AMP Bank is making changes to its variable lending rates for new and existing owner occupiers and investors in response to the recent RBA cash rate increase announcements. These changes will be effective 13 May 2022 for new customers and 16 May 2022 for existing customers.
New and existing customers
| Owner Occupied Principal and Interest | Increasing by 0.25% pa |
| Owner Occupied Interest Only | Increasing by 0.25% pa |
| Investment Principal and Interest | Increasing by 0.25% pa |
| Investment Interest Only | Increasing by 0.25% pa |
Why are variable interest rates increasing?
The Reserve Bank of Australia increased the cash rate from 0.10% pa to 0.35% pa on 3 May 2022.
Changes to the RBA cash rate is one of many factors that impacts our pricing decisions, however, there are other factors that we consider such as the Australian economy, market conditions, cost to lend and the competitor landscape. This helps us to assess and to continue to offer competitive rates to our customers.
What are the changes to my reference rate?
| REFERENCE RATE NAME | CURRENT REFERENCE RATE % pa | NEW REFERENCE RATE % pa |
| Standard Reference Rate | 4.58% pa | 4.83% pa |
| Standard Reference Rate Interest Only | 5.05% pa |
5.30% pa |
| Standard Reference Rate Investment | 5.26% pa | 5.51% pa |
| Standard Reference Rate Interest Only Investment | 5.62% pa | 5.87% pa |
| Basic Reference Rate | 4.23% pa | 4.48% pa |
| Basic Reference Rate Interest Only | 4.40% pa | 4.65% pa |
| Basic Reference Rate Investment | 5.27% pa | 5.52% pa |
| Basic Reference Rate Interest Only Investment | 5.32% pa | 5.57% pa |
| AMP First Reference Rate |
3.48% pa | 3.73% pa |
AMP First Reference Rate Interest Only |
4.14% pa | 4.39% pa |
| AMP First Reference Rate Investment | 3.84% pa | 4.09% pa |
| AMP First Reference Rate Interest Only Investment | 4.04% pa | 4.29% pa |
| SMSF Reference Rate | 5.92% pa | 6.17% pa |
| SMSF Reference Rate Interest Only | 5.97% pa | 6.22% pa |
| Line of Credit Reference Rate | 4.78% pa | 5.03% pa |
| Line of Credit Reference Rate Interest Only | 5.25% pa | 5.50% pa |
| Line of Credit Reference Rate Investment | 5.46% pa | 5.71% pa |
| Line of Credit Reference Rate Interest Only Investment | 5.82% pa | 6.07% pa |
| AMP First Line of Credit Reference Rate | 3.68% pa | 3.93% pa |
| AMP First Line of Credit Reference Rate Interest Only | 4.34% pa | 4.59% pa |
| AMP First Line of Credit Reference Rate Investment | 4.04% pa | 4.29% pa |
| AMP First Line of Credit Reference Rate Interest Only Investment | 4.24% pa | 4.49% pa |
Will there be any changes to the fixed rates?
There will be no changes to our fixed rate offerings.
How do I switch my repayment type to Principal & Interest?
You can send us a request to change your repayment type from Interest Only to Principal & Interest via My AMP secure messaging.
Switching your repayment type from Interest Only to Principal & Interest is free.
When will these changes take effect?
These changes are effective 13 May 2022 for new customers and 16 May 2022 for existing customers.
Repayment changes
Your new repayment amount will become effective from your next scheduled repayment date after Monday 11 July 2022.
Will I receive more information on this change?
The changes to the reference rates are being published in The Australian on 16 May 2022.
We will also send an interest rate and repayment change letter to you with your new interest rate and the minimum monthly repayment. If you’re making scheduled weekly or fortnightly payments, we will include those details too. You should receive your letter the week commencing Monday 6 June 2022.
How can I find out what my changed repayment amount is?
You should receive your letter in the week commencing Monday 6 June 2022. This letter outlines your new interest rate and new repayment amount. In the meantime, you can use our loan repayment calculator to get an estimate of what your repayments will be.
The changed repayment amount will also be reflected on your next statement.
You can also log into My AMP from 17 May 2022 to find out what your minimum repayment amount is.
What must I do to ensure my repayment amount changes to the new amount?
Depending on your loan repayment method as per below:
- Direct debit - If you've asked us to take your repayments by direct debit, you don't need to do anything. We'll automatically adjust this to the new repayment amount. Please make sure your account has sufficient funds to make the new repayments.
- Deduction from your salary - You'll need to contact your payroll office to update your salary deduction amount before your next repayment date.
- Periodic payment from another bank - please contact that bank to update your payment amount before your next repayment date.
Also, if you're repaying an additional amount (for instance, an extra $50 a fortnight) by direct debit, call us if you want to amend this amount.
If repayments are made weekly or fortnightly on Interest Only variable rate loans
Your letter will include an estimate of the repayment based on the current outstanding balance (net of any offset balance), the new interest rate and a 31 day month. This is an estimate only and the actual interest payment will vary each month depending on the daily outstanding balance and the number of days in the repayment period.
How can I get support from AMP if I am unable to make my repayments?
What you should know
The credit provider is AMP Bank Limited ABN 15 081 596 009, AFSL No 234517, Australian Credit Licence 234517. Information including interest rates is subject to change without notice. Terms and conditions apply and are available at amp.com.au/bankterms or by calling 13 30 30. Fees and charges are payable.
It’s important to consider your particular circumstances and read the relevant Terms and Conditions before deciding what’s right for you. This information hasn’t taken your personal circumstances into account.
AMP Bank is a member of the Australian Banking Association (ABA) and is committed to the standards in the Banking Code of Practice.
This information is provided by AMP Bank Limited. Read our Financial Services Guide 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
A target market determination for these products is available on our TMD page.