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AMP Essential Home Loan

The details shown below are for an owner occupier taking out a principal & interest loan between $100,000 and $2,500,000 with an LVR below 80%

The details shown below are for an owner occupier taking out a principal & interest loan between $100,000 and $2,500,000 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 $2,500,000 with an LVR below 90%

Choose the version of this loan that suits you best

  • Owner Occupier (Principal & Interest)

    LVR < 80%

    Loan: $100,000 $2,500,000

  • Owner Occupier (Principal & Interest)

    LVR < 90%

    Loan: $100,000 $2,500,000

  • Owner Occupier (Principal & Interest)

    LVR < 90%

    Loan: $40,000 $99,999

  • Investor (Principal & Interest)

    LVR < 90%

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

Rate
2.77% p.a.
Comparison Rate*
2.80% p.a.
Service fee
$0.00
Upfront fee
$295
Rate
3.34% p.a.
Comparison Rate*
3.37% p.a.
Service fee
$0.00
Upfront fee
$295
Rate
4.00% p.a.
Comparison Rate*
4.03% p.a.
Service fee
$0.00
Upfront fee
$295
Rate
4.59% p.a.
Comparison Rate*
4.62% p.a.
Service fee
$0.00
Upfront fee
$295

Mozo editorial review AMP Essential Home Loan

Last updated: 27 March 2020.

binocular icon
What's hot
  • Low variable rates starting at 2.77% (2.80% 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 3.02% (3.05% comparison rate*), flexible features and low deposit requirements, the Essential Home Loan could be a great option for any borrower. 

key icon
Key features

The AMP Essential Home Loan is available to both owner occupiers and investors and comes with a low variable rate starting at 2.77% (2.80% 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: 2.77% (2.80% comparison rate*)

- Investors paying principal and interest from $40,000 to $2,000,000: 4.59% (4.62% 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.

snapshot
Who is it 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.

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Any catches

While lower rates apply to owner occupiers, rates can go up to 4.25% (4.28% comparison rate*) for investors.

Details

Rates and fees information correct as at 8 July 2020. 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
  • 2.77% p.a.

  • n/a

  • n/a

  • n/a

  • 2.80% 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

  • n/a

  • $0.00

  • $350.00

Other financial bits
  • $100,000

  • $2,500,000

  • none

  • 80.00%

Features
  • Owner Occupier

  • Principal & Interest

  • Weekly, Fortnightly, Monthly

  • yes - free

  • none

  • yes

  • $2,000.00

  • yes

  • no

  • 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 8 July 2020. 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
  • 3.34% p.a.

  • n/a

  • n/a

  • n/a

  • 3.37% 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

  • n/a

  • $0.00

  • $350.00

Other financial bits
  • $100,000

  • $2,500,000

  • none

  • 90.00%

Features
  • Owner Occupier

  • Principal & Interest

  • Weekly, Fortnightly, Monthly

  • yes - free

  • none

  • yes

  • $2,000.00

  • yes

  • no

  • 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 8 July 2020. 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
  • 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

Fees
  • $0.00

  • $295.00

  • $0.00

  • $0.00

  • n/a

  • $0.00

  • $350.00

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

  • 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 8 July 2020. 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
  • 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

Fees
  • $0.00

  • $295.00

  • $0.00

  • $0.00

  • n/a

  • $0.00

  • $350.00

Other financial bits
  • $40,000

  • $2,500,000

  • none

  • 90.00%

Features
  • Investor

  • Principal & Interest

  • Weekly, Fortnightly, Monthly

  • yes - free

  • none

  • yes

  • $2,000.00

  • yes

  • no

  • 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.

Customer Reviews

How are AMP home loans rated by the Mozo community?

Overall customer rating
6.4/10

Based on 212 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 3/10
    Stay away.

    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 review

    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.

    Price
    9/10
    Features
    6/10
    Customer service
    5/10
    Convenience
    1/10
    Trust
    0/10
    Less
    Robert, Victoria reviewed 5 months ago
  • 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 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 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
    -
    Customer service
    -
    Convenience
    -
    Trust
    -
    Less
    Dwayne, Queensland reviewed about 3 years 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 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 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, Queensland reviewed over 3 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 discounts! Updated internet site looks snazzy, but is slightly harder to negotiate, but a solid no-frills option with a trusted bank.

    Read 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, Australian Capital Territory reviewed about 4 years ago
  • Overall 2/10
    AMP need to keep in contact with their clients

    I am not very happy with our current interest rate.

    Read 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, Western Australia reviewed over 4 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.

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