Features & benefits

An AMP Essential Home Loan is a great choice if you’d like the benefit of a flexible home loan with features to help you get ahead on your repayments and own your home sooner. You can make additional repayments anytime at no additional cost. When you need to redraw the extra funds, it’s easy ― just call us.

2.87% pa

Owner Occupied variable rate loan1

2.90% pa

Comparison rate2

Great ongoing rates

Benefit from a competitive ongoing rate with the AMP Essential Home Loan.                                                                            

No settlement fee

The settlement fee of $349 is not applicable for AMP Essential Home Loans.                                                                      

Easy access 24/7

Access to your home loan around the clock via our My AMP app (excludes BPay).          

No monthly fees

Pay $0 monthly account management fees.                                                                                                                                           

Ability to split your loan

With up to 10 sub- accounts available you can choose to split your loan if you like.                                                                           

Additional repayment options

With the AMP Essential Home Loan you have the option to make additional repayments anytime at no extra cost.

Redraw advantages

  • Redraw extra funds you deposit whenever you like.
  • In addition to saving you money with no monthly Account management fees, the AMP Essential Home Loan lets you redraw any extra funds you deposit―with no withdrawal fees.
  • Making additional repayments is a great way to reduce your loan balance and the interest you pay. Over the long haul, extra repayments can reduce the length of your home loan, so you can own your home sooner.
  • When you need to access your redraw funds, simply use My AMP (internet banking), BankPhone or the My AMP app.

Owner occupied new business rates & fees

AMP Essential Home Loan (owner occupied)

Rates and fees for owner occupiers

Effective 17 June 2022

Loan type    Principal and Interest
  LVR Interest rate(i) Comparison rate(ii)
AMP Essential Home Loan(iii)      
$100,000 and above LVR <80% 2.87% pa 2.90% pa
$100,000 and above LVR <90% + LMI 3.20% pa 3.23% pa
$40,000 to less than $100,000 LVR <90% + LMI 4.75% pa 4.78% pa
Reference Rate(iv)   Basic Reference Rate  

(i) Rates are subject to change.
(ii) 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) Available for new loans only.
(iv) View a full list of Reference Rates and their values.

Fees and charges are payable. Terms and Conditions apply. Approval is subject to AMP Bank guidelines.

Investment new business rates and fees

 

AMP Essential Home Loan (Investment)

Effective 17 June 2022

Loan type    Principal and Interest
  LVR Interest rate(i) Comparison rate(ii)
AMP Essential Home Loan (Investment)(iii)      
$100,000 and above LVR <90%  5.34% pa  5.37% pa
$40,000 to less than $100,000 LVR <90%  5.34% pa  5.37% pa
Reference Rate(iv)   Basic Reference Rate Investment  

(i) Rates are subject to change.
(ii) 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) Available for new loans only.
(iv) View a full list of Reference Rates and their values.

Fees and charges are payable. Terms and Conditions apply. Approval is subject to AMP Bank guidelines.

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What you need to know

1$100,000 and above, LVR ≤ 60%, P&I repayments. Other rates apply for Investment property loans.

^LMI - Lenders Mortgage Insurance (LMI) may apply. You may be able to capitalise your LMI premium to the loan up to an LVR of 80%. Lending terms and conditions apply.

2The 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. 

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

A target market determination for these products is available on our TMD page.

***Special $3,000 cashback for new purchase applications with principal and interest repayments with a portion of the loan on a variable interest rate.

Special offer available for applications made between 28 March 2022 and 30 June 2022 (inclusive) which settle on or before 30 September 2022. AMP Bank reserves the right to withdraw this offer at any time.

This offer is open to Australian residents aged 18 and over who are purchasing a new home. Conditions, credit criteria, fees, charges, eligibility criteria and exclusions apply.

This offer is available on Professional Package, AMP First, Essential and Basic Home Loan products only with a minimum loan amount of $250k. Offer is available for owner occupier and residential investment loans with principal and interest repayments. A variable interest rate must also apply to a portion of the loan balance.

Not available for the refinance, restructure, or switches of home loans within AMP Bank or refinancing an existing home loan from another lender.

Limit of one $3,000 cashback payment regardless of the number of applications, applicants, properties or loans involved. The $3,000 cashback cannot be used towards the serviceability of the home loan. The $3,000 cashback is not transferable.

The $3,000 cashback must be paid into an AMP Bank offset account, or AMP Access account, and will be paid within 60 days of the settlement date. If you do not have an existing AMP Bank offset account or AMP Access account, one must be opened before the date of settlement.

For multiple home loan applicants, the AMP Bank account needs to be in the name of at least one of the home loan applicants, and the $3,000 cashback will be paid only once to the applicants jointly.

The Offer is current as at 28 March 2022. This Offer may be varied, withdrawn or extended by AMP Bank at any time without notice. Applicants should seek their own tax advice in relation to the receipt of a cashback on settlement.
Tax consequences may arise from these promotions for investors and customers should seek independent advice on any taxation matters. 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.