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AMP Bank Introductory Classic Variable Rate

Advertiser disclosure

The details shown below are for an owner occupier taking out a principal & interest loan between $40,000 and $2,500,000 with an LVR below 90%

The details shown below are for an owner occupier taking out a interest only loan between $40,000 and $2,500,000 with an LVR below 80%

The details shown below are for an investor taking out a principal & interest loan between $40,000 and $2,500,000 with an LVR below 90%

The details shown below are for an investor taking out a interest only loan between $40,000 and $2,500,000 with an LVR below 80%

Choose the version of this loan that suits you best

  • Owner Occupier (Principal & Interest)

    LVR < 90%

    Loan: $40,000 $2,500,000

  • Owner Occupier (Interest Only)

    LVR < 80%

    Loan: $40,000 $2,500,000

  • Investor (Principal & Interest)

    LVR < 90%

    Loan: $40,000 $2,500,000

  • Investor (Interest Only)

    LVR < 80%

    Loan: $40,000 $2,500,000

Rate
4.13% p.a.variable for 12 months and then 5.13% p.a.
Comparison Rate
5.08% p.a.
Service fee
$0.00
Upfront fee
$644
Rate
4.73% p.a.variable for 12 months and then 5.73% p.a.
Comparison Rate
5.68% p.a.
Service fee
$0.00
Upfront fee
$644
Rate
5.19% p.a.variable for 12 months and then 6.19% p.a.
Comparison Rate
6.14% p.a.
Service fee
$0.00
Upfront fee
$644
Rate
5.24% p.a.variable for 12 months and then 6.24% p.a.
Comparison Rate
6.19% p.a.
Service fee
$0.00
Upfront fee
$644

Mozo editorial review AMP Bank Introductory Classic Variable Rate - last updated: 14 October 2019

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What's hot
  • Free extra repayments and redraw facility
  • Free offset account
  • No application fee
What's not
  • $349 settlement fee
  • $350 discharge fee
Mozo snapshot

The AMP Introductory Classic Variable Rate Home Loan has a lot in the way of features, letting owner occupiers take advantage of free extra repayments, an offset account, and redraw facility. On top of that, for the first 12 months your rate will be treated to an introductory rate of 4.13% p.a. variable rate (5.08% p.a. comparison rate*).

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Key features

The AMP Introductory Classic Variable Rate home loan offers owner occupiers a 4.13% p.a. variable rate (5.08% p.a. comparison rate*) for the first 12 months of the loan, before reverting to 5.13% p.a. When it comes to paying down your loan, you can do so on a weekly, fortnightly or monthly basis. And if you want to chip in a little extra to get ahead, you can do so at any time without facing any penalties. 

As for the extra features, there’s little that’s been left off the table. There’s a free redraw facility, in case you want to retrieve any of those extra repayments you’ve made, plus an offset account, where you can park your savings to pay less on interest. On top of that you’ll also have the ability to split your loan, meaning you can fix part of it to protect against any future rate hikes.

snapshot
Who is it good for

With a 90% LVR option, this loan would be appreciated by homebuyers who might not have enough saved to meet the 20% deposit requirement of many other loans.

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Any catches

There are a few fees that come with this one, namely the $295 legal fee, the $349 settlement fee, and the $350 discharge fee. And it bears repeating that the variable rate of 4.13% p.a. is only offered for the first 12 months of the loan, so you might want to start comparing other home loan offers before the revert rate kicks in.

Details

Rates and fees information correct as at 24 September 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

5.13% p.a.

4.13% p.a.

12 Months

Variable

5.08% 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

$349.00

n/a

$0.00

$390.00

Other financial bits

$40,000

$2,500,000

none

90.00%

Features

Owner Occupier

Principal & Interest

Weekly, Fortnightly, Monthly

yes - free

none

yes

none

yes

yes

none

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 24 September 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

5.73% p.a.

4.73% p.a.

12 Months

Variable

5.68% 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

$349.00

n/a

$0.00

$390.00

Other financial bits

$40,000

$2,500,000

none

80.00%

Features

Owner Occupier

Interest Only

Weekly, Fortnightly, Monthly

yes - free

none

yes

none

yes

yes

none

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 24 September 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

6.19% p.a.

5.19% p.a.

12 Months

Variable

6.14% 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

$349.00

n/a

$0.00

$390.00

Other financial bits

$40,000

$2,500,000

none

90.00%

Features

Investor

Principal & Interest

Weekly, Fortnightly, Monthly

yes - free

none

yes

none

yes

yes

none

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 24 September 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

6.24% p.a.

5.24% p.a.

12 Months

Variable

6.19% 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

$349.00

n/a

$0.00

$390.00

Other financial bits

$40,000

$2,500,000

none

80.00%

Features

Investor

Interest Only

Weekly, Fortnightly, Monthly

yes - free

none

yes

none

yes

yes

none

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.

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About AMP Bank

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.