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 5.50% - 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.
Watch out for the end date of your fixed term - don't get stung by that revert rate.