AMP Essential Home Loan AMP Essential Home Loan (PAYG and Self Employed) (Owner Occupied)

  • 3.98%
    p.a Basic Variable
  • 3.99%
    p.a Comparison**
  • $295
    Upfront fees
  • $0
    Annual fees
  • 90%
    Max Lvr
  • $1,844
    Per Month*

About AMP

AMP is a leading independent wealth management company in Australia and New Zealand, who’ve helped individuals and organisations build financial security and since 1849. AMP boasts the largest financial advice network in Australia and New Zealand with 4,259 aligned and employed financial advisers and planners. AMP’s motto is believing that financial security can help people turn their possibilities into reality, offering everything from superannuation services for businesses, income protection to low interest rate loans.

Basic Variable

Repayments calculated to take into account ongoing monthly and anual fees.

Monthly repayment*
$1,844
rate per annum
3.98%

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.

Lvr
90%
Capitalise LMI
Yes

Availability

For ["Equity", "Owner Occupied"], in ["NSW", "NT", "QLD", "SA", "WA", "VIC", "TAS", "ACT"].

Term
10 - 30 years
Min
$40,000
Max
$2,000,000

Eligibility

The level of financial documentaion and credit history required to apply for the loan.

Financials
Full Doc
Credit History
Conforming
Genuine Saving
Required

Redraw Facility

Get quick access to cash by drawing on the loan to pay for renovations or other purchases.

Redraw Facility
Yes
Min Redraw
$2000.0
Redraw fee
$0

Banking Features

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
No
Redraw Available
Yes
Credit Card
No
Internet Banking
Yes
Telephone Banking
Yes
BPay Option
No
Portability of Loan
Yes
Professional Pack
No
Check Account
No
Direct Salary Credit
Yes
Free Transactions
No
Minimum Redraw
Yes
Redraw Fee
No

Repayments

You can make your repaments Fortnightly, Monthly, and Weekly.

Interest Only Option
No
Max Interest Only
0 years

Upfront Fees

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.

Total
$295
Legal/Solicitor
$295

Ongoing Fees

Monthly and annual fees and charges during the loan period.

Total
$0

Exit Fees

Fees associated with prematurely ending the loan.

Total
$350
Exit
$350
Early Repayment
$0
Switch To Fixed
$0

Notes

OTHER PRODUCT INFORMATION: A highly competitively priced variable rate home loan, suited to customers that do not 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. Key Features - Competitive interest rate. - No ongoing monthly account management fees. - Split loan available with up to 10 AMP Essential Home Loans (split fees apply). - Available to personal customers only. - Principal and Interest payments only. - Single residential security property - owner occupied or investment. Fee-free unlimited view only access (excluding BPAY) to: - Internet banking - Mobile banking - BankPhone Splits - Cannot be split with any other product type. - Can ONLY be split with another AMP Essential Home Loan

LVR Notes

LMI applicable where LVR >80% Capitalisation of LMI premium allowed.

Notes

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.

Fee Notes

Quoted exit fee includes Solicitors and Mortgage Processing Servicers Discharge Costs. $295 Master Limit Application Fee applies where Master Limit requested. Guarantor Administration Fee of $200, LMI Processing Fees of $100 payable where applicable. - Loan Split fees waived up to 10 splits - Solicitors fee $295

*Monthly Repayments

Monthly repayments are calculated to take into account the loan amount, repayment term and ongoing fees and charges over the life of the loan.

  • Variable rate loans show the monthly repayments at the current rate.
  • Fixed rate loans show the monthly repayment during the fixed period only.
  • Monthly repayment calculations are an approximate guide only. Speak to a LoanMarket Mortgage broker to understand the exact cost of a loan given your particular circumstances.

**Comparison Rates

A comparison rate is a tool to help consumers identify the true cost of a loan. It factors in the interest rate, loan amount, repayment term and ongoing fees and charges and displays this as a single percentage rate that can be used to compare various loans from different lenders.

Monthly Repayment and Comparison Rate* calculations do not include:

  • The use of account features such as early repayments and offset accounts which vary widely among loans and can reduce the cost of a loan significantly.
  • Cost savings such as fee waivers or special rate discounts.
  • Fees and charges associated with loan options or events that may or may not be used by the borrower, such as early repayment or redraw fees
  • Lenders Mortgage Insurance (LMI) which may be required to secure the loan and can increase the cost of the loan.
  • Government charges such as stamp duty or mortgage registration fees.
  • Fees and charges which aren’t available at the time the comparison rate is provided