AMP Fixed Rate Loan

4.70% p.a.

5.40% p.a.

$10.00 monthly

5.17% p.a.

5.74% p.a.

$10.00 monthly

AMP Fixed Rate Loan Review

Rates and fees information correct as at 3 December 2016.

Review published: 16 April 2013

What's hot:

  • 4.70% fixed rate (1-3 years)

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

What's not:

  • No redraw facility

  • High 5.43% revert rate

Mozo snapshot:

AMP have delivered a pretty good package in the Fixed Rate Home Loan, a super-low fixed rate of 4.70% over terms of either 1, 2 or 3 years. AMP also allows customers to get ahead on their payments without penalty - you can pay off an extra $10,000 per year without a worry.

Key features:

The Fixed Rate Home Loan is available for loans between $40,000 and $2,000,000 and borrowing can't exceed 90% of the property price. AMP has made the Fixed Rate Home Loan available to new and existing customers - there are no restrictions as to who can apply.

The fixed rate of 4.70% is available for terms of 1-3 years, but AMP also offer the Fixed Rate Home Loan for 5 years at 5.14%. There is a one-off $350 application fee.

As low as the fixed rates on the one and two year terms are, the revert rate is a steep 5.43% - you might want to consider switching loans after the fixed rate period ends. Similarly, be wary of the upkeep fees, as $10 a month can certainly begin to add up over the life of a 25 year loan. And if you're the type of borrower who enjoys the flexibility of a redraw or offset account, this loan probably isn't for you.

There is, however, a heap of flexibility in terms of repayments - you can choose to pay weekly, fortnightly, or monthly. 

Who it's good for:

The AMP Fixed Rate Home Loan is a great catch for the homeowner who wants to snap up a fab short term fixed rate and have certainty and consistency of repayments for a fixed period.

Any catches?

Watch out for the end date of your fixed term - don't get stung by that 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

AMP

AMP Fixed Rate Loan (Owner Occupier) home loan review

Overall rating   10 / 10

We highly recommend AMP.

We have found AMP to be fantastic. We were with Commonwealth for many years and they didn't do much for us.

Full review

We have found AMP to be fantastic. We were with Commonwealth for many years and they didn't do much for us.

    Price   10 / 10

    Features   10 / 10

    Customer service   10 / 10

    Convenience   10 / 10

    Trust   10 / 10

Less

Lisa (VIC), reviewed 9 months ago

AMP

AMP Fixed Rate Loan (Owner Occupier) home loan review

Overall rating   0 / 10

Uncompromising, but great customer service

I have been stuck with AMP for a couple of years now. I'm stuck in a rather high interest rate and I have been advised it will cost me over $18,000 to get out of my fixed rate. If they really wanted to keep me and give me an excellent interest...

Full review

I have been stuck with AMP for a couple of years now. I'm stuck in a rather high interest rate and I have been advised it will cost me over $18,000 to get out of my fixed rate. If they really wanted to keep me and give me an excellent interest rate in order to keep me and continue paying them (less of course), then you would think they would . I feel like I'm just another number and just another income for them. Sure customer service is great, but as soon as I've completed my time with them - it's all over Red Rover and I'm out their door with so much as a wave.

    Price   0 / 10

    Features   6 / 10

    Customer service   10 / 10

    Convenience   0 / 10

    Trust   0 / 10

Less

Michelle (QLD), reviewed over 2 years ago

AMP

AMP Fixed Rate Loan (Owner Occupier) home loan review

Overall rating   8 / 10

Great all rounder

I have been with AMP for over 5 years and the customer service has been great. Any questions I have, I send an email and within a day I have a full and comprehensive answer. I have only positive opinions on AMP as a bank.

Full review

I have been with AMP for over 5 years and the customer service has been great. Any questions I have, I send an email and within a day I have a full and comprehensive answer. I have only positive opinions on AMP as a bank.

    Price   8 / 10

    Features   6 / 10

    Customer service   10 / 10

    Convenience   9 / 10

    Trust   8 / 10

Less

Nick (NSW), reviewed over 2 years ago

AMP

AMP Fixed Rate Loan (Owner Occupier) home loan review

Overall rating   2 / 10

NIL customer service

Since our finance broker first started the process with AMP in 2013 the trouble started with no response to questions and other important issues that we needed resolved prior to settlement. It was downright scary. Since last Friday, we have been...

Full review

Since our finance broker first started the process with AMP in 2013 the trouble started with no response to questions and other important issues that we needed resolved prior to settlement. It was downright scary. Since last Friday, we have been trying to get someone from AMP to send us a Mortgage Discharge Authority form. By phone we can't get through, having to hold on after the computer message saying that they have an extraordinary number of enquiries at that time. This can be any time & is just a ruse in our opinion because they obviously lack staff numbers to address customer enquiries. The AMP Bank website shows a few pages of forms, however no Mortgage Discharge Authority form. We've tried emailing customer service and the technical service desk, but no reply as yet. If our sales agent tells us that there is an interested buyer for the property we are selling, our stress levels will once again reach the levels of the original dealings with AMP.

    Price   8 / 10

    Features   5 / 10

    Customer service   0 / 10

    Convenience   5 / 10

    Trust   0 / 10

Less

Paul (QLD), reviewed over 2 years ago

AMP

AMP Fixed Rate Loan (Owner Occupier) home loan review

Overall rating   8 / 10

The Big Thumbs Up

I found this loan through a broker, and my criteria was based mainly on monthly affordability. This loan fit me, rather than me having to fit IT. I liked that I could dictate how much I would be paying per month, and found the product to suit...

Full review

I found this loan through a broker, and my criteria was based mainly on monthly affordability. This loan fit me, rather than me having to fit IT. I liked that I could dictate how much I would be paying per month, and found the product to suit me. It was a great answer to securing the right house at the wrong time (!) but ensuring affordability and my future happiness :) AMP are great over the phone, as I do not have a branch within my area.

    Price   7 / 10

    Features   8 / 10

    Customer service   8 / 10

    Convenience   7 / 10

    Trust   9 / 10

Less

Blythe (NT), reviewed over 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

  • p.a.

  • p.a.

  • 0 Months

  • none

  • 4.70% (5.53%*)

  • 4.70% (5.47%*)

  • 4.70% (5.40%*)

  • (*)

  • 5.14% (5.48%*)

  • (*)

  • (*)

  • 5.43% p.a.

Fees

  • $350.00

  • $295.00

  • $0.00

  • $250.00

  • none

  • $10.00 monthly

  • $100.00

Other financial bits

  • $40,000

  • $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

  • 5.17% (5.84%*)

  • 5.17% (5.79%*)

  • 5.17% (5.74%*)

  • (*)

  • 5.61% (5.85%*)

  • (*)

  • (*)

  • 5.72% p.a.

Fees

  • $350.00

  • $295.00

  • $0.00

  • $250.00

  • none

  • $10.00 monthly

  • $100.00

Other financial bits

  • $40,000

  • $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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