Rate changes

AMP Bank interest rate changes

AMP Bank is dropping all residential variable home loan rates by 0.20% pa for new and existing owner occupiers and investors.  

These changes will be effective 22 July 2019.

New and existing business Change
Owner occupied principal and interest Decreasing by 0.20% pa
Owner occupied interest only Decreasing by 0.20% pa
Investment principal and interest Decreasing by 0.20% pa
Investment interest only Decreasing by 0.20% pa

 

Reference Rate Name Current Reference Rate New Reference Rate
Standard Reference Rate 5.18% pa 4.98% pa
Standard Reference Rate Interest Only 5.65% pa 5.45% pa
Standard Reference Rate Investment 5.86% pa 5.66% pa
Standard Reference Rate Interest Only Investment 6.22% pa 6.02% pa
Basic Reference Rate 4.83% pa 4.63% pa
Basic Reference Rate Interest Only 5.00% pa 4.80% pa
Basic Reference Rate Investment 5.87% pa 5.67% pa
Basic Reference Rate Interest Only Investment 5.92% pa 5.72% pa
AMP First Reference Rate 4.44% pa 4.24% pa
AMP First Reference Rate Interest Only 4.74% pa 4.54% pa
AMP First Reference Rate Investment 4.74% pa 4.54% pa
AMP First Reference Rate Interest Only Investment 5.14% pa 4.94% pa
SMSF Reference Rate 6.52% pa 6.32% pa
SMSF Reference Rate Interest Only 6.57% pa 6.37% pa
Line of Credit Reference Rate 5.38% pa 5.18% pa
Line of Credit Reference Rate Interest Only 5.85% pa 5.65% pa
Line of Credit Reference Rate Investment 6.06% pa 5.86% pa
Line of Credit Reference Rate Interest Only Investment 6.42% pa 6.22% pa
AMP First Line of Credit Reference Rate 4.64% pa 4.44% pa
AMP First Line of Credit Reference Rate Interest Only 4.94% pa 4.74% pa
AMP First Line of Credit Reference Rate Investment 4.94% pa 4.74% pa
AMP First Line of Credit Reference Rate Interest Only Investment 5.34% pa 5.14% pa

These changes are effective 22 July 2019. Your new rate will appear on My AMP or the My AMP app from 23 July 2019.

Repayment Changes

Your new repayment amount will become effective from your next scheduled repayment date after Monday 22 July 2019.

We are also reducing a number of 2 and 3 year fixed rate loans effective 22 July 2019. You can switch into a fixed rate free of charge. Contact us on 13 30 30 if you wish to discuss a fixed rate in more detail.

We are decreasing the following fixed rates:

  • 2 year Professional Package Occupied Principal and Interest to 3.10% pa (comparison rate 4.39% pa)
  • 3 year Professional Package Owner Occupied Principal and Interest to 3.29% pa (comparison rate 4.33% pa)
  • 2 year Professional Package Owner Occupied Interest Only to 4.23% pa (comparison rate 4.58% pa)
  • 3 year Professional Package Owner Occupied Interest Only to 4.33% pa (comparison rate 4.58% pa)
  • 2 year Professional Package Investment Principal and Interest to 3.62% pa (comparison rate 5.02% pa)
  • 3 year Professional Package Investment Principal and Interest to 3.62% pa (comparison rate 4.89% pa)
  • 2 year Professional Packages Investment Interest Only to 3.64% pa (comparison rate 5.01% pa)
  • 3 year Professional Packages Investment Interest Only to 3.64% pa (comparison rate 4.89% pa)

The changes to the variable interest rates are being published in The Australian on Friday 19 July 2019.

You can log into My AMP from Tuesday 23 July 2019 to find out what your minimum repayment amount is.

The changed repayment amount will also be shown on your next statement after 22 July 2019.

What you need to do

You'll need to update your repayments as outlined:

  • Direct debit - If you've asked us to take your repayments by direct debit, you don't need to do anything. We'll automatically adjust this to the new repayment amount. Please make sure your account has sufficient funds to make the new repayments. If you want to keep your repayments the same as they are today, contact us on 13 30 30.
  • Deduction from your salary - You'll need to contact your payroll office to update your salary deduction amount before your next repayment date.
  • Periodic payment from another bank - please contact that bank to update your payment amount before your next repayment date.

If you make fortnightly repayments, you'll pay half of the minimum monthly repayment each fortnight. If you've asked to make weekly repayments, you'll pay a quarter of the minimum monthly repayment each week.

Also, if you're making an additional amount (for instance, and extra $50 a fortnight) by direct debit, call us if you want to amend this amount.

If repayments are made weekly or fortnightly on Interest Only Variable Payment loans

If your loan product allows weekly or fortnightly repayment schedules, estimating weekly/fortnightly repayment amounts should allow for a 33 day month, since if the last day of the month occurs on a Saturday, interest will not be charged, and repayment will not be taken until the Monday after (meaning the interest charged will be for a total of 33 days).

So to estimate weekly and fortnightly repayments use the following formulae:

Weekly repayment = Loan Amount x (Interest rate/365) x (33/4)

Fortnightly repayment = Loan Amount x (Interest rate/365) x (33/2)

Once you have estimated the decreased repayments on your Interest Only Variable Payment loan, you can take action to change any Direct Debit in place with either ourselves or another institution if you wish to reduce your repayment amount.

We are reducing the AMP Saver account standard variable rate by 0.20% pa from 1.85% pa to 1.65% pa, effective Monday 15 July 2019. We are also increasing the bonus margin for eligible customers by 0.20% p.a. for both new and existing customers with eligible deposits within the bonus period.

This means not only will new eligible AMP Saver customers receive 2.75% pa, payable on balances up to $250k for 4 months from the account open date, but customers currently enjoying 2.75% pa will not experience a reduction.

All deposits revert to the standard variable AMP Saver rate at the end of the bonus period.

All offers do remain variable and are subject to change.

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 15 081 596 009, AFSL and Australian Credit Licence 234517.