Manage your home loan your way

You can access your finances simply and securely while on the move with AMP’s digital solutions: My AMP via desktop and the My AMP app. While our website provides tools and calculators, with our digital solutions you can:

  My AMP My AMP app
Check your AMP Bank home loan account Yes Yes
See your AMP Bank account Yes Yes
Transfer funds between your AMP Bank accounts Yes Yes
Transfer funds to other bank accounts (If your account allows this) Yes Yes
Pay Bills using BPAY® (If your account allows this) Yes Yes
View your bank statements Yes Yes
Activate your Access Card Yes Yes
Manage repayments Yes Yes


How to get the most out of your home loan

We’re constantly looking for ways to make it easier for our customers to manage and make the most of their accounts.

Take advantage of a few basic repayment strategies and you may be able to pay off your loan sooner. Utilise built-in loan features and optional accounts on offer. Be sure you get to know and use all the features that come with your home loan.

Some ways to get the most out of your home loans are:

  • Pay off your home loan sooner
  • Access your equity
  • Changing your home loan.

Your circumstances may change during the life of your loan so it’s wise to regularly review the features and structure of your loan to see how well it matches your needs. AMP Bank also introduces new types of loans from time to time based on changes in the marketplace [so you should keep this in mind].

Take time to look over a few key questions the next time you are choosing your home loan.

Changing your home loan

As your needs, goals or situation change, you may want to consider changing your home loan to better meet your needs. 

Discharging from AMP

Before you jump ship, it may be worth having a chat with a home loan specialist to see if they can assist in making your current home loan work better for you. If you would like to speak to someone before exiting from your home loan, please call 02 8364 6758.

It is important to understand the fees and costs involved in refinancing your home loan. AMP Bank charge a $390 discharge fee*, as well as the Land Title Office (LTO) which varies by state.
*Note: $390 discharge fee is not applicable for AMP First loans.

How to discharge:
You will need to complete a Loan discharge authority form. This will ask you about your property, the key people involved, and the loan account details. It will also provide you with details on lender fees and any government charges you will face when you finalise your exit application. Expected processing times are listed below.

The Partial Discharge and Substitution form can be completed on My AMP online or app, alternatively is available for download here. To complete a full discharge, please contact us on 02 8364 6758 or

Request type  Description Indicative processing time
Full discharge of security Request to discharge security as AMP loan will be (or has been) repaid. 15 business days
Partial discharge Request to release one of the securities on an AMP Loan where there are multiple properties held as security for the loan. 15 business days
Substitution of security Request to replace an existing security with another security. 15 business days

Increasing your home loan amount

There are a number of reasons why your financial circumstances change and you may need additional funds. With eligible AMP home loans, an option you may have is to increase or top up your home loan. Topping up your home loan can be a quick and effective way to access additional funds you need.

If you want to consolidate your debts, renovate your home or make a large purchase, you can fund this by increasing your loan. Topping up your loan can be a cost effective solution as interest rates on home loans are typically lower than credit cards or personal loans.

The amount you are able to increase your loan by is dependent on how much equity is available in your property, your current financial situation and is also conditional on credit approval. Also by increasing your loan amount, this can mean your repayments amounts may increase. It is important that you seek financial advice to determine that this is the best solution for you. There may also be fees associated with increasing your loan amount.

For further information or to increase your home loan, please visit our Increasing Home Loan page, call us on 13 30 30 or email


Refinancing is where you replace your existing home loan with a new one that’s ideally more cost-effective and flexible. It may involve changing your home loan product with your current provider, but often it will mean switching to a different lender who can offer you a better deal.

Some of the reasons you may look to refinance include:

  • You want to pay less. If you can find a lower interest rate, you could save money and reduce your repayments. Even a 0.5% reduction on your interest rate could save you tens of thousands of dollars over the life of your loan.
  • You want a shorter loan term. When interest rates are down, you may be able to reduce the term of your loan—from 30 to 25 years for instance—without too much change to your repayments, meaning you may be able to pay off your home loan sooner.
  • You want access to better features. You may be looking for further cost savings and greater flexibility with the help of added features, such as unlimited additional repayments, redraw facilities, an offset account or the ability to tap into your home equity.
  • You want a better deal, more flexibility or security. Converting to a fixed, variable or spit-rate interest loan may provide you with these things.
  • You want access to your home equity. Equity can be used to secure finance for big ticket items such as an investment property, renovations or your children’s education. This can be risky though because if you don’t make the repayments, you could lose your home as a result.
  • You want to consolidate existing debts. If you have multiple debts, it could make sense to roll these into your home loan if you’re diligent with your repayments. This is because interest rates associated with home loans are generally lower than other forms of borrowing.

Do you know what you want? If you’re looking to refinance, do you know what it is you’re after—a lower interest rate, added features, greater flexibility, better customer service or all of the above? It’s important to determine these things so when you’re researching other loans, you know exactly what you’re after.

Do the financial benefits outweigh the costs? You might be able to save money over the long term by refinancing, but the upfront costs can still be expensive. For this reason, it’s a good idea to investigate where costs may apply, or be negotiable—think discharge fees, registration of mortgage fees and break costs if you have a fixed-rate loan. Also think about application costs if you swap lenders—establishment fees, legal fees, valuation fees, stamp duty, and lender’s mortgage insurance if you borrow more than 80% of the property’s value.

Has there been any change to your personal situation? An application process if you want to refinance will apply. This means your lender will take into account things like your employment situation, additional debts you’ve taken on, or if you’ve got a growing family as all these things can impact your borrowing potential.

What's next? Refinancing can be a wise move if it can save you money, get your debt under control or give you more flexibility in achieving your goals. It’s important to evaluate the pros and cons if you are considering refinancing. These can be complex so you may wish to speak to your adviser. If you need help finding one, call us on 131 267 or use our find an adviser tool. For further queries or information on how to refinance with AMP please contact us on 13 30 30 or

Access your equity

Equity refers to the difference between the market value of your property and the outstanding balance of your home loan. If the market value of your property increases or the more you have repaid your loan, the equity you hold can increase. Use our calculator to estimate the equity you may have in your property.

As your equity increases, this give you more options to invest or use for other purposes including:

  • Redraw extra repayments and redraw facilities
  • Line of credit
  • Offset

Redraw Facility

What is it?

If you make extra repayments on your home loan, a redraw facility lets you take the extra money out again if you need it. So rather than saving your money in a separate account, you can reduce the amount of interest charged on your loan―by paying more than you have to—and access the extra money when you need it.

Why would you use it?

A redraw gives you extra cash to do things like pay bills or do renovations without having to apply for another loan. You can use it as many times as you like to draw down money, as long as you don’t exceed the credit limit on your loan.

Things to watch out for

The downside of a redraw facility is that there could be fees or withdrawal restrictions placed on the amount you can redraw. The upside of this is it prevents you from making too many withdrawals and might help stop you from spending more money than you can afford.

What's next?

For further information or options to exercise redraw facilities please contact us on 13 30 30 or

Line of credit

What is it?

A line of credit is a home loan which allows you to draw funds as you need them up to an approved credit limit. Line of credit home loans are also known as revolving line of credit or equity line of credit loans.

Why would you use it?

One of the main reasons to use a line of credit is because it is flexible, your money is at call and you only pay interest on the portion of the loan you've used.

Things to watch out for

Generally, a line of credit is more expensive than other home loans, so, if you feel this type of home loan is for you, you might consider having a line of credit for a proportion of your home loan rather than the whole amount.

You also need to be disciplined with a line of credit because you can use it to pay for other purchases (such as holidays, everyday living expenses etc) which means you could end up paying interest to fund your lifestyle for many years to come.

What's next?

For further information or to apply for a line of credit please contact us on 13 30 30 or

Offset account

What is it?

An offset account is an everyday savings account which is typically linked to your home loan. You can also use it to deposit your salary into the account to help you make payments on your home loan.

Why would you use it?

The funds in the account offset the amount you owe, reducing your interest. An offset account could help you save thousands of dollars over the life of your home loan.

How does it work?

Let’s say you have a $325,000 home loan with an interest rate of 3.69% pa. If you keep $2,500 in your offset account, you’ll only pay interest on $322,500 of the loan.

This will add up over time – so not only will you pay off your 30-year home loan three years and six months earlier, you’ll also end up saving $62,7511.

Things to watch out for

Offset accounts are often only available with variable home loans and can have account-keeping fees. You need to be careful that you won’t end up paying more at the end of the term than if you had taken out a basic home loan with a low interest rate.

What's next?

Find out more information, download an application form or apply online

Pay off your home loan sooner

We are always here to help our customers with their changing needs. We understand that your life circumstances can change and you may want to adjust how your home loan is set up. Some strategies include:

  • Manage your repayments
  • Offset Deposit account

Manage your repayments

You can take advantage by making small changes in how you repay your home loan which can make a big difference. You may be able to pay off your home loan sooner by:

  • Changing your repayment amount - Make extra repayments to get on top of your home loan.
  • Change payment frequency - Paying fortnightly instead of monthly, for example, can make a big difference to interest charges.
  • Change repayment type from interest only to principal and interest - The benefit of switching to principal and interest repayments is that it reduces the outstanding loan balance and lowers interest repayments over the life of the loan compared to interest only loans. It is important to consider that switching to Principal and Interest can increase your regular repayment amount.
  • Consider splitting a loan - You can split a loan between fixed and variable rates.

You can change and manage your repayments anytime in My AMP web, My AMP app or by calling us on 13 30 30.

AMP Offset Deposit Account

Explore linking your home loan to an Offset Deposit Account to save on interest.

You may pay off your home loan ahead of its term and save thousands of dollars, simply by depositing all your regular income and earnings into an Offset Deposit Account, available exclusively when you take up an eligible AMP Bank home loan.

Find out more information, download an application form or apply online

Manage your AMP Bank account online

Accessible banking

AMP Bank is committed to improving accessibility of our banking products and services for clients with a disability, older customers and clients with limited English.

Read more about accessibility.


How can an offset account help you pay off your home loan sooner?

An offset account is a simple tool that can help you save thousands of dollars over the life of your home loan.

So how does it work? A home loan offset account is a day-to-day savings account typically linked to a variable rate home loan. It allows the amount you have in savings to reduce the balance of your home loan for the purpose of calculating interest charges.

Let’s look at an example. If you have a $325,000 mortgage with an interest rate of 5.20% per annum and keep $2,500 in your offset account, you’ll only pay interest on $322,500 of the loan. The effects will add up over time—you’ll end up paying off your 30-year home loan five months early and saving $8,632 into the bargain.

The more you have in your offset account, the more you can save. For example, if you keep a balance of $25,000 in your offset account, that could help you pay off your 30-year mortgage three years and eight months earlier and save you $77,619 in interest.

For some people, an offset account is most effective when they make it the centre of their financial world. Making some simple changes to your day-to-day behaviour can maximise the benefits of an offset account and help you pay off your home loan sooner. Some of the options to consider when using an offset account are:

  • using the account for all your day-to-day banking
  • putting any extra savings into the offset account
  • using your credit card for most of your purchases and then making sure you clear the card once a month to avoid interest. Your money will sit in the offset account for longer, helping to offset mortgage interest.

Please note, calculations are illustrative, do not represent actual rates or products, and are based on an interest rate of 5.20% per annum.

What loans are eligible for an Offset Deposit Account

Most of AMP Bank's variable rate loans are eligible to be linked to an Offset Deposit Account. Some excluded loans are Construction and Land Loans, AMP Essential Home Loan and all Lines of credit. Fixed rate loans are also not eligible for any interest offset benefits.

Linking an Offset Deposit Account to eligible loan accounts is only completed on request. We do not automatically link your Offset Deposit Account to your loan account. You can do this when you are approved for your loan or by calling us on 13 30 30.

Have you had an AMP Bank home loan for a while?

Check our list of eligible loan accounts (both past and current).View below our list of loan accounts which are not eligible to be linked to an Offset Deposit Account. If an Offset Deposit Account is linked to a loan account that is not eligible, no offset benefit will apply.

Eligible loan accounts for offset (currently available)

  • Introductory Professional Pack Variable Rate Loan
  • Professional Pack Variable Rate Loan
  • Basic Variable Rate Loan
  • Select Variable Rate Loan
  • AMP First Variable Rate Loan (only for employees of AMP group)

Eligible past loans but no longer available for sale

  • Introductory Classic Variable Rate Loan
  • Classic Variable Rate Loan
  • Affinity Variable Rate Loan
  • Affinity Basic Variable Rate Loan
  • AMP SuperEdge Variable Rate Loan
  • Advantage Variable Rate Loan
  • All Options Variable Rate
  • Executive Variable Rate Loan
  • 2005 Special Variable Rate Loan
  • Low Doc Variable Rate Loan
  • Low Documentation $10 Plan Variable Rate Loan
  • Priority Club Variable Rate Loan

What loan accounts are not eligible for an Offset Deposit Account

Variable rate term loans not eligible for offset:

  • AMP Essential Home Loan
  • Construction Loan
  • Land Loan
  • AMP First Variable Rate Loan (except to employees of AMP group)

Lines of Credit not eligible for offset:

  • Professional Pack Line of Credit
  • Select Line of Credit
  • AMP First Line of Credit  (only for employees of AMP group)
  • Classic Line of Credit (no longer available for sale)
  • Affinity Line of Credit (no longer available for sale)
  • Low Doc Line of Credit (no longer available for sale)
  • Executive Line of Credit (no longer available for sale)

Fixed Rate Loans not eligible for offset:

  • Intro 1 Year Fixed Rate loan rolling to Professional Pack Variable Rate loan
  • 1, 2, 3 or 5 Year Fixed Rate loans rolling to Professional Pack Variable Rate loans
  • Basic 1, 2, 3 or 5 Year Fixed Rate loans
  • Select 1, 2, 3 or 5 Year Fixed Rate loans
  • AMP First 1, 2, 3 or 5 Year Fixed Rate loans (only for employees of AMP group)
  • Intro 1 Year Fixed Rate loan rolling to Standard Variable Rate loan (no longer available for sale)
  • 1, 2, 3 or 5 Year Fixed Rate loans rolling to Standard Variable Rate loans (no longer available for sale)
  • 1 Year Fixed Rate Interest in Advance (no longer available for sale)
  • Affinity 1, 2, 3 or 5 Year Fixed Rate loans (no longer available for sale)
  • Affinity Basic 1, 2, 3 or 5 Year Fixed Rate loans (no longer available for sale)
  • AMP SuperEdge 1, 2, 3 or 5 Year Fixed Rate loans (no longer available for sale)
  • Low Doc 2 or 3 Year Fixed Rate loans (no longer available for sale)

What happens if you break a fixed rate loan?

Interest breakcosts (also called break fees) may be payable if you break a fixed rate loan during the fixed rate period. You are effectively breaking the loan agreement if you:

  • switch to a loan with a different rate
  • switch to a variable rate loan
  • make more than $10,000 in extra repayments in a 12 month period
  • repay the loan in full.

Interest breakcosts can be significant. We can provide an estimate of interest breakcosts on a particular day but they can change at any time.

It pays to carefully consider the term of a fixed rate loan and avoid interest breakcosts in case you need to:

  • sell your home
  • change lenders
  • change your loan in any way
  • make extra repayments
  • repay your loan early
  • change your circumstances.

Call us with any questions about interest breakcosts on your fixed rate loan: 13 30 30 Monday to Friday 8am – 8pm, Saturday and Sunday 9am – 5pm (AEST).

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 or 13 30 30. Fees and charges may be payable. Full details are available in the Fees and charges guide.

This information is provided by AMP Bank Limited. Read our Financial Services Guide available at 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.