Support for home loan clients

AMP Bank can pause home loan repayments for clients experiencing financial pressure resulting from COVID-19.
 

 


Pausing home loan repayments

This means you can ask for a pause in home loan repayments for up to three months, with the possibility to extend for a further three months, if you are experiencing ongoing financial challenges as a result of COVID-19.  During your repayment pause, unpaid interest will be capitalised monthly, which means it will be added to your loan balance.

When repayments start again, they’ll be higher for the remainder of your loan term so you can catch up on the missed payments. You may then pay a higher amount of interest over the life of the loan.

If you have extra funds in redraw, during your repayment pause our system will automatically deduct your minimum repayments from these funds. To ensure you’re receiving the benefit of the repayment pause, please transfer these extra funds to a linked offset account or another bank account now. Otherwise we’ll automatically deduct your minimum repayments from available redraw.

How to pause your home loan repayment

If you're ready to go ahead, just hit the enquiry button below to start the process.

I'd like to pause my home loan repayment

You can also phone 13 30 30 between 8am - 8pm Monday to Friday, or 9am - 5pm Saturday and Sunday (Sydney time).

Other ways to stay on top of your home loan

If you are ahead of repayments by more than 3 months or have at least 3 months’ worth of repayments in your offset account, and you don’t need the redraw amount or offset balance for other purposes, then you have options available to make repayments other than a repayment pause. To check whether pausing repayments is the right course for you, have a chat with us or talk to your financial adviser. 

If you’re experiencing financial hardship you can also talk to a financial counsellor. For further details visit our financial hardship page.

The pause on home loan repayments is one of the measures in a broader relief package to ease the pressure on AMP Bank's clients.

The relief package also includes:

  • A range of new fixed rates for existing owner occupied and investment clients, including a 2.39% pa(i) (3.95% pa comparison rate(ii)) fixed rate for our 2-year Professional Package Owner Occupier Principal and Interest product
  • Fee waivers on home and investment loans for clients in financial hardship
  • A waiver of the monthly account-keeping fee for everyday and savings account holders, from 30 March 2020 until 1 October 2020
  • We’ve increased the Visa payWave contactless (tap-and-go) limit without a PIN from $100 to $200 for an initial three month period to reduce the need for physical contact with payment terminals.
  • Access to a 1.85% pa term deposit rate across all available terms from 6 to 18 months, for deposits from $25,000 to $5,000,000(iii).

Frequently Asked Qustions

How does the repayment pause work?

  • Eligible clients can pause their home loan repayments for three months initially, with the posibility to extend for a further three months, totalling up to 6 months (including a 3-month checkpoint review). 
  • After a repayment pause, clients are required to bring their account up-to-date over the remainder of the term. This will result in monthly payments being adjusted (i.e. the amount required may be higher than current repayments and may incur a higher amount of interest over the life of the loan). 
  • All AMP Bank home loan clients affected by CovID-19 are eligible – this includes all variable and fixed loan types, including owner occupiers and investors on both principal and interest or interest only repayment schedules and SMSF loans.
  • Clients who are 30+ days in arrears, or have existing hardship arrangements in place are not eligible for the repayment pause offer, however you can seek help through our normal 'hardship support.’

How to check if you're ahead on repayments

  • Log into My AMP app
  • Under the Banking section find your loan account(s).
  • If there's a positive balance called 'Redraw', then you're ahead on our repayments, by this amount.

How to request a three month pause in repayments

  • To request a three month repayment pause, you need to complete our repayment pause enquiry form
  • If you have any questions, then our call centre can help you out on 13 30 30 between Mon – Fri 8am – 8pm and Saturday and Sunday 9am – 5pm (Sydney time).

What happens after the initial three month repayment pause?

As clients approach the end of their 3-month repayment pause we will check in with them, at which time we may offer an additional three month pause.

How to access your available redraw

If you have available redraw, required loan repayments (including interest payments) on your loan will lower the redraw amount until your redraw amount is $0.  

If you require access to the funds you have in redraw and your repayments are being paused, please transfer these funds to a linked offset account or another bank account. Otherwise we’ll automatically deduct your minimum repayment from available redraw.

  • You can access available redraw via My AMP on our website or your phone, or via your Visa Debit Card linked to selected home loans
  • Select whether you want to transfer money between AMP Accounts, BPay (to pay bills including credit cards) or via the PayAnyone option to transfer funds to non-AMP accounts
  • You can also use your linked Visa Debit Card to withdraw funds via ATMs, or make purchases via EFTPOS or online.

How to access your offset

  • If you have additional funds in your offset account, you can transfer funds from the offset to your loan account to make monthly repayments including setting up an automatic transfer via My AMP. You can access available funds in your offset account via either My AMP on our website or your phone or via your Visa Debit Card linked to selected home loans
  • Select whether you want to transfer money via My AMP using Transfers to transfer funds between AMP accounts, BPay (to pay bills including credit cards) or via the Pay Anyone option to transfer funds to non-AMP accounts
  • You can also use your linked Visa Debit Card to withdraw funds via ATMs or make purchases via EFTPOS or online.

Who can pause their home loan repayments?

All AMP Bank home loan clients affected by CovID-19 and who are currently meeting their original repayment obligations are eligible – this includes all variable and fixed loan types, including owner occupiers and investors on both principal and interest or interest only repayment schedules and SMSF loans.

Who can't pause their home loan repayments?

We’re keen to extend this to as many people in need as possible. There are a few exceptions, including people who have existing hardship arrangements, and those with existing arrears over 30 days. If you’re unsure if you can apply, then just call us at the number above.

If you aren’t eligible to pause your home loan repayments, please call us so we can discuss the support we can provide to you.

I'm an investor, how will taking a repayment pause interact with my tax deductions?

Interest will still be debited to your account monthly in arrears as per the current process. The interest will be capitalised to your loan monthly.  We cannot provide guidance on tax related queries. You should contact your financial adviser or accountant directly.

If I pause my repayments, will it affect my credit rating?

We report repayment information to credit reporting bodies. During your repayment pause we’ll ensure your credit history is not adversely impacted.  

If you were up to date with your repayments prior to the repayment pause we will continue to report you as meeting your repayment obligations during the repayment pause.

If you were not up to date with your repayments prior to the repayment pause we will suppress your repayment information, so not report any information about your repayments and leave a gap in your repayment history on your credit report.  Where there is a gap, that may be viewed negatively in future, including by other credit providers.

How will taking up the repayment pause (COVID-19) offer affect my ability to obtain future lending?

If a client elects to go on a COVID-19 repayment pause, this action will not impact their credit history.  AMP will continue to follow current credit assessment processes. As with any credit assessment, we will provide a clear explanation for what has happened/changed in relation to a client’s circumstances so that the assessor can take that into consideration when reviewing the application. As an example, if the client is in arrears at the time of application for future lending, this information would impact their application

Will AMP amortise the principal and interest or just the interest?

If a client elects to take a COVID-19 repayment pause, home loan repayments are put on hold for up to six months, with interest capitalised.  At the end of the repayment pause, the client’s home loan repayments will start again.If, at the end of the COVID-19 assistance period, they continue to have difficulty meeting their repayments, they can discuss their options with the AMP Client Enablement and Hardships team. 

Fixed interest rates now available for existing Owner Occupied and Investment home loan clients:

Professional Package

Owner Occupied fixed rate loans for existing clients $10,000 and above
 
Effective 27 March 2020
 
 
Principal & Interest 
(Max LVR 90% + LMI)

Interest Only 
(Max LVR 80% incl LMI)
   
Loan type Interest rate(i) Comparison rate(ii) Interest rate(i) Comparison rate(ii)    
1 year fixed rate 2.49% pa 4.11% pa 3.59% pa 4.20% pa    
2 year fixed rate 2.39% pa 3.95% pa 3.49% pa 4.13% pa    
3 year fixed rate 2.49% pa 3.84% pa 2.95% pa 3.94% pa    
5 year fixed rate 2.99% pa 3.80% pa 3.89% pa 4.13% pa    

 

Investment fixed rate loans for existing clients $10,000 and above
 
Effective 27 March 2020
 
 
Principal & Interest 
(Max LVR 90% + LMI)

Interest Only 
(Max LVR 80% incl LMI)
   
Loan type Interest rate(i) Comparison rate(ii) Interest rate(i) Comparison rate(ii)    
1 year fixed rate 2.99% pa 4.74% pa 2.99% pa 4.74% pa    
2 year fixed rate 2.79% pa 4.55% pa 2.99% pa 4.58% pa    
3 year fixed rate 2.79% pa 4.39% pa 2.99% pa 4.44% pa    
5 year fixed rate 3.09% pa 4.23% pa 3.39% pa 4.34% pa    

 

(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.

Select Package

Owner Occupied fixed rate loans for existing clients $10,000 and above
 
Effective 27 March 2020
 
 
Principal & Interest 
(Max LVR 90% + LMI)

Interest Only 
(Max LVR 80% incl LMI)
   
Loan type Interest rate(i) Comparison rate(ii) Interest rate(i) Comparison rate(ii)    
1 year fixed rate 2.49% pa 4.12% pa 3.59% pa 4.21% pa    
2 year fixed rate 2.39% pa 3.96% pa 3.49% pa 4.14% pa    
3 year fixed rate 2.49% pa 3.85% pa 2.95% pa 3.95% pa    
5 year fixed rate 2.99% pa 3.82% pa 3.89% pa 4.14% pa    

 

Investment fixed rate loans for existing clients $10,000 and above
 
Effective 27 March 2020
 
 
Principal & Interest 
(Max LVR 90% + LMI)

Interest Only 
(Max LVR 80% incl LMI)
   
Loan type Interest rate(i) Comparison rate(ii) Interest rate(i) Comparison rate(ii)    
1 year fixed rate 2.99% pa 4.75% pa 2.99% pa 4.74% pa    
2 year fixed rate 2.79% pa 4.56% pa 2.99% pa 4.59% pa    
3 year fixed rate 2.79% pa 4.40% pa 2.99% pa 4.44% pa    
5 year fixed rate 3.09% pa 4.24% pa 3.39% pa 4.35% pa    

 

(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.

AMP First Home Loan

Owner Occupied fixed rate loans for existing clients $10,000 and above
 
Effective 27 March 2020
 
 
Principal & Interest 
(Max LVR 90% + LMI)

Interest Only 
(Max LVR 80% incl LMI)
   
Loan type Interest rate(i) Comparison rate(ii) Interest rate(i) Comparison rate(ii)    
1 year fixed rate 2.49% pa 2.78% pa 3.59% pa 2.87% pa    
2 year fixed rate 2.39% pa 2.73% pa 3.49% pa 2.92% pa    
3 year fixed rate 2.49% pa 2.73% pa 2.95% pa 2.84% pa    
5 year fixed rate 2.99% pa 2.88% pa 3.89% pa 3.22% pa    

 

Investment fixed rate loans for existing clients $10,000 and above
 
Effective 27 March 2020
 
 
Principal & Interest 
(Max LVR 90% + LMI)

Interest Only 
(Max LVR 80% incl LMI)
   
Loan type Interest rate(i) Comparison rate(ii) Interest rate(i) Comparison rate(ii)    
1 year fixed rate 2.99% pa 3.13% pa 2.99% pa 3.13% pa    
2 year fixed rate 2.79% pa 3.08% pa 2.99% pa 3.12% pa    
3 year fixed rate 2.79% pa 3.05% pa 2.99% pa 3.11% pa    
5 year fixed rate 3.09% pa 3.12% pa 3.39% pa 3.24% pa    

 

(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.

We're here to help

Contact us

You can reach our call centres on 13 30 30 Mon - Fri: 8am - 8pm & Sat & Sun 9am - 5pm (Sydney time).

To avoid any potential delays in busy times, you can always log into My AMP.

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

Information including interest rate is correct as at 27 March 2020 and subject to change without notice.

(i) Rates are subject to change.
(ii) The comparison rate calculated for a secured loan on a loan amount of $150,000 for 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. 
(iii) Rates apply to new term deposits only and are subject to change. Terms and conditions apply.