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AMP Bank Professional Package Loan

Features

The AMP Bank Professional Package Loan is available as a variable rate loan or fixed rate loan. Depending on your capacity to accommodate changes in repayment size you may be best suited to one of these two options.

The AMP Bank Professional Package is also available as a split loan which allows you to set a fixed interest rate for a portion of your debt and allowing the rest to be subject to interest rate fluctuation.

When a loan is packaged with the AMP Bank Professional Package, there is the option to set a master borrowing limit. This allows you to access the equity in your mortgage in future without having to re-apply for funds.

For customers selecting a variable loan or a line of credit loan, the AMP Bank Professional Package Loan will provide you with access to a full transaction account that includes ATM access for cash withdrawals and an EFTPOS card.

Borrowers who opt for the variable loan with the AMP Bank Professional Package Loan will have access to a 100 per cent offset account, which can provide long term saving benefits if used to full effect.

Who is the AMP Bank Professional Package Loan good for?

The AMP Bank Professional Package Loan is good for borrowers who anticipate that they may need access to the equity in their mortgage in the future. This is because the pre-approved master limit allows customers to access their funds with ease when the time comes.

As repayment options are flexible for variable rate customers, this loan may also suit those who believe they will be in a position to make fortnightly or weekly payments throughout the life of their loan to potentially reduce the principal amount faster.

Review - What RateCity says

The AMP Bank Professional Package Loan will be suitable for customers who expect to engage with their home loan in the future. Whether it be through extra repayments, or redrawing on the pre-approved master limit, this is a loan that will be flexible to meet a borrowers need. Variable loan customers in particular will find that the access to an offset account and redraw facility will assist in adjusting the AMP Bank loan to their requirements.

The ongoing fees for split loan customers and penalties charged for fixed rate customers paying more than $10,000 in additional repayments per year may be off putting for some customers. Overall, the fees charged with this loan are moderate, however, compared to other loans on the market. Investors may find that the line of credit loan within this package, coupled with the pre-approved master limit, is a useful tool for future investment plans.

AMP Bank Professional Package Loan Options

Borrowers interested in the AMP Bank Professional Package Loan will find that it caters to a diverse range of needs. Explore fixed, variable and line of credit options using the links below.

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Advertised rate
Comparison rate*
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Fixed Rates from

3.99%

Advertised rate

4.57%

Comparison rate

Variable Rates from

3.69%

Advertised rate

4.06%

Comparison rate
Pros
  • Pre-approved master limit set on the loan.
  • Some upfront fees waived.
  • Offset account available with variable loan.
Cons
  • Ongoing fees and additional charges for features.
  • Fixed rate customers may only make $10,000 a year of extra repayments without penalty.
  • No branch access for customers.
Eligibility
Must borrow more than $100,000.

Must meet AMP Bank’s serviceability criteria.

Must be 18 years of age or over.

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
  • Line of Credit Loans
  • Investors
Fees
  • Estimated upfront fees: $0
  • Discharge fees: $100
  • Ongoing fees: $349 annually

The AMP Bank Professional Package Loan charges several ongoing fees of which some customers should be aware. This includes fees for accessing features, such as the split loan option, as well as for setting a master limit on the loan. There is also a discharge fee payable when you pay off your mortgage in full.

Variable rate customers will be charged an annual fee which fixed rate customers are not subject to. All customers will have the establishment fee and settlement fee waived.

Features
  • Redraw facility
  • 100% offset account
  • Unlimited extra repayments
  • Weekly repayments
  • Fortnightly repayments
  • Monthly repayments
  • Loan allows split interest rate
About AMP Bank
AMP Bank is part of AMP, which provides a range of services to customers in Australia and New Zealand, including superannuation, personal banking products and financial advice. Customers of AMP will be able to contact the bank by phone seven days a week and have access to online banking facilities.
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