AMP Essential Home Loan

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 between $40,000 and $2,000,000 with an LVR below 80%

Choose the version of loan that suits you best

  • Owner Occupier (Principal & Interest)

    LVR < 90%

    Loan: $100,000

  • Owner Occupier (Principal & Interest)

    LVR < 90%

    Loan: $40,000 $99,999

  • Investor (Principal & Interest)

    LVR < 80%

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

4.04% p.a.

4.07% p.a.

$0.00

AMP Essential Home Loan

4.04% p.a.

4.07% p.a.

$0.00

4.70% p.a.

4.73% p.a.

$0.00

AMP Essential Home Loan

4.70% p.a.

4.73% p.a.

$0.00

5.29% p.a.

5.32% p.a.

$0.00

AMP Essential Home Loan

5.29% p.a.

5.32% p.a.

$0.00

Mozo Review   AMP Essential Home Loan Review

Last updated: 21 September 2018.

What's hot:
  • Low variable rates starting at 4.04% (4.07% comparison rate)

  • No service or application fees

  • Extra repayments and redraw facility available

What's not:
  • No offset account or repayment holidays

Mozo snapshot:

Looking for a low cost home loan with plenty of flexibility? Look no further than the Essential Home Loan from AMP. With competitive rates starting from 4.04%, flexible features and low deposit requirements, the Essential Home Loan could be a great option for any borrower. 

Key features:

The AMP Essential Home Loan is available to both owner occupiers and investors and comes with a low variable rate starting at 4.04% (4.07% comparison rate). On top of this you’ll enjoy no application, valuation, settlement or service fees, although there is 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: 4.04% (4.07% comparison rate)

- Owner occupiers paying principal and interest from $40,000 to $99,999: 4.70% (4.72% comparison rate)

- Investors paying principal and interest from $40,000 to $2,000,000: 5.29% (5.31% 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.

Any catches?

While lower rates apply to owner occupiers, rates can go up to 5.29% 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.

Details

Rates and fees information correct as at 21 September 2018.

Rates
  • 4.04% p.a.

  • n/a

  • 0 Months

  • none

  • 4.07% 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

  • none

  • $0.00

  • $100.00

Other financial bits
  • $100,000

  • none

  • none

  • 90.00%

Features
  • Owner Occupier

  • Principal & Interest

  • Weekly, Fortnightly, Monthly

  • yes - free

  • none

  • yes

  • $2,000.00

  • yes

  • no

  • none

  • none

Details

Rates and fees information correct as at 21 September 2018.

Rates
  • 4.70% p.a.

  • n/a

  • 0 Months

  • none

  • 4.73% 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

  • none

  • $0.00

  • $100.00

Other financial bits
  • $40,000

  • $99,999

  • none

  • 90.00%

Features
  • Owner Occupier

  • Principal & Interest

  • Weekly, Fortnightly, Monthly

  • yes - free

  • none

  • yes

  • $2,000.00

  • yes

  • no

  • none

  • none

Details

Rates and fees information correct as at 21 September 2018.

Rates
  • 5.29% p.a.

  • n/a

  • 0 Months

  • none

  • 5.32% 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

  • none

  • $0.00

  • $100.00

Other financial bits
  • $40,000

  • $2,000,000

  • none

  • 80.00%

Features
  • Investor

  • Principal & Interest

  • Weekly, Fortnightly, Monthly

  • yes - free

  • none

  • yes

  • $2,000.00

  • yes

  • no

  • none

  • none

Customer Reviews

How are AMP home loans rated by the Mozo community?

Overall customer rating
6.4/10

Based on 209 AMP home loan reviews

Price
6.7/10
Features
6.3/10
Customer service
6.2/10
Convenience
5.6/10
Trust
6.4/10

Latest reviews of AMP Essential Home Loan

  • Overall
    9/10
    No fuss loan with excellent features and low rates

    This home loan package is a great no fuss set and forget loan. Always competitive rates and no on...

    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.

    Price
    10/10
    Features
    -
    Customer service
    -
    Convenience
    -
    Trust
    -

    Dwayne | Queensland

    reviewed about 1 year ago

  • Overall
    4/10
    Absolute best rate but close to worst service.

    The service from AMP when you want statements and setting up internet banking is awful. The rates...

    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.

    Price
    10/10
    Features
    6/10
    Customer service
    0/10
    Convenience
    0/10
    Trust
    6/10

    Darren | Queensland

    reviewed almost 2 years ago

  • Overall
    6/10
    Responsive and solid no-frills home loans

    A solid bank that has responded to my questions about comparative interest rates by providing...

    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.

    Price
    5/10
    Features
    7/10
    Customer service
    8/10
    Convenience
    7/10
    Trust
    6/10

    Annette | Australian Capital Territory

    reviewed over 2 years ago

  • Overall
    2/10
    AMP need to keep in contact with their clients

    I am not very happy with our current interest rate.

    I am not very happy with our current interest rate.

    Price
    2/10
    Features
    2/10
    Customer service
    5/10
    Convenience
    4/10
    Trust
    2/10

    Sara | Western Australia

    reviewed over 2 years ago

  • Overall
    10/10
    Good Rates, Good app, and easy to deal with.

    Good services, friendly people. Good rates and good features.

    Good services, friendly people. Good rates and good features.

    Price
    10/10
    Features
    10/10
    Customer service
    8/10
    Convenience
    9/10
    Trust
    10/10

    Michael | Victoria

    reviewed almost 3 years ago

AMP

About AMP

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, credit cards, savings and accounts and term deposits. Also AMP's range of vehicle insurances are designed to give you more choice and flexibility while providing cover for a comprehensive range of accidents, damage and events.

See AMP home loans

*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.