AMP Essential Home Loan AMP Essential Home Loan (PAYG and Self Employed) (Owner Occupied)
3.98%p.a Basic Variable
Repayments calculated to take into account ongoing monthly and anual fees.
- Monthly repayment*
- rate per annum
Loan to Value Ratio
Borrow up to the maxium of 90% of the value of the property.
Lenders Mortgage Insurance, or LMI, will be payable on most loans where the borrowings are greater than 80% of the value of the property.
However, you may be able to capitalise LMI into your loan, increasing the overall loan amount by about 2% (in order to cover the cost of the insurance). Contact a loan market broker to find out how LVR and LMI might impact the cost of your loan repayments.
- Capitalise LMI
For ["Equity", "Owner Occupied"], in ["NSW", "NT", "QLD", "SA", "WA", "VIC", "TAS", "ACT"].
- 10 - 30 years
The level of financial documentaion and credit history required to apply for the loan.
- Full Doc
- Credit History
- Genuine Saving
Save on interest repayments by holding spare cash in an offset account.
- Offset account
Get quick access to cash by drawing on the loan to pay for renovations or other purchases.
- Redraw Facility
- Min Redraw
- Redraw fee
Given the wide range of loans on offer – with different interest rates, product features and fees – it pays to shop around to find the loan that fits your needs and circumstances. Some loans offer features that may be appropriate for your situation and result in savings over the life of the loan.
Some features you may wish to consider include:
- an offset account;
- ability to make extra repayments;
- a redraw facility; and
- linked credit card and savings accounts;
- ability to split your loan between fixed and variable interest rates
- Offset Account
- Redraw Available
- Credit Card
- Internet Banking
- Telephone Banking
- BPay Option
- Portability of Loan
- Professional Pack
- Check Account
- Direct Salary Credit
- Free Transactions
- Minimum Redraw
- Redraw Fee
You can make your repaments Fortnightly, Monthly, and Weekly.
- Interest Only Option
- Max Interest Only
- 0 years
Upfront fess associated with estabilishing the loan. Other loan set-up fees, such as valuation fees and lender's mortgage insurance, and Government charges, such as registration fees and stamp duty on property transfer, have not been included. These will be determined after application.
Monthly and annual fees and charges during the loan period.
Fees associated with prematurely ending the loan.
- Early Repayment
- Switch To Fixed
The offer is also available on top-ups of $10,000 or more for existing customers' qualifying loans. Only available for loans with owner occupied security. On request, applications in progress that meet the conditions may qualify for the additional discount. If loan contracts have already been issued and we are requested to amend the rate, a rework fee of $100 will apply. LIMITED TIME OFFER Extended Until Further Notice The $250 Settlement Fee and $350 Establishment Fee will be waived for new loan applications received until Further Notice. PRE-APPROVAL FEES WAIVED For a limited time, AMP is waiving the $350 Pre-Approval Fee for all new Pre-Approval applications. OTHER PRODUCT INFORMATION: A highly competitively priced variable rate home loan, suited to customers that dont need a loan with a long list of features but still want the essentials including flexibility, the ability to make additional repayments and access to redraw. Bankphone & BankNet available - view only. Available for PAYG and Self employed applicants. Available for Owner Occupied purposes. Personal (non-business) purposes only permitted. Loan Splitting available only with another AMP Essential Home Loan (Maximum 10 facilities). Split fees apply. Switching: - Standard product switch fees apply - May be switched to and from any products - No mixing with other products and all splits must be switched to AMP Essential Home Loan - Early Repayment Fees apply where switch is from Fixed Rate Loan - For switches to AMP Essential Home Loan which include an existing Fixed Rate loan, the switch cannot be completed until expiry of the fixed rate period. If customer may choose to break fixed rate loan and Break Costs will apply. Redraw: - BankNet &amp; BankPhone are not available for redraw - BankAssist redraw available only (free of charge) - No customer initiated/electronic withdrawals permitted - Minimum $2,000 Top Ups/Refinances: Allowed using standard criteria. Easy Increases allowed Other: - Cannot be split with any other product type. - Can ONLY be split with another AMP Essential Home Loan
LMI applicable where LVR 80%< Capitalisation of LMI premium allowed on loans up to $1M. Max LVR/Loan: $40K - $850K - 90% plus capitalised LMI premium, $850K-$1.5M - 80%,$1.5M-$1.75M - 75%, and $1.75M-$2M - 70%. Max LVR 90%.
For property purchases >85% LVR, borrowers must contribute a minimum of 5% of the purchase price saved / held over a minimum 3 month period fo the last 3 months. Acceptable forms of savings include: -Funds in bank accounts/term deposits -Shares -Equity in residential property -Sale proceeds from residential property -Deposit paid for the property more than 3 months ago For more information please contact your Business Development Manager.
Quoted exit fee includes Solicitors and Mortgage Processing Servicers Discharge Costs. Split Loan annual fee $75 per additional split. Guarantor Admin Fee ($200), LMI Processing Fees ($100). Switch Fee: $350.