AMP Fixed Rate Loan (Professional Package)

4.28% p.a.

4.60% p.a.

$349.00 yearly

4.57% p.a.

4.68% p.a.

$349.00 yearly

AMP Fixed Rate Loan (Professional Package) Review

Rates and fees information correct as at 6 December 2016.

Review published: 16 April 2013

What's hot:

  • Low 4.28% fixed rate (2 year)

  • No application fee

  • Extra repayments free up to $10,000 p.a.

What's not:

  • No redraw or offset account

Mozo snapshot:

AMP have created a sound product in the Fixed Rate Loan (Professional Package). A tantilisingly low 4.28% for a 2 or 3 year fixed term, combined with no application fee and free repayments up to $10,000 per year make this a great option for homeowners. 

Key features:

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.

Any catches?

Consider switching products after your fixed term is up to avoid that lacklustre revert rate.

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 Fixed Rate Loan (Professional Package)

AMP

AMP Fixed Rate Loan (Owner Occupier) (Professional Package) home loan review

Overall rating   8 / 10

Excellent rates

Excellent rate, easy online access and very clear on costs and payments each month.

Full review

Excellent rate, easy online access and very clear on costs and payments each month.

    Price   8 / 10

    Features   7 / 10

    Customer service   7 / 10

    Convenience   7 / 10

    Trust   7 / 10

Less

Tas (VIC), reviewed almost 2 years ago

AMP

AMP Fixed Rate Loan (Owner Occupier) (Professional Package) home loan review

Overall rating   6 / 10

AMP

Good customer service but not competitive. Interest rates are high for home loans.

Full review

Good customer service but not competitive. Interest rates are high for home loans.

    Price   5 / 10

    Features   8 / 10

    Customer service   5 / 10

    Convenience   7 / 10

    Trust   5 / 10

Less

Shaheen (VIC), reviewed over 2 years ago

AMP

AMP Fixed Rate Loan (Owner Occupier) (Professional Package) home loan review

Overall rating   8 / 10

Competitive rates and minimal fees.

Great interest rate discounts for affiliated professionals. Pass on the majority of rate cuts. Great additional options for offset accounts with no fees.

Full review

Great interest rate discounts for affiliated professionals. Pass on the majority of rate cuts. Great additional options for offset accounts with no fees.

    Price   9 / 10

    Features   7 / 10

    Customer service   8 / 10

    Convenience   7 / 10

    Trust   8 / 10

Less

Mozo reviewer (NSW), reviewed over 3 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

  • p.a.

  • p.a.

  • 0 Months

  • none

  • 4.35% (4.60%*)

  • 4.28% (4.60%*)

  • 4.28% (4.60%*)

  • (*)

  • 4.59% (4.74%*)

  • (*)

  • (*)

  • 4.22% p.a.

Fees

  • $0.00

  • $295.00

  • $0.00

  • $0.00

  • none

  • $349.00 yearly

  • $100.00

Other financial bits

  • $100,000

  • $2,000,000

  • none

  • 90.00%

Features

  • Weekly, Fortnightly, Monthly

  • yes - free up to $10,000 p.a.

  • none

  • no

  • none

  • yes

  • no

  • none

  • none

Rates

  • p.a.

  • p.a.

  • 0 Months

  • none

  • 4.64% (4.62%*)

  • 4.57% (4.65%*)

  • 4.57% (4.68%*)

  • (*)

  • 4.88% (4.86%*)

  • (*)

  • (*)

  • 4.22% p.a.

Fees

  • $0.00

  • $295.00

  • $0.00

  • $0.00

  • none

  • $349.00 yearly

  • $100.00

Other financial bits

  • $100,000

  • $2,000,000

  • none

  • 90.00%

Features

  • Weekly, Fortnightly, Monthly

  • yes - free up to $10,000 p.a.

  • none

  • no

  • none

  • 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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