Fixed Rate Home Loan (Premium Plus Package)
1.98% p.a.
fixed 3 years
3.56% p.a.
Homestar
Star Classic Fixed Home Loan
n/a
n/a
People's Choice Credit Union
Fixed Rate Home Loan (Package)
1.89% p.a.
fixed 3 years
3.03% p.a.
loans.com.au
Smart Booster Home Loan
1.99% p.a.variable for 12 months and then 2.48% p.a.
2.47% p.a.
$0.00
Homestar
Star Gold Home Loan
1.79% p.a.
1.84% p.a.
$0.00
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.
