AMP Bank has announced changes to its variable lending rates for all owner occupiers and investors.  

The changes include an increase of: 

• 8 basis points for owner occupied principal and interest
• 17 basis points for owner occupied interest only
• 17 basis points for investment principal and interest
• 17 basis points for investment interest only 

The changes are effective 13 July 2018 for new business and 16 July 2018 for existing business. 

AMP Bank hasn’t raised rates for existing customers for over 12 months.  

AMP Bank Group Executive Sally Bruce said these changes are driven by an increase in funding costs. 

“We are managing our portfolio in a very active market and our decisions on rates are never taken lightly.  

“We have held off passing this cost on to customers for as long as we can and in fact have not increased interest rates for existing customers since June last year. 

“With any change, we are focussed on balancing the interests of our customers, the regulator and our business,” Ms Bruce said. 

AMP Bank continues to offer a competitive three-year fixed rate for owner occupied principal and interest customers at 3.79%. 

For more information customers can call 13 30 30 or visit: www.amp.com.au/homeloans.