AMP Essential Home Loan

Own your home sooner with essential features

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.

A competitive variable interest rate and waived fees for loan establishment and settlement, and no account management fees are some of the benefits of the AMP Essential Home Loan.
 

The AMP Essential Home Loan may suit you if you’re:

  • a first home buyer looking for flexible features 
  • transferring your home loan to AMP Bank (minimum $40,000 loan amount)
  • looking for a redraw facility with a competitive variable interest rate

Here’s what you get:

  • waived Establishment and Settlement fees
  • $0 monthly Account management fees
  • $0 cost to make additional repayments anytime
  • ability to split your loan into 10 sub-accounts (fees apply)
  • view only access to your home loan via My AMP or the mobile app.
     
3.98% pa AMP Essential Home Loan1,3
4.00% pa Comparison rate2

1300 534 325

Monday to Friday
9am – 5pm (AEST)

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 BankNet, BankPhone or the AMP app.

AMP Essential Home Loan (owner occupied)

Effective 10 October 2016

Loan type Interest rate(i) Comparison rate(ii)
AMP Essential Home Loan(iii) 3.98% pa  4.00% pa
Special Offer(iv):
for borrowings from $500,000 to less than $750,000
with a loan to value ratio of less than or equal to 90%
3.78% pa 3.80% pa


The standard Establishment fee of $350 and Settlement fee of $250 are both currently waived.

(i) Rates are subject to change. Special Offer for a limited time only. AMP Bank reserves the right to withdraw at any time.
(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) Special offer is for new Owner Occupied loans only and available for a limited time.

Information correct as at 7 October 2016 and subject to change without notice. Fees and charges are payable. Terms and Conditions apply and are available on request. Approval is subject to AMP Bank guidelines.

AMP Essential Home Loan (investment)

Effective 19 August 2016

Loan type Interest rate(i) Comparison rate(ii)
AMP Essential Home Loan (Investment)(iii) 4.37% pa  4.39% pa

The standard Establishment fee of $350 and Settlement fee of $250 are both currently waived.

(i) Rates are subject to change. Special Offer for a limited time only. AMP Bank reserves the right to withdraw at any time.
(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.

Information correct as at 20 May 2016 and subject to change without notice. Fees and charges are payable. Terms and Conditions apply and are available on request. Approval is subject to AMP Bank guidelines.

The freedom to make extra repayments pays off

With an AMP Essential Home Loan you’re free to make extra repayments any time. You can increase your regular loan repayments or deposit a lump sum in your home loan account. Remember, with the redraw feature your money’s not locked away―you can access an amount over $2,000 if you need to.

Say your home loan balance is $250,000 payable over 25 years with an interest rate of 5.20% per annum. Your minimum monthly repayments are $1,491 to pay off the principal and interest. If you increase your regular repayments by just $100 a month, you could save $26,864 in interest and reduce the length of the loan by nearly three years.

And say you receive a $20,000 lump sum such as a tax return, bonus or inheritance one year after you take-up your home loan. If you pay the $20,000 into your home loan (based on the figures above), you could save $59,547 in interest and take five years and seven months off your loan.

Thinking of getting a home loan

Use our Cost of home loan calculator to find out how much your repayments will be and how much you'll pay in interest.

You can also use our Extra repayments calculator to see how extra repayments can save you money and take years off your loan.
 

Cost of home loan calculator

Our Cost of home loan calculator allows you to determine your loan repayments and the total cost of fees.

Calculate now
large_landscape
small_landscape_image_1
small_landscape_image_2
portrait_image

Apply now

To apply for an AMP Essential Home Loan, you can:

Download application form

Would you like us to contact you?

How much can you borrow?

Calculate

Compare home loans with our Key Facts Sheet tool

Want to speak to a financial adviser?

Find an adviser

Important information

Show more

It’s important to consider your particular 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.

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. All information on this website is subject to change without notice.

The credit provider and product issuer is AMP Bank Limited, Australian Credit Licence 234517.

1 For new loans with a single, owner occupied security only. Rates are subject to change. Special Offer for a limited time only. AMP Bank reserves the right to withdraw at any time.
2 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.
3 Special Offer for a limited time only. AMP Bank reserves the right to withdraw at any time.