Features & benefits

Are you dreaming of building a new home, or do you want to renovate your current home?

Your dream could become a reality with our Construction Loan, designed to cover the construction period for 12 months, while you drawdown the loan using only the funds you need, when you need them (to reflect building phases). With an AMP Construction Loan you can build on land you already own or use it to buy a new block of land to build on within 12 months. Your loan amount will be based on the combination of land purchase and building cost. Once construction is complete, you can then choose from the range of AMP bank home loans and roll-over your Construction Loan balance into your new home loan.

5.95% pa

Owner Occupied variable rate loan* $100,000+, LVR ≤ 80% including LMI, & IO repayments. Other rates apply for Investment property loans.

5.27% pa

comparison rate**

Flexibility for your dream home

Take up to 12 months to buy, build, extend or renovate.                               

The benefit of great rates

The AMP Construction Loan offers a competitive variable rate for 12 months.

Access to funds when needed

Drawdown on your funds as you need them.                                                        

Interest only payment options

Make interest only repayments with the freedom to make extra if you choose.

Only pay for what you use

With interest for your Construction Loan only calculated only on what you’ve drawn.

Borrow up to 90% of it's value

Available on loans if you are going to live in the property.                                  

Owner occupied new business rates and fees

Effective 11 October 2019
Loan type Principal and Interest   Interest Only
(Max LVR 80% incl LMI)
  Interest rate(i) Comparison rate(ii) Interest rate(i) Comparison rate(ii)
Construction Loan(iii) Not applicable Not applicable 5.95% pa 5.27% pa
Reference Rate(iv) Standard Reference Rate   Standard Reference Rate
Interest Only
 

A Settlement fee of $349 applies. An ongoing fee of $20 each month applies to this loan. Other fees and charges apply. Full details are available in our Home loan fees and charges guide.

(i) Rates are subject to change. 
(ii) 
The comparison rate is calculated for a secured loan on a loan amount of $150,000 over a 25-year term. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Comparison rates for construction loans are based on an initial 1 year interest only period with interest payable at the construction rate and a subsequent 24 year principal and interest period with interest payable at the Classic variable rate.
(iii) Rate is for new loans only and subject to change.
(iv) View a full list of Reference Rates and their values.

Other fees and charges apply. Full details are available in the Fees and charges guide.

 

Investment new business rates and fees

Effective 11 October 2019
Loan type Principal and Interest   Interest Only
(Max LVR 80% incl LMI)
  Interest rate(i) Comparison rate(ii) Interest rate(i) Comparison rate(ii)
Construction Loan(iii) Not applicable Not applicable 6.64% pa 6.30% pa
Reference Rate(iv) Standard Reference Rate
Investment
  Standard Reference Rate
Interest Only Investment
 

A Settlement fee of $349 applies. An ongoing fee of $20 each month applies to this loan. Other fees and charges apply. Full details are available in our Home loan fees and charges guide.

(i) Rates are subject to change. 
(ii) 
The comparison rate is calculated for a secured loan on a loan amount of $150,000 over a 25-year term. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Comparison rates for construction loans are based on an initial 1 year interest only period with interest payable at the construction rate and a subsequent 24 year principal and interest period with interest payable at the Classic variable rate.
(iii) Rate is for new loans only and subject to change.
(iii) View a full list of Reference Rates and their values.

Other fees and charges apply. Full details are available in the Fees and charges guide.

 

Ready to take the next step?

Contact us

We're here to help

Monday to Friday, 9am - 5pm (AEDT)

Important information

The product issuer and credit provider is AMP Bank Limited ABN 15 081 596 009, AFSL and Australian credit licence 234517.

It’s important to consider your circumstances and read the relevant Product Disclosure Statement or Terms and Conditions before deciding what’s right for you. This information hasn’t taken your circumstances into account. Information including interest rates is subject to change without notice.

Any application is subject to AMP Bank’s approval. Terms and conditions apply and are available at amp.com.au/bankterms or 13 30 30. Fees and charges may be payable.

This information is provided by AMP Bank Limited. Read our Financial Services Guide available at amp.com.au/fsg for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relation to products and services provided to you. All information on this website is subject to change without notice.

AMP Bank is a member of the Australian Banking Association (ABA) and is committed to the standards in the Banking Code of Practice


* Rate is for new loans only and subject to change.

** The comparison rate is calculated for a secured loan on a loan amount of $150,000 over a 25-year term. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Comparison rates for construction loans are based on an initial 1 year interest only period with interest payable at the construction rate and a subsequent 24 year principal and interest period with interest payable at the Classic variable rate.