AMP Bank has announced changes to its home loan rates, including decreasing a range of fixed rate loan options, while increasing variable rates. 

Variable lending rates for new and existing owner occupiers and investors will increase by 0.15% p.a.

AMP Bank Chief Executive Sally Bruce said the Bank recognises customers may be seeking certainty in a changing market so we’re also announcing some competitive fixed rates.

New fixed lending rates for owner occupiers and investors:

• 3.99% p.a. for three-year Basic and Professional Package investment principal and interest
• 4.06% p.a. for five-year Basic and Professional Package owner occupied principal and interest

AMP Bank’s highly competitive two-year Professional Package fixed rate for owner occupied principal and interest customers of 3.75% p.a. will also continue to be offered.

Ms Bruce added: “The change in variable rates is driven by an increase in costs.”

“We have held off passing this cost on to existing customers for as long as we can. We are managing our loan portfolio in a very active market and decisions on rates are never taken lightly,” Ms Bruce said.

The changes are effective 8 March for new business and 11 March for existing business.

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