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
| Availability | Loan type | LVR | Min loan amount | Max loan amount | |
|---|---|---|---|---|---|
| | Owner Occupier | Principal & Interest | < 80% | $100,000 | |
| | Owner Occupier | Principal & Interest | < 90% | $100,000 | |
| | Owner Occupier | Principal & Interest | < 90% | $40,000 | $99,999 |
| | Investor | Principal & Interest | < 90% | $40,000 |
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
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).
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:
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.
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.
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.
| 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 |
| $0.00 | |
| $295.00 | |
| $0.00 | |
| $0.00 | |
| n/a | |
| $0.00 | |
| $390.00 |
| $100,000 | |
| none | |
| none | |
| 80.00% |
| 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.
| 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 |
| $0.00 | |
| $295.00 | |
| $0.00 | |
| $0.00 | |
| n/a | |
| $0.00 | |
| $390.00 |
| $100,000 | |
| none | |
| none | |
| 90.00% |
| 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.
| 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 | |
| $390.00 |
| $40,000 | |
| $99,999 | |
| none | |
| 90.00% |
| 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.
| 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 | |
| $390.00 |
| $40,000 | |
| none | |
| none | |
| 90.00% |
| 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.
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.
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$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.
