AMP Bank is continuing its push to simplify its products, switching clients with legacy home loans to contemporary products, with the same or lower interest rates and fees.
AMP Bank Managing Director Rod Finch said: “Never before has it been more important to reduce complexity and this home loan simplification is about making it easier for our clients, as well as our brokers and advisers, to do business with us.
“This latest change follows previous simplification by the Bank, including the removal and reduction of more than 40 special service and home loan fees, as well as the transition of clients to contemporary deposit accounts.
“This move will allow us to provide a more focussed and competitive offering to our clients, and by reducing complexity, we can focus more of our time on supporting clients, brokers and advisers.
“Importantly, clients will be accessing the benefits and features of a newer product, with about 80 per cent of clients benefitting from a lower interest rate on at least one of their accounts, and no negative impact for the remaining.”
Clients don’t have to do anything, with home loan product switches in this change to happen automatically, initially for 3,000 clients (5,500 accounts), with further simplification to follow. The changes take effect on 31 May 2020.
For more information clients can call: 13 30 30
All banking products are issued by AMP Bank Limited ABN 15 081 596 009, AFSL and Australian Credit Licence 234517