Basic Package

Choose a fixed or variable rate or split the difference

AMP Bank's Basic Package is a home loan that lets you choose between a fixed or variable interest rate―or a split between the two―with competitive rates, no monthly Account management fees and a Redraw facility.

If you like the certainty of a fixed rate, but want flexibility as well, you might consider splitting your loan. You can choose a fixed interest rate for part of your loan and a variable interest for the rest.

Having some of your loan at a fixed interest rate means you’ll know what your payments are ahead of time. What’s more, you can make up to $10,000 a year in additional repayments with no penalty. And with the flexibility of your variable rate loan portion, you can make unlimited extra repayments.

Making any additional repayments reduces your loan balance and the interest you pay. You can cut years off your home loan and own your home sooner.
 

The AMP Bank Basic Package 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 and a 100% Offset Account when you take a variable rate loan
  • looking for the security of a fixed rate and the flexibility of a variable rate.

Here’s what you get:

  • a waived Establishment fee (normally $350) on loans up to 90% loan to value ratio (LVR)
  • $0 monthly Account management fees
  • you can make additional repayments anytime3
  • option to repay the principal and interest or the interest only
  • access to your money via BankNet and BankPhone.
3.98% pa Basic Variable Rate Loan1
4.02% pa Comparison rate2

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In addition to saving money with no monthly Account management fees, the AMP Bank Basic Package lets you redraw extra funds you’ve deposited—whenever you like—with no Withdrawal fees.

You can redraw your extra funds using online banking, our mobile apps, BankPhone and BankAssist.

Redraw applies to variable rate loans only.
 

Effective 19 August 2016

Loan type Interest rate(i) Comparison rate(ii)
Variable rate loan    
Basic variable rate loan(iii) 3.98% pa 4.02% pa

Effective 19 August 2016

Loan type Interest rate(i) Comparison rate(ii)
Fixed rate loans    
Basic 1 year fixed rate 4.35% pa 4.05% pa
Basic 2 year fixed rate 4.28% pa 4.07% pa
Basic 3 year fixed rate 4.28% pa 4.10% pa
Basic 5 year fixed rate 4.59% pa 4.27% pa

The Establishment fee of $350 is waived for all applications with a LVR of 90% or less.

(i) Rates are subject to change. Fees and charges are payable. Terms and conditions apply and are available on request. Approval is subject to AMP Bank guidelines.
(ii) Comparison rates have been 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. Other fees and charges apply. Full details are available in the Fees and charges guide.

Effective 19 September 2016

Loan type Interest rate(i) Comparison rate(ii)
Variable rate loan    
Basic variable rate loan (Investment)(iii) 4.06% pa 4.10% pa

Effective 19 September 2016

Loan type Interest rate(i) Comparison rate(ii)
Fixed rate loans    
Basic 1 year fixed rate (Investment) 4.64% pa 4.15% pa
Basic 2 year fixed rate (Investment) 4.57% pa 4.19% pa
Basic 3 year fixed rate (Investment) 4.57% pa 4.23% pa
Basic 5 year fixed rate (Investment) 4.88% pa 4.44% pa

The Establishment fee of $350 is waived for all applications with a LVR of 90% or less.

(i) Rates are subject to change. Fees and charges are payable. Terms and conditions apply and are available on request. Approval is subject to AMP Bank guidelines.
(ii) Comparison rates have been 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. Other fees and charges apply. Full details are available in the Fees and charges guide.

Better than a 'basic package'

Don’t be misled by the no-frills name. The Basic Package is packed with features:

  • Decide what suits you best—a great variable rate, a fixed rate or a combination of fixed and variable.
  • If you link an offset account to your variable rate loan, you have full service with a $5 per month Account fee.
  • Every dollar in your Offset Deposit Account helps reduce the interest charged on your loan balance—you can potentially save thousands of dollars and years off your loan.
  • With an Offset Deposit Account you can access your money via eftpos, an ATM or BPAY with an AMP Visa Debit card, bank online and on-the-go or just use phone banking.
     

Choose a Basic variable rate home loan and you can:

  • avoid a Loan establishment fee (the $350 fee is waived) on loans up to 90% of LVR 
  • link an Offset Deposit Account to your Basic variable rate loan with a $5 monthly Account management fee 
  • make unlimited additional repayments on your variable rate loan whenever you like without any Early repayment fees
  • access available redraw funds with free electronic transactions via BankPhone, BankAssist and BankNet (BPay® excluded).

You can have up to 10 eligible loan accounts with a linked Offset Account, but only one Offset Account per loan.  

Choose a Basic Fixed Rate Home Loan and you’ll have the reassurance of knowing the monthly repayments on your home loan for a fixed period.

With a Basic Fixed Rate Home Loan you can:

  • choose fixed rate terms of one, two three or five years
  • choose to pay interest only for up to five years or principal and interest
  • make additional payments up to $10,000 each year without loan-break costs.

The benefit of fixed interest is that if interest rates rise, you'll continue paying interest at the rate you locked in for the duration of the fixed period. This can be attractive in times of low interest rates, however, interest rates can change—and even drop—during your fixed period. Still, the advantage is knowing exactly what to budget for your loan repayments. 

Know what happens if you break a fixed rate loan

It’s standard practice for lenders to charge loan-break costs when you exit from a fixed rate loan. You’re 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 year 
  • repay the loan in full.

Loan-break costs can be significant. We can provide an estimate of loan-break costs 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 loan-break costs 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.
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Important information

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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.
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 Up to $10,000 per year on Basic Fixed Rate Loan, unlimited on Basic Variable Rate Loan. Some forms of payment may incur a fee (eg SWIFT). See full details in the Fees and charges guide.