AMP Bank has announced interest rate changes for home loan and deposit customers, following the Reserve Bank of Australia’s (RBA) increase to the official cash rate.

Effective 17 June 2022 for new customers and 20 June 2022 for existing customers, the interest rates for all variable rate home loans will increase by 0.50 per cent.

AMP Bank will also increase interest rates on AMP SuperEdge Saver by 0.55 per cent and AMP Notice products[1]  by 0.5 per cent effective 20 June 2022 and 14 June 2022 respectively. In addition, deposit account rates offered by AMP Bank to investment clients through AMP wealth platforms will increase by 0.50 per cent, effective 14 June 2022.  

AMP Bank continues to offer highly competitive term deposit rates on longer terms, and we’ll continue to review our position on other at call products.

Sean O’Malley, AMP Bank Group Executive said:

“We are very conscious of the impact that increasing home loan rates has on homeowners and their household budgets.

“Pleasingly, close to 90 per cent of AMP Bank’s home loan customers are ahead on their repayments, positioning them well to manage rising interest rates.

“We are here to help customers understand how their repayments might change and how to best manage their repayments to own their home sooner.

“We encourage customers to use our home loan repayments calculator or contact one of our home loan specialists or their broker to understand the options available to them.

“AMP Bank is focused on providing competitive rates for both our home loan customers and savers to help them achieve their investment goals.”

_{[1] AMP Bank AMP Notice Account, AMP 6-month Notice Account, AMP Notice Account Financial, AMP 6-month Notice Account Financial} 

_{The product issuer and credit provider is AMP Bank Limited ABN 15 081 596 009, AFSL and Australian credit licence 234517.}