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30 November, 2021 

Reducing investment variable rates

Effective 1 December 2021We're reducing the following variable rates for all loan applications received from Wednesday, 1 December 2021.
 
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     Please refer to the current Interest Rate Bulletin for a full list of our interest rates.

For more information, speak to your Business Development Manager.


Increasing 2-year fixed rates

Effective 1 December 2021

We're increasing the following fixed rates for all loans settled from Wednesday, 1 December 2021.
 
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A Fixed rate lock fee is available for 0.15% of the original Fixed Rate Loan amount. The fee will lock the fixed rate for a period of 90 days from the date the fee is received. The fee is due and payable at the time lock in is selected and is not refundable. If a Fixed rate lock in fee has been paid and the fixed rate is lower than the rate locked in the lower of the two rates will apply. 

Please refer to the current Interest Rate Bulletin for a full list of our interest rates.

For more information, speak to your Business Development Manager.





16 November, 2021 

Reducing investment variable rates

Effective 15 November 2021

We're reducing the following variable rates for all loan applications received from Monday, 15 November 2021.
 
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Please refer to the current Interest Rate Bulletin for a full list of our interest rates.

For more information, speak to your Business Development Manager.

1 The comparison rate is calculated for a secured loan on a loan amount of $150,000 over 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. Comparison rates for fixed interest only loans are based on an initial interest only period equal to the nominated fixed period and the remaining period (to 25 years) principal and interest at the equivalent product variable rate. 

Approval is subject to AMP Bank guidelines. Credit provider is AMP Bank Limited ABN 15 081 596 009, Australian credit licence 234517. Information including interest rates is correct as at 10 November 2021 and is subject to change without notice. Terms and conditions apply and are available at amp.com.au/bankterms or by calling 13 30 30.

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Increasing owner occupied fixed rates

Effective 15 November 2021

We're increasing the following fixed rates for all loans settled from Monday, 15 November 2021.
 
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A Fixed rate lock fee is available for 0.15% of the original Fixed Rate Loan amount. The fee will lock the fixed rate for a period of 90 days from the date the fee is received. The fee is due and payable at the time lock in is selected and is not refundable. If a Fixed rate lock in fee has been paid and the fixed rate is lower than the rate locked in the lower of the two rates will apply. 

Please refer to the current Interest Rate Bulletin for a full list of our interest rates.

For more information, speak to your Business Development Manager.

1 The comparison rate is calculated for a secured loan on a loan amount of $150,000 over 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. Comparison rates for fixed interest only loans are based on an initial interest only period equal to the nominated fixed period and the remaining period (to 25 years) principal and interest at the equivalent product variable rate. 

Approval is subject to AMP Bank guidelines. Credit provider is AMP Bank Limited ABN 15 081 596 009, Australian credit licence 234517. Information including interest rates is correct as at 10 November 2021 and is subject to change without notice. Terms and conditions apply and are available at amp.com.au/bankterms or by calling 13 30 30.

2169497.jpg

Increasing investment fixed rates

Effective 15 November 2021

We're increasing the following fixed rates for all loans settled from Monday, 15 November 2021.
 
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A Fixed rate lock fee is available for 0.15% of the original Fixed Rate Loan amount. The fee will lock the fixed rate for a period of 90 days from the date the fee is received. The fee is due and payable at the time lock in is selected and is not refundable. If a Fixed rate lock in fee has been paid and the fixed rate is lower than the rate locked in the lower of the two rates will apply. 

Please refer to the current Interest Rate Bulletin for a full list of our interest rates.

For more information, speak to your Business Development Manager.

1 The comparison rate is calculated for a secured loan on a loan amount of $150,000 over 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. Comparison rates for fixed interest only loans are based on an initial interest only period equal to the nominated fixed period and the remaining period (to 25 years) principal and interest at the equivalent product variable rate. 

Approval is subject to AMP Bank guidelines. Credit provider is AMP Bank Limited ABN 15 081 596 009, Australian credit licence 234517. Information including interest rates is correct as at 10 November 2021 and is subject to change without notice. Terms and conditions apply and are available at amp.com.au/bankterms or by calling 13 30 30.

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2 November, 2021 

Reduced owner occupied variable rates

Effective 2 November 2021

We're reducing the following variable rates for all new applications received from Thursday, 2 November 2021.
 
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Please refer to the current Interest Rate Bulletin for a full list of our interest rates.

For more information, speak to your Business Development Manager.


Increasing owner occupied fixed rates

Effective 5 November 2021

We're increasing the following fixed rates for all loans settled from Friday, 5 November 2021.

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Our Interest Rate Bulletin will be updated on Thursday, 4 November 2021.

For more information, speak to your Business Development Manager.




20 October, 2021

Backing our broker network - watch below



Click here to find out more.


13 October, 2021 

Reduced investment variable rates

We're reducing the following variable rates for all new applications received from Thursday, 14 October 2021.

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Please refer to the current Interest Rate Bulletin for a full list of our interest rates.

For more information, speak to your Business Development Manager.



6 October, 2021 


Refinance cashback offer extended due to popular demand


We're extending our current refinance cashback offer into October!

Apply to refinance with AMP Bank by 31 October 2021 and settle by 22 December 2021 and your customer could receive $3,000 cashback. See below for details.


Terms & conditions

Special $3,000 cashback for a limited time (Offer) is only available for new refinance home loan applications received between 1 September 2021 and 31 October 2021 (inclusive) which settle by 22 December 2021. 

This Offer is open to Australian residents aged 18 and over who are refinancing an existing home loan they have with another lender to AMP Bank. Conditions, credit criteria, fees, charges, eligibility criteria and exclusions apply. 

This Offer is available on Professional Package, AMP First, Essential and Basic Home Loan products only. Min Loan amount $500k and LVR must be equal to or less than 80% (LMI may apply). 

This Offer is available for Owner Occupier with Principal & Interest repayments and Residential Investment Loans (Principal and Interest & Interest Only repayments). 

The Offer is not available for the refinance, restructure or switches of home loans within AMP Bank. 

Limit of one $3,000 cashback payment regardless of the number of applications, applicants, properties or loans involved. The $3,000 cashback cannot be used towards the serviceability of the home loan. The $3,000 cashback is not transferable.

The $3,000 cashback must be paid into an AMP Bank offset account, AMP Bett3r or AMP Access account, and will be paid within 60 days of the settlement date. If you do not have an existing AMP Bank offset account, AMP Bett3r or AMP Access account, one must be opened before the date of settlement.

For multiple home loan applicants, the AMP Bank account needs to be in the name of at least one of the home loan applicants, and the $3,000 cashback will be paid only once to the applicants jointly. 

The Offer is current as at 1 October 2021. This Offer may be varied, withdrawn or extended by AMP Bank at any time without notice. Applicants should seek their own tax advice in relation to the receipt of a cashback on settlement.

See our latest Interest Rate Bulletin for a full list of our interest rates.

For more information, speak to your Business Development Manager.





28 September, 2021 

Get ready for the DDO

New Design and Distribution Obligations (DDO) legislation take effect 5 October 2021 to help retail customers choose suitable products. The DDO apply only to retail customers and places new obligations on product issuers (like AMP Bank) and distributors (such as mortgage brokers, fixed income brokers and advisers). 


Our Target Market Determinations

A central part of the DDO is a new type of legal document called a ‘Target Market Determination’ or TMD. As a product issuer, AMP must define a TMD for each product we issue and make this publicly available. Distributors must know the TMDs for the products they sell and take reasonable steps to ensure distribution of the product is in line with the TMD. From 5 October 2021, any marketing or advertising material for our products must also refer to the TMD.

Access our TMDs so that you can familiarise with the relevant requirements well ahead of 5 October 2021. From 5 October 2021, our TMDs will also be publicly available at amp.com.au/bank/tmd.


Reporting

The DDO require us to collect information from our distributors to monitor the distribution of our products – the information we require is set out on the last page of our TMDs. The Government has announced its intention to amend the DDO so that distributors are no longer required to report ‘nil’ complaints, and our distribution agreements were updated to reflect this.

From 5 October 2021, our distributors must provide 6-monthly reports of complaints received about the product and its distribution. We’ll confirm the mode of reporting closer to the first reporting cycle.

In the unlikely event of a significant dealing, notify us via DDO_Bank@ampbanking.com.au as early as possible, and within 10 business days of becoming aware. You can also use this email address to provide any other relevant feedback on DDO matters.


More information

Over the next week, see changes to deposit application forms that show product inclusions based on the product selected. Similarly, we’ll add the TMD declaration to the Compliance Tab on AppCentre.

Read about the DDO, AMP’s approach and what it means for you, and an introduction to our Target Market Determinations.

You can also see more about the DDO legislation in the ASIC Regulatory Guide 274 here.

Thank you for your ongoing support as we prepare for full compliance by 5 October 2021. We’ll continue to provide information as it becomes available. If you have any questions in the interim, please contact your AMP Bank Business Development representative.





14 September, 2021

No more variation fees for Professional Package loans


From Monday 13 September 2021, we'll no longer charge our $299 variation fee for our Professional Package loans. For example, the below variation requests will no longer incur a variation fee:

  • Loan increase or top up
  • Open or close a new split
  • Switch products
  • Partial discharges or substitutions


We're also making several other changes to our home loans fees. These will be reflected in our new Home Loan Fees & Charges guide, available at amp.com.au/bankterms from Monday, 13 September 2021:

  • Discharge fee: one $390 fee (previously $100 fee AMP Bank fee + $250 solicitor discharge fee. Separate solicitor fee will no longer be charged).
  • Fixed rate lock fee: 0.15% of fixed loan amount (reduced from 0.20%).
  • Solicitor fee for new loan agreements: $295, regardless of the number of securities (no longer a $100 fee for each additional security where >2 properties exist).


Customers were notified of these fee changes during our recent July statement run. These fee changes have resulted in a slight change to comparison rates.

See our latest Interest Rate Bulletin for a full list of our interest rates.

For more information, speak to your Business Development Manager.

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Authorised third party correspondence

We're making improvements to our customer communications.

When a request is received to authorise third party access for an AMP Bank customer, we will immediately issue a letter notifying the customer we have provided access as requested.

This will provide assurance to our mutual customer that we have acted in accordance with their instruction.

For more information, speak to your Business Development Manager.

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Help during COVID

We’re aware COVID lockdown in NSW and VIC is making it difficult for some customers to sign their loan application. 

To help, we’ve adjusted our process to enable the acceptance of digital signatures in most circumstances during this lockdown.

Things to consider:

  • The customer will need to pass via Digital Verification Service for their signature to be accepted.
  • We may need to contact the customer to confirm their identification over the phone.
  • Acceptance of digital signatures will be at AMP Bank’s discretion.

In addition to AMP Bank’s current e-signature capability for loan documentation, we're currently underway with development of an application e-signature capability, which will be made available to all later this year.

For more information, speak to your Business Development Manager.

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Reminder of our refinance cashback offer announced last week


On top of our already low rates, we're offering a bonus reason to choose AMP Bank for your customers!

Apply to refinance with AMP Bank by 30 September 2021 and settle by 22 December 2021 and your customer could receive $3,000 cashback. See below for details.

Terms & conditions

Special $3,000 cashback for a limited time (Offer) is only available for new refinance home loan applications received between 1 September 2021 and 30 September 2021 (inclusive) which settle by 22 December 2021. 

This Offer is open to Australian residents aged 18 and over who are refinancing an existing home loan they have with another lender to AMP Bank. Conditions, credit criteria, fees, charges, eligibility criteria and exclusions apply. 

This Offer is available on Professional Package, AMP First, Essential and Basic Home Loan products only. Min Loan amount $500k and LVR must be equal to or less than 80% (LMI may apply). 

This Offer is available for Owner Occupier with Principal & Interest repayments and Residential Investment Loans (Principal and Interest & Interest Only repayments). 

The Offer is not available for the refinance, restructure or switches of home loans within AMP Bank. 

Limit of one $3,000 cashback payment regardless of the number of applications, applicants, properties or loans involved. The $3,000 cashback cannot be used towards the serviceability of the home loan. The $3,000 cashback is not transferable.

The $3,000 cashback must be paid into an AMP Bank offset account, AMP Bett3r or AMP Access account, and will be paid within 60 days of the settlement date. If you do not have an existing AMP Bank offset account, AMP Bett3r or AMP Access account, one must be opened before the date of settlement.

For multiple home loan applicants, the AMP Bank account needs to be in the name of at least one of the home loan applicants, and the $3,000 cashback will be paid only once to the applicants jointly. 

The Offer is current as at 3 September 2021. This Offer may be varied, withdrawn or extended by AMP Bank at any time without notice. Applicants should seek their own tax advice in relation to the receipt of a cashback on settlement.


See our latest Interest Rate Bulletin for a full list of our interest rates.

For more information, speak to your Business Development Manager.





7 September, 2021

AMP elevating the role of Bank

As you may have seen today, AMP Group CEO Alexis George has announced that given the importance of AMP Bank to the future growth of the company, the role of AMP Bank’s Managing Director will be elevated to the Executive Committee, reporting directly through to her as CEO. 

AMP Bank Managing Director Sean O’Malley has over 25 years’ banking experience and joined AMP from Westpac in 2013. Since then, he has served in technology, operations and customer-facing roles within the bank, including as Chief Operating Officer, prior to his appointment as Managing Director in April 2021.

This further signals the group’s intent to accelerate the growth of the bank, where mortgage brokers and advisers are our key distribution channel.

It’s an exciting time, as we continue to invest in AMP Bank, supporting our brokers with faster turnaround times, competitive pricing and our recent introduction of our refinance cashback campaign.

For more information, read today's full announcement or speak to your Business Development Manager.


Get to know our Target Market Determinations for the DDO

New Design and Distribution Obligations (DDO) legislation take effect 5 October 2021 to help retail customers choose suitable products. The DDO apply only to retail customers and places new obligations on product issuers (like AMP Bank) and distributors (such as mortgage brokers, fixed income brokers and advisers). 

NOTE: Treasury has indicated an intent to amend the DDO – we’ll keep you updated as details become available.

Our Target Market Determinations

A central part of the DDO is a new type of legal document called a ‘Target Market Determination’ or TMD. As a product issuer, AMP must define a TMD for each product we issue and make this publicly available. Distributors must know the TMDs for the products they sell and take reasonable steps to ensure distribution of the product is in line with the TMD.

We’re pleased to provide our TMDs on amp.com.au/distributor/tmd so that you can familiarise with the relevant requirements well ahead of 5 October 2021. Each TMD follows a standard structure and describes:

  • the intended customer
  • conditions for distribution of the product to the customer
  • situations triggering review of the TMD and 
  • any related reporting requirements for distributors.

From 5 October 2021, you’ll find TMDs with our product disclosures on amp.com.au/bankterms

Read about the DDO, our approach and what it means for you in our first update in the July Distributor Newsletter

You can also see more about the DDO legislation in the ASIC Regulatory Guide 274.

Thank you for your ongoing support as we prepare for full compliance on 5 October 2021. We’ll continue to provide information as it becomes available. If you have any questions in the interim, please speak to your Business Development Manager.


Planner Portal content refresh

If you’re a user of Planner Portal you’ll see some changes soon. We’re updating the site to present information on our Everyday Banking products in a clear and concise manner. Where practical, you’ll be redirected to our Distributor Centre for more information.

The changes you’ll see include:

  • Our special offers page
  • Updated ACMS FAQs
  • New pages titled ‘Interest rates’, ‘Bank Application’, and ‘Bank Application user guides’
  • New subsection titled ‘Deposit Products’ where you’ll see an overview of the Everyday Banking product suite. With this change, the ‘AMP Bett3r Account’, ‘AMP Saver Account’, and ‘Latest updates’ pages will be decommissioned.


For more information, speak to your Business Development Manager.






August 24, 2021 

Reduced variable and fixed rates


New Owner Occupied variable rates

We're reducing the following variable rates for all new applications received from Wednesday, 25 August 2021.

Please refer to the current Interest Rate Bulletin for a full list of our interest rates. 


New Owner Occupied fixed rates

The following interest rate reductions will be applicable for the fixed rate loans that settle from  Wednesday, 25 August 2021.


Additional information

A Fixed rate lock fee is available for 0.20% of the original Fixed Rate Loan amount. The fee will lock the fixed rate for a period of 90 days from the date the fee is received. The fee is due and payable at the time lock in is selected and is not refundable. If a Fixed rate lock in fee has been paid and the fixed rate is lower than the rate locked in the lower of the two rates will apply.

Please refer to the current Interest Rate Bulletin for a full list of our interest rates.For more information, speak to your Business Development Manager.1 The comparison rate is calculated for a secured loan on a loan amount of $150,000 over 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. Comparison rates for fixed interest only loans are based on an initial interest only period equal to the nominated fixed period and the remaining period (to 25 years) principal and interest at the equivalent product variable rate. 

Approval is subject to AMP Bank guidelines. Credit provider is AMP Bank Limited ABN 15 081 596 009, Australian credit licence 234517. Information including interest rates is correct as at 20 August 2021 and is subject to change without notice. Terms and conditions apply and are available at amp.com.au/bankterms or by calling 13 30 30