They are very easy to get hold of return call and will offer support in hard times. great bank and will try to accommodate for your needs. i had a brain tumor feel behind they were accepting offered lower repayments or hold until I returned to work.
This was organised through my mortgage broker. Easy and convenient app. Has an offset account we can use without any hassles as well.
Easy to deal with, ongoing competitive interest rates.
Pros of AMP Bank: Established Institution: AMP Bank is a well-known and established financial institution in Australia, offering a range of banking and financial services. Diverse Product Range: They provide various products like savings accounts, home loans, term deposits, and more to cater to different financial needs. Customer Service: Some customers have reported positive experiences with AMP Bank's customer service and support. Cons of AMP Bank: Limited Branch Network: AMP Bank has a limited number of physical branches, which might be a drawback for customers who prefer in-person banking. Fees and Charges: Like any bank, there might be fees associated with certain services or accounts, so it's essential to be aware of these. Interest Rates: The interest rates offered by AMP Bank may not always be the most competitive in the market, so it's essential to compare rates with other banks.
AMP were the only ones who accepted our mortgage broker's calculations for our home loan and offset bank accounts. I didnt have anything to do with AMP and was grateful to have a home loan in the first place. However, I have found AMP to be slow and cumbersome. THey dont have Osko or instant payments so often my friends and payees were left waiting for 2 days for transactions to go through! AMP bank accounts dont have Frequent Flyer options or anything like that, so we are missing out on all the benefits from other bank accounts. Do not recommend unless they're the only ones available!
They made constant mistakes in the loan application process. It took two weeks to receive loan documents. The online signing forms are unintuitive. Contacting them is almost impossible, expect to wait at least an hour on hold or for a callback. Online chat never connects, just constantly says they're at capacity. Registration for the online portal does not work, I have called up 3 times for help. On the latest attempt I was told they need to reset my password and it will take 2 days!!! The app just fails with "sorry, try again later". The website just fails with "This section is unavailable".
My experience with AMP was ok until it came time to discharge the mortgage. That was, without doubt, one of the worst banking experiences of my life. Absolutely hopeless lack of communication for weeks in end despite several reminders and phone calls. Hopeless service. Distressing and frustrating. I will never use AMP again.
I signed my contract with 2.04% interest rate but on settlement they changed my fix home loan interest rate to 2.34 % without letting me know. poor customer service.
The home loan account was been settled incorrectly. Therefore, I am not able to make any transfer through the online banking. Actually this is fine, everyone make errors. But what really piss me off is the procedure and actions to resolve the issue. It have been more than 2 weeks time, the issue still not been resolved. It was the worst banking experience I had so far. - difficult to find a person (above 45mins waiting time for the service call) - poor record. Need to explain the issue again and again every time i call them - it was different stories/ explanation/ excuses from their customer service staff every time - lack of capability to resolve a simple account setup issue for the customer I have home loan with other lender as well. It is certain that some other leader in the market can offer similar interest rate but much better customer service. So I don't recommend to use the AMP home loan product.
Around two weeks ago, I sent them a written request to switch my product from professional to Essential(without offset facility), they did not tell me I would lose my offset benefits. On 2nd September, I made a call to them, I was told that I would lose my offset benefits if i do switch product, then i said please switch product after next repayment date(15th Sep), the staff left a note stating to switch product after next repayment date in order to not lose offset benefit. But Unfortunately, they did switch my product to Essentials without seeing that note on 6th Sep, which made me lose my offset benefit from 15th Aug to 6th Sep. what a mistake they did. i wrote my compliant, it would take 35 working days to investigate, poor service , poor management. i am frustrated with it. my account number is 275225198
I'm in the process of taking legal action as I was pre-approved for a home loan, and was advised to commence house hunting and submit offers. Only after I paid a deposit for a property they declined releasing the funds and refused to issue a formal approval. Their procedures are disgusting and I'm currently building a case against them within my firm.
Poor response to correspondence, customer service will just hang up the phone rather then help. Please don't think about a home loan with them, you'll regret it. Glad I've sold my property and I don't have to deal with AMP anymore. No wonder their share price is in the toilet.
I have been with Commonwealth and Bankwest and they have a much better service price and helpful staff over AMP. If you want a home loan I would advise against getting it with AMP.
Pros - had good interest rates at the time of signing up, easy online banking, every time I contact them via phone they are helpful. Good offset account and no limit to how much we can pay off our loan. Cons - there are no branches near me, yearly fee on my loan.
Easy to use App. No branch in QLD but only a phone call away. Competitive interest rates. Offer offset account for Variable home loan accounts.
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.
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