The AMP Essential Home Loan is available to both owner occupiers and investors and comes with a low variable rate starting at 3.96% (3.98% comparison rate). On top of this you’ll enjoy no application, valuation, settlement or service fees, and pay a legal fee of just $295 and $100 discharge fee.
AMP’s Essential Home Loan is available for:
- Owner occupiers paying principal and interest from $100,000: 3.96% (3.98% comparison rate)
- Owner occupiers paying principal and interest from $40,000 to $99,999: 4.62% (4.64% comparison rate)
- Investors paying principal and interest from $40,000 to $2,000,000: 4.77% (4.79% comparison rate)
With this home loan interest only payments aren’t available, so you’ll pay both the principal and interest. 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.
Who it's good for:
Whether you’re a first homebuyer or investor, the AMP 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 4.77% for investors. Investors also have a maximum LVR of 80% or a deposit of 20% compared to owner occupiers offered an LVR of 90% or 10% deposit.