Variable rate changes for Home loans

AMP Bank is making changes to its variable lending rates for new and existing owner occupiers and investors, following the Reserve Bank of Australia’s (RBA) announced decrease to the cash rate on 20 May 2025.

These changes will be effective 30 May 2025 for new customers and 2 June 2025 for existing customers.

Why are you decreasing variable interest rates?

The RBA decreased the cash rate from 4.10% pa to 3.85% pa on 20 May 2025.

We recognise that previous RBA Cash rate increases have been challenging for household budgets and that customers are looking forward to interest rate relief.

Changes to the official cash rate is one of several factors that impacts our pricing decisions. Other factors include the direct implication of the cash rate movement to the cost of borrowing, market conditions, as well as a desire to balance the interests of homeowners and savers.

When will these changes take effect?

These changes are effective 30 May 2025 for new customers and 2 June 2025 for existing customers.

Your new repayment amount will become effective from your next scheduled repayment date after 2 June 2025.

What were the previous variable rate changes?

In response to recent cash rate changes by the RBA, AMP Bank has previously changed variable interest rates as per below:

• 0.25% pa increase to all variable interest rates – effective 13 February 2023
• 0.25% pa increase to all variable interest rates – effective 13 March 2023
• 0.25% pa increase to all variable interest rates – effective 8 May 2023
• 0.25% pa increase to all variable interest rates – effective 12 June 2023
• 0.25% pa decrease to all variable interest rates – effective 4 March 2025

Will I receive more information on this change and how can I find out what my changed repayment amount is?

 If you have elected to receive communications electronically, you will be notified of repayment changes via email by 10 June 2025. Otherwise, a letter will be posted to you in the mail on 10 June 2025. The email/letter outlines your new interest rate and new repayment amount. If you’re making scheduled weekly or fortnightly payments, we will include those details too.

In the meantime, you can use our loan repayment calculator on amp.com.au 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 3 June 2025 to find out what your minimum repayment amount is.

What if I want to change my repayments?

Customers can change their repayments, or the frequency of repayments, by filling out the online form under ‘Manage repayments’ in the My AMP app. Login to the My AMP app here.

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?

We recognise that previous RBA Cash rate increases have been challenging for household budgets and that some customers will continue to need support. You can find more information on the support available on our Financial hardship assistance page.