The AMP Bank Basic Loan gives borrowers the option to choose between variable rate and fixed rate loans, or to choose a split between the two types of loans. There are no monthly account fees under the AMP Bank Basic Package and you can redraw any extra funds you’ve deposited on your variable rate mortgage whenever you like, without any fees applying. You can make additional repayments at any time.
The AMP Bank Basic Variable Loan also gives borrows the option of reducing their interest payments by using a 100 per cent offset account, though a small monthly fee will apply. Fixed rate loans are available for one, two, three or five years and borrowers can repay interest only, or make principal and interest repayments.
You can also make additional repayments without cost on fixed loans up to a yearly limit of $10,000, a option not always offered on fixed loans.
Who is the AMP Bank Basic Loan good for?
The AMP Bank Basic Package might suit first time home buyers who want a loan that will provide some flexibility but who don't want to pay too much for features that they won't use.
The lack of ongoing fees and additional repayment and redraw fees is a plus, as is the ability to choose different loan types, which may appeal to investors, as well as owner occupiers.
Review - What RateCity says
The AMP Bank Basic Loan offers flexible repayment options on both variable and fixed home loans that may suit investors and owner occupiers. The package includes features that often aren't offered on basic loans such as the ability to split loans, repay interest-only and repay extra on both fixed and variable loans. There is also the optional offset account, though it comes with a small fee. The package may appeal to anyone looking for a loan that is simple to manage but provides several options in terms of repayments and accessing different types. However, you need to balance the flexibility of the features offered with a relatively high upfront fee.
AMP Bank Basic Package Options
The AMP Bank Basic Loan provides a broad range of options to suit a number of loan sizes, including fixed rate terms and variable rate options.
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