Following the Reserve Bank of Australia’s (RBA) decision to increase the cash rate by 0.25 per cent, AMP Bank has announced changes for home loan and deposit customers.

Effective 13 May 2022 for new customers and 16 May 2022 for existing customers, the interest rates for all variable rate home loans will increase by 0.25 per cent.

AMP Bank will also increase interest rates on selected deposit products¹ by 0.25 per cent effective 10 May 2022. In addition, deposit account rates offered by AMP Bank to investment clients through AMP wealth platforms will increase by 0.25 per cent, effective 10 May 2022.  

AMP Bank continues to offer highly competitive term deposit rates on longer-terms with a number of further rate increases coming into effect on 10 May 2022.

Sean O’Malley, AMP Bank Group Executive said:

“Our decisions on interest rates are never taken lightly and we are very conscious of the impact that increasing home loan rates will have on our customers and household budgets.

“We are here to help customers who have loans and who are considering how their repayments might change. Customers are encouraged to use our home loan repayments calculator and can get in touch with one of our Home Loan Specialists or their broker to understand the options available to them.

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

“Increasing interest rates for our deposit products will also provide some relief to savers in what remains a relatively low interest rate environment.

“AMP Bank is focused on supporting our customers and is committed to providing competitive rates to help them achieve their property and savings goals.”

For more information customers can visit www.amp.com.au/interest-rate-update.

_{¹AMP 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.}