AMP Bank Essential Home Loan
- Interest rate
- 6.54 % p.a.
- Comparison rate
- 6.57 % p.a.
- Minimum Deposit
- 40 %
Summary
A simple and easy-to-manage home loan without the long list of features you may not need.
If you're looking for the essentials in a home loan, such as the flexibility to make additional repayments and a redraw facility, then you may want to add this loan to your comparison.
Suitable for a first home buyer who may be opting for a 'no-frills' home loan with flexible features, it is available for personal customers with a Pay As You Go (PAYG) income.
It offers a competitive interest rate along with no monthly account and management fees, helping you pay off your loan sooner.
However, please note that a mortgage offset account is not available.
Pros
-
There are $0 service fees
-
Make extra payments with no penalty and access the funds via redraw upon request
Cons
-
A $390 discharge fee applies when you close your home loan account
-
No offset account
Details
Product details
| Product Name | AMP Bank Essential Variable Rate Home Loan - $250,000 to less than $750,000 LVR ≤60% (Investor, P&I) |
| Interest Rate Type | Variable rate |
| Repayment Type | Principal & Interest |
| Comp. Rate | 6.57% |
| Minimum Loan Amount | $750,000 |
| Maximum Loan Amount | $2,000,000 |
| Maximum Loan Term | 30 years |
| Maximum LVR | 60% |
| Loan Redraw Facility | Yes |
| Offset Account | No |
| Split Loan Facility | Yes |
| Fixed Interest Option | No |
| Loan Portable | Yes |
| Extra Repayments | Yes |
| Available as equity loan/line of credit | No |
Fees
| Application Fee | $0 |
| Lender's Legal Fee | $0 |
| Valuation Fee | Any valuation costs in excess of $550 |
| Ongoing Fees | $0 p.a. |
| Settlement Fee | $0 |
| Discharge Fee | $390 |
Pros & Cons
| Pros and Cons | Pros
Cons
|
About this loan
What are the features and benefits of the AMP Bank Essential Home Loan?
- Competitive interest rate. The AMP Bank Essential loan is a variable rate product which offers a competitive interest rate.
- No monthly fees. With no ongoing account-keeping fees, you can focus on meeting your repayments with the AMP Bank Essential Home Loan.
- Free additional repayments. You can make additional repayments at any time without penalty. This can help you to repay the loan as soon as possible. If you make additional repayments you can request to redraw them for no extra charge. This is a handy feature that can give you access to your funds quickly while still taking advantage of the low-interest repayments while you had the money in the loan account.
- Split your loan. The AMP Bank Essential Home Loan allows you to split your loan into ten sub-accounts for increased flexibility. However, keep in mind that charges apply.
What fees and charges come with this loan?
- Settlement fee $0.
- Monthly maintenance fee $0. There are no ongoing fees for this loan which means you don't have to budget for account-keeping fees.
- Valuation fee: Free under $550. You only pay a valuation fee if the cost of valuing the property exceeds $550.
Other fees and charges apply.
How to apply
If you would like to apply for the AMP Bank Essentials home loan or find out more information about this product, please click the green "go to site" buttons on this page.
There are some eligibility and documentation requirements you'll need to fulfil if you decide to apply for the AMP Bank Essential Home Loan:
Documentation
- Personal details: You'll need to supply AMP Bank with personal details including identification (e.g. driver's licence), your date of birth and current address.
- Employment details: AMP Bank will need you to specify your current occupation, income and employer details.
- Financial details: You'll need to identify any assets that you may currently hold as well as any other debts or liabilities that you have (e.g. credit card debt).
- Your loan details: Specify the purchase price and loan purpose.
Eligibility
- Residency. To apply for the AMP Bank Essential Home Loan, you need to be an Australian citizen or permanent resident for tax purposes.
- Age. To be eligible for this home loan, you need to be at least 18 years of age.
Compare other home loan options
Your reviews
Richard Finder
Editor
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Richard Whitten Finder
May 13, 2022
Hi Natalie,
You can find a list of AMP’s current home loan interest rates & fees on this page.
For information about their previous rates and/or historical data, please reach out to AMP Customer Support to enquire if this is possible to retrieve.
You can call AMP at 133 888 or email them at askamp@amp.com.au. You can also send your message using their online enquiry form.
I hope this helps!
Regards,
Richard
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Peter
March 26, 2018
What is the minimum term of a loan of $110,000
Liezl
March 27, 2018
Hi Peter,
Thanks for your question. For Owner Occupier home loan, the minimum loan term for a loan amount of $100,000 and above is 10 years.
Feel free to message us again if you have other questions.
Cheers,
Liezl
Tam
March 22, 2018
hi, im interested in finding a home loan which offers a loan increase option as I have a lot of equity. could you tell me which of your loans offer this and is there a minimum amount eg $5000
Jeni Velasco Finder
March 22, 2018
Hi Tam,
Thank you for getting in touch with Finder.
You may take advantage of your existing equity in your home to finance a renovation or property purchase with a line of credit loan. Please use our comparison table to start comparing line of credit loans that suit your needs.
When you are ready, you may then click on the “Go to site” button and you will be redirected to the lender’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.
Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. You can also contact the provider if you have specific questions. Alternatively, you can speak to a mortgage broker who can take your personal circumstance into account and offer you a range of borrowing options.
I hope this helps.
Have a great day!
Cheers,
Jeni
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craig
May 06, 2016
I am currently with Bankwest. What is your new variable rate given the Reserve Bank change?
Jodie Humphries
May 06, 2016
Hi Craig,
Thank you contacting Finder.
AMP has yet to announce their response to the RBA’s choice to cut the cash rate. However, we are constantly monitoring these announcements and will update our lenders’ table about rate cuts as each lender announces their decisions. I suggest keeping an eye on this page for further announcements.
Regards,
Jodie
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Mike Carter
May 06, 2016
Can you tell me when we will hear the AMP response to the latest RBA cut to 1.75%?
Jodie Humphries
May 06, 2016
Hi Mike,
Thank you for getting in touch with Finder.
AMP has yet to announce their response to the RBA’s choice to cut the cash rate. However, we are constantly monitoring these announcements and will update our lenders’ table about rate cuts as each lender announces their decisions. I suggest keeping an eye on this page for further announcements.
Regards,
Jodie
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Natalie
May 06, 2022
What have been the intrest rates on an AMP
ESSENTIAL HOME LOAN from 2014 to 2022