Features

Make your money work for you

Reduce the interest calculated on your eligible AMP Bank home loan by depositing your regular income and earnings into an everyday banking offset deposit account.

Pay less interest on your home loan

Link up to 10 offset deposit accounts. The combined funds are offset against your home loan balance each day, meaning you only pay interest on the remaining portion of your loan.

Access your money when you need it

Your savings will help reduce interest calculated, but you can still use the funds in your deposit accounts when you need to. Manage your account online, via My AMP app, or by phone banking.

Product inclusions

What the product includes

  • Being available to existing and prospective AMP Bank home loan customers
  • The requirement to link an eligible AMP Bank home loan
  • A Visa Debit card, eftpos and BPAY® facilities

 

What the product doesn't include

  • The ability to link to an AMP Bank home loan that does not offer an offset option
  •  A cheque book
  • The ability to make same-day payments to an external account

How does it work?

Use all your deposited funds to reduce your interest repayments. See how you can potentially save years and thousands of dollars of loan repayments with the loan offset calculator. Add your regular deposits like salary, bonuses or other income on the extra repayments tab to view how these funds work to offset the outstanding balance of your loan.

The daily combined value of the funds in your deposit accounts is offset against your home loan amount. This means interest is calculated on a lower amount than your actual loan.
 

An example of how it works2

Home Loan balance: $400,000

Offset Deposit Account 1 balance: $30,000
Offset Deposit Account 2 balance: $45,000

You will only pay interest on: $325,000

How much could I save?

If you have a 30 year home loan, with a consistent balance of $75,000 in your Offset Deposit Account and a constant rate of 5% pa:

Estimate of interest saved: $279,147
Estimate of time saved on your loan: 10 years

Rates & fees

All money in your Offset Deposit Accounts will offset your home loan. This could save you thousands of dollars in interest.

Any offset balance above your loan balance does not accrue interest. The AMP Offset Deposit Account does not have monthly fees unless linked to an AMP Basic home loan. In this case, there is a $6 monthly account management fee.
See the Deposit product fees and charges guide for more details, including fees for special services.
 

Effective 14 October 2019

Accounts  Interest rate(i)
All balances  0.00% pa 

(i) Interest rates are subject to change. Special service fees apply. Balances over $5,000,000 are available at our discretion.

Eligible products

Most of our variable-rate loans can be linked to an Offset Deposit Account, including:

  • Professional Pack Variable Rate Loan
  • Basic Variable Rate Loan1
  • Select Variable Rate Loan
  • AMP First Variable Rate Loan (eligibility criteria apply)
  • Introductory Classic Variable Rate Loan (no longer available to new accounts)
  • Classic Variable Rate Loan (no longer available to new accounts)
  • Affinity Variable Rate Loan (no longer available to new accounts)
  • Affinity Basic Variable Rate Loan (no longer available to new accounts)
  • AMP SuperEdge Variable Rate Loan (no longer available to new accounts)
  • Introductory Professional Pack Variable Rate Loan (no longer available to new accounts)
  • Low Doc Variable Rate Loan (no longer available to new accounts)

Offset Deposit Accounts are not available with:

  • Construction and land loans
  • AMP’s Essential Home Loan
  • Lines of credit
  • Fixed rate loans




 

How to link an Offset Deposit Account to my home loan

Linking an Offset Deposit Account to an eligible loan account is only completed on request. We do not automatically link your Offset Deposit Account to your eligible loan account.

For example, if you come to the end of a fixed rate period and your loan converts to an eligible variable interest rate loan, you must call us on 13 30 30 to link or open an Offset Deposit Account.

If an Offset Deposit Account is linked to a home loan that is not eligible, no offset benefit will apply, and the product name will change to Unlinked Offset Deposit Account. All account access and operating terms and conditions remain unchanged.

How to apply

Whether you already have a home loan with AMP or you’re applying for a new one, make your repayments work harder using all your deposited funds to offset the cost of your interest.

Personal sole trader

Open an account for a personal sole trader

Apply online

Company & Trust

Open an account for a company & trust

Apply online

FAQs

What’s included in my Offset Deposit Account?

Easily manage your money every day with a Visa Debit card3, access to online banking, the My AMP app, phone banking, BPAY,® and rebated Australian ATM fees.

What are the fees?

There are no monthly fees unless your Offset Deposit Account is linked to an AMP Basic home loan, then there is a $6 monthly account management fee. See the Deposit product fees and charges guide for more information.

What do I need to apply?

Applying online is easy and will take you about five minutes to complete. You will need a valid form of identification.

Are my savings secure?

The Australian Government guarantee protects combined deposits up to $250,000 per customer in the unlikely event a financial institution fails.

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

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

1 A $6 Monthly fee is payable on an Offset Deposit Account linked to Basic variable rate loan accounts.

2 Loan repayments are assumed to be made at the end of each month or fortnight (depending on the repayment frequency you select). Loan repayments are assumed to occur immediately after the accrued loan interest has been charged to the loan. One year is assumed to contain exactly 26 fortnights or 12 months. This implicitly assumes that a year has 364 days rather than the actual 365 or 366. All months are assumed to be of equal length. The loan interest rate is assumed to be the annual nominal rate of interest, compounded per the loan repayment frequency.

For example, for a loan interest of 5% pa and monthly repayments, the calculator assumes the interest rate charged is (5% / 12) = 0.4% per month, compounded monthly. The loan interest rate is assumed to remain the applicable loan interest rate over the entire term of the loan. The average offset balance is assumed to not change over the selected repayment frequency period. The weekly and fortnightly loan repayment amounts are assumed to be a quarter and a half of the monthly repayment amount respectively. The loan repayment amount is calculated assuming a standard home loan where both interest and principal is repaid over the loan term.

3 Daily withdrawal and purchase limits apply for ATM and EFTPOS.