AMP Bank has today announced it will drop all variable rate home loans by 0.25% p.a., effective 21 June for new customers and 24 June for existing customers.

AMP Bank CEO Sally Bruce said reducing variable interest rates by 0.25% p.a. is great news for customers who will see their minimum monthly repayment reduce by $72 on a $500,000 home loan. This represents an annual saving of $864*.

“AMP Bank is committed to providing competitive rates and being the non-major bank of choice for Australians,” Ms Bruce said.

“Our decision to reduce variable home loan rates by 0.25% p.a. was made after careful consideration and is positive news for Australians looking to buy a home, or who are paying down a home loan, with interest rates now at new historic lows.”

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

*Based on an interest rate of 4.04% p.a. decreasing to 3.79%