AMP Bank is announcing its lowest ever fixed rate home loan, with fixed rates starting from 1.97% pa (3.01% pa comparison rate*), along with a package of support for home owners as well as everyday banking clients.
Effective 11 November 2020, AMP Bank’s fixed rate home loan changes for owner occupiers on the Professional Package, paying principal and interest, include:
- 22 bps cut to 2-year Fixed Rate to 1.97% pa (3.10% pa comparison rate*)
- 52 bps cut to 3-year Fixed Rate to 1.97% pa (3.01% pa comparison rate*)
- 70 bps cut to 5-year Fixed Rate to 2.29% pa (2.96% pa comparison rate*)
To support clients, AMP Bank will also:
- Continue to waive the variation fee for switching from variable to fixed (within the same product type) for existing clients wishing to take advantage of these new fixed rates.
- Place a freeze on forced sales for current and previous COVID-19 repayment pause clients, who are working with the Bank, to help keep them in their home**. This will be in place until 1 January 2022.
- Discontinue monthly deposit account management fees for everyday banking clients (previously on a temporary pause).
AMP Bank Managing Director Rod Finch said: “Our focus is on continuing to support clients and offer choice and certainty through releasing our lowest ever fixed rate.”
For more information clients can call 13 30 30.
*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.
**Only applicable to owner occupied properties for clients that entered repayment pause during or after March 2020, have had their loan with AMP Bank for at least 12 months, and were not in arrears on their loan in the 12 months prior to entering the repayment pause. For more information visit: https://www.amp.com.au/home-loans/info/Home-loan-relief
Approval is subject to AMP Bank guidelines. Terms and conditions apply and are available at https://www.amp.com.au/bankterms or 13 30 30. Fees and charges may be payable.
It’s important to consider your circumstances and read the relevant Terms and Conditions before deciding what’s right for you. This information hasn’t taken your circumstances into account.
Information, including interest rates, is correct as at 6 November 2020 and is subject to change without notice.