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.
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.
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.
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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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