AMP Essential Home Loan

3.96% p.a.

3.98% p.a.

$0.00

4.62% p.a.

4.64% p.a.

$0.00

5.12% p.a.

5.14% p.a.

$0.00

AMP Essential Home Loan Review

Review published: 2 June 2017

What's hot:

  • Low variable rate starting at 3.96% (3.98% comparison rate)

  • No service or application fees

  • Extra repayments and redraw facility available

  • Mozo Experts Choice Awards winner 2017

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 award winning Essential Home Loan from AMP. With competitive rates starting from 3.96%, flexible features and low deposit requirements, it’s no wonder it took out a Best First Home Buyer Loan gong in the Mozo Experts Choice Awards.

Key features:

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.

Any catches?

While lower rates apply to owner occupiers, rates can go up to 4.77% for investors. Investors also have a maximum LVR of 70% or a deposit of 30% compared to owner occupiers offered an LVR of 90% or 10% deposit.

How are AMP home loans rated by the Mozo community?

Product Type Overall Rating Price Features Service Convenience Trust
6.3

Based on 51
AMP home loans reviews

6.6 6.3 6.4 5.2 6.5

Read AMP home loan reviews by the Mozo community

Latest reviews of AMP Essential Home Loan

AMP

AMP Essential Home Loan (Owner Occupier, Principal & Interest) home loan review

Overall rating   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 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.

Full review

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   / 10

    Customer service   / 10

    Convenience   / 10

    Trust   / 10

Less

Dwayne (QLD), reviewed 5 months ago

AMP

AMP Essential Home Loan (Owner Occupier, Principal & Interest) home loan review

Overall rating   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 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...

Full review

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

Less

Darren (QLD), reviewed about 1 year ago

AMP

AMP Essential Home Loan (Owner Occupier, Principal & Interest) home loan review

Overall rating   6 / 10

Responsive and solid no-frills home loans

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.

Full review

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

Less

Annette (ACT), reviewed over 1 year ago

AMP

AMP Essential Home Loan (Owner Occupier, Principal & Interest) home loan review

Overall rating   2 / 10

AMP need to keep in contact with their clients

I am not very happy with our current interest rate.

Full review

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

Less

Sara (WA), reviewed over 1 year ago

AMP

AMP Essential Home Loan (Owner Occupier, Principal & Interest) home loan review

Overall rating   10 / 10

Good Rates, Good app, and easy to deal with.

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

Full review

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

Less

Michael (VIC), reviewed almost 2 years ago

Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers. Reviewers may receive a voucher from Mozo in exchange for their review. Vouchers are given to all reviewers who meet our review guidelines regardless of the sentiment of their reviews.

Currently showing

Rates

  • 3.96% p.a.

  • n/a

  • 0 Months

  • none

  • 3.98% 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

Rates

  • 4.62% p.a.

  • n/a

  • 0 Months

  • none

  • 4.64% 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

Rates

  • 5.12% p.a.

  • n/a

  • 0 Months

  • none

  • 5.14% 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

  • $0.00

  • none

  • $0.00

  • $100.00

Other financial bits

  • $40,000

  • $2,000,000

  • none

  • 50.00%

Features

  • Investor

  • Principal & Interest

  • Weekly, Fortnightly, Monthly

  • yes - free

  • none

  • yes

  • $2,000.00

  • yes

  • no

  • none

  • none

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.

*The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a home loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years, and applies only to this example. Different amounts and terms will result in different comparison rates. Full comparison rate schedules are available from lenders. Costs such as redraw fees or early repayment fees, and savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

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