The AMP Essential Home Loan has a minimum loan amount of $40,000 and a maximum of $2 million. A minimum loan period of 10 years applies, with a maximum of 30 years.
Repayments can be made weekly, fortnightly or monthly and are made on a principal and interest basis. The loan offers free additional repayments and lump sum payments, which can be a great way to pay down the loan faster.
The AMP Essential Home Loan also gives borrowers the ability to redraw on these repayments online or via phone. However, no offset account is included for those looking to use their savings to reduce the amount of interest owed.
Customers have the ability to split the loan over up to 10 accounts and a portability option if selling and moving to a new property. The home loan can be accessed via the AMP mobile app.
Who is the AMP Essential Loan good for?
Review - What RateCity says
The AMP Essential Home Loan is a low variable rate loan that offers a number of valuable features alongside its highly competitive interest rate.
AMP may lack the convenience and branch access of the larger banks and lenders, but delivers in terms of value-for-money and repayment flexibility.
While some other lenders may charge for options such as the ability to make additional repayments and redraw on these payments, the AMP Essential Home Loan offers those features with no ongoing fees.
The loan doesn’t offer an offset account option, which is a popular home loan feature for many borrowers, but this may be counteracted by the loan’s low variable rate.
When you couple the freedom provided by these features with the loan’s low interest rate, it makes it an attractive option for customers looking to minimise the interest they will pay on the life of their mortgage.
AMP Bank Essential Loan Options
The AMP Essential Home Loan is a variable rate loan offered to both owner-occupiers and investors.
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