The Fixed Rate Loan (Professional Package) is available for loans between $100,000 and $2,000,000. The borrowed amount cannot exceed 80% of the property value without mortgage insurance. AMP are offering this loan to new and existing customers, and with no application fee, grabbing these low rates should be relatively pain-free.
Although the fixed rates are great, in the wider scene of Professional Packages, the revert rate of 4.22% on the lower loan amount bracket is less than optimal. Regardless of the borrowed amount, a $349 yearly service fee applies.
There isn't much flexibility in the Fixed Rate Loan (Professional Package). If you would prefer a loan with redraw and offset facilities as well as repayment holidays, look elsewhere. AMP do offer some wriggle-room by allowing the product to be split, and providing borrowers with the option to schedule repayments weekly, fortnightly or monthly.
Who it's good for:
The Fixed Rate Loan (Professional Package) would be tops for a homeowner who is looking to snap up a low rate for a fixed period and have the security of fixed repayments.
Consider switching products after your fixed term is up to avoid that lacklustre revert rate.