The customer service sucks. Not only do they have no banking people available to talk to, but when you do talk to them they tell you the wrong information. I have a loan for 630k on an 850k property and they were not willing to increase my loan for 6k for renovations. It also took them more than a week to tell me. If you don’t want to waste your time, avoid AMP. I have an AMP First home loan and whilst the rates are competitive I’m switching.
AMP offers excellent home loan rates. They offer quite flexible multi-account offset accounts. They are also gradually improving their customer experience (though their mobile app and feature set aren’t nearly as comprehensive, responsive and intuitive as those of the big banks or ING). They have recently added support for ApplePay (albeit a long time after many of their competitors). They have yet to add PayID or instant bank transfers, both of which are common among their competitors. Other than these minor inconveniences, overall worthwhile on balance. The reason for the low trust score was because the Royal Commission into Banking in Australia revealed some very poor practices in AMP at that time) including continuing to bill the dead.
AMP can offer very competitive interest rates when compared to other banks. I would advise people to do the application process via a financial broker. On the cons side, their customer service is not great. As an example I had to wait over five days for a replacement card. Additionally, their website is not very user friendly when it comes to online banking.
Put in an application to refinance my current loan and they called me up to decline the application for non disclosure on a credit card I had which I thought was inactive and been at $0 for years. I told them I didn't know about it and can show them that I will close it and haven't used it for years, but because the credit report showed it was active they declined the application. I have a perfect credit score and pay all bills and payments on time and now will have a decline on my file. I will take this to the ombudsmen if this either does not proceed or the decline will not be taken off my file.
AMP suited us for our home loan but we needed convincing by our financial advisor because of our negative perception of AMP following the Banking Royal Commission. We find the lack of physical branches annoying and the only bank we can get money from ATMs is Red ATMs (NAB) or having to go into Post Offices which are not specialised in banking.
They locked us in to our first home loan without locking in our interest rate.We then received a much higher rate at settlement which blew everything out of the water. Would not recommend.
This home loan package is a great no fuss set and forget loan. Always competitive rates and no on going fees. What you see is what you get. It even allows you to take your extra money out. AMP banking app is easy to understand and negotiate.
The service from AMP when you want statements and setting up internet banking is awful. The rates for this loan are outstanding and no other financial institution could come within 0.75% of their rate. The best thing is that when they give you a loan, they won't bother you, unless there is a problem. Unfortunately, their service is what makes them go down in my ranking.
A solid bank that has responded to my questions about comparative interest rates by providing discounts! Updated internet site looks snazzy, but is slightly harder to negotiate, but a solid no-frills option with a trusted bank.
I am not very happy with our current interest rate.
We have found AMP to be fantastic. We were with Commonwealth for many years and they didn't do much for us.
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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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