AMP Bank home loan repayment calculator

Thinking about taking out a home loan with AMP Bank? Use our home loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how AMP Bank home loans compare with other options.

I'd like to borrow

$

I am an

Loan term

With a repayment type

Your estimated repayments

at interest rate 2.77 %

Total interest payable

$0

Total amount payable

$0

Pros and cons

Pros
  • Flexible repayment and loan options available
  • Discounted rates on some loans
  • Specialised loans available
  • Moderately-low rates on most loans
Cons
  • Ongoing fees charged on some loans
  • Limited interest-only payments

AMP Bank home loans rates

Product
Advertised Rate
Total estimated upfront fees
Comparison Rate*
Ongoing fee
Go to site
Company

2.77%

Variable

$295

2.80%

$0
AMP Bank
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2.59%

Variable

$295

3.00%

$349 annually
AMP Bank
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2.95%

Fixed - 3 years

$295

3.00%

$349 annually
AMP Bank
More details

3.59%

Fixed - 1 year

$295

3.06%

$349 annually
AMP Bank
More details

3.49%

Fixed - 2 years

$295

3.09%

$349 annually
AMP Bank
More details

2.19%

Fixed - 2 years

$295

3.13%

$349 annually
AMP Bank
More details

2.49%

Fixed - 3 years

$295

3.13%

$349 annually
AMP Bank
More details

2.99%

Fixed - 5 years

$295

3.23%

$349 annually
AMP Bank
More details

2.49%

Fixed - 1 year

$295

3.24%

$349 annually
AMP Bank
More details

2.89%

Variable

$295

3.30%

$349 annually
AMP Bank
More details

3.89%

Fixed - 5 years

$295

3.36%

$349 annually
AMP Bank
More details

3.34%

Variable

$295

3.37%

$0
AMP Bank
More details

2.99%

Fixed - 3 years

$295

3.40%

$349 annually
AMP Bank
More details

2.99%

Fixed - 2 years

$295

3.44%

$349 annually
AMP Bank
More details

2.99%

Fixed - 1 year

$295

3.48%

$349 annually
AMP Bank
More details

3.43%

Variable

$644

3.48%

$0
AMP Bank
More details

3.39%

Fixed - 5 years

$295

3.49%

$349 annually
AMP Bank
More details

3.12%

Variable

$295

3.52%

$349 annually
AMP Bank
More details

4.25%

Fixed - 1 year

$644

3.55%

$0
AMP Bank
More details

3.33%

Variable

$295

3.56%

$349 annually
AMP Bank
More details

4.55%

Fixed - 1 year

$644

3.58%

$0
AMP Bank
More details

4.35%

Variable

$295

3.63%

$349 annually
AMP Bank
More details

4.33%

Fixed - 2 years

$644

3.64%

$0
AMP Bank
More details

3.09%

Fixed - 5 years

$295

3.69%

$349 annually
AMP Bank
More details

4.63%

Fixed - 2 years

$644

3.69%

$0
AMP Bank
More details

4.03%

Variable

$644

3.71%

$0
AMP Bank
More details

2.79%

Fixed - 3 years

$295

3.73%

$349 annually
AMP Bank
More details

3.68%

Variable

$644

3.73%

$0
AMP Bank
More details

4.06%

Fixed - 5 years

$644

3.73%

$0
AMP Bank
More details

4.49%

Fixed - 3 years

$644

3.75%

$0
AMP Bank
More details

2.79%

Fixed - 2 years

$295

3.81%

$349 annually
AMP Bank
More details

3.99%

Fixed - 3 years

$545

3.81%

$0
AMP Bank
More details

4.64%

Fixed - 1 year

$545

3.82%

$0
AMP Bank
More details

4.79%

Fixed - 3 years

$644

3.82%

$0
AMP Bank
More details

3.94%

Variable

$644

3.83%

$0
AMP Bank
More details

4.84%

Fixed - 1 year

$644

3.83%

$0
AMP Bank
More details

4.57%

Fixed - 2 years

$545

3.89%

$0
AMP Bank
More details

2.99%

Fixed - 1 year

$295

3.92%

$349 annually
AMP Bank
More details

3.53%

Variable

$295

3.92%

$349 annually
AMP Bank
More details

4.77%

Fixed - 2 years

$644

3.92%

$0
AMP Bank
More details

3.61%

Variable

$295

4.00%

$349 annually
AMP Bank
More details

5.07%

Fixed - 3 years

$644

4.08%

$0
AMP Bank
More details

5.23%

Fixed - 5 years

$644

4.19%

$0
AMP Bank
More details

5.18%

Fixed - 5 years

$545

4.35%

$0
AMP Bank
More details

5.38%

Fixed - 5 years

$644

4.40%

$0
AMP Bank
More details

4.59%

Variable

$295

4.62%

$0
AMP Bank
More details

3.29%

Variable

$699

4.73%

$20 monthly
AMP Bank
More details

4.55%

Variable

$295

4.92%

$349 annually
AMP Bank
More details

3.29%

Variable

$699

5.34%

$20 monthly
AMP Bank
More details

AMP Bank customer service

Home loan customers can contact AMP by phone to discuss home loans, new customer enquiries, general banking enquiries, as well as superannuation, insurance and retirement queries. You can also contact the bank via email. Customers can also request an appointment through an affiliated network of financial advisers that can be found via the AMP website.

  • Customer service centre (phone)
  • Mobile app
  • Online banking
  • Email
  • Live Chat

How to apply for AMP Bank home loans

There are several ways to apply for an AMP Bank home loan. You can download an application form from the AMP website and arrange an appointment with an AMP Bank home loan specialist. You can also apply by phone or request the bank contact you when convenient. 

Before applying for a home loan, consider how much you can afford to borrow and comfortably repay given your financial situation and income. 

You will also need to provide documentation when applying for a home loan, including (amongst others):

  • Identification.
  • Proof of employment, income and assets.
  • Information on current liabilities, debts and loans.
  • Details of other earnings and expenses.

Refinancers will also be required to provide home loan statements for the previous six months and their last three statements for all loans, accounts or cards being refinanced (if you plan to consolidate these other debts into your mortgage).

AMP Bank home loans review

As a large financial services company, AMP can offer Australians a variety of home loan options.

AMP Bank home loans are available with variable interest rates, or you can fix your interest for up to five years, or choose to split your rate. Options are available for owner occupiers and investors, as well as refinancers. Construction loans are also available for borrowers seeking to build or renovate a property.

AMP’s lowest home loan interest rates tend to be for owner occupiers paying principal and interest. Eligible corporate super members and AMP Limited shareholders may also be able to access special interest rate offers on AMP Bank home loans.

Many AMP Bank home loans have no upfront or ongoing fees. However, other fees and charges may apply on specific home loan offers, or when you use specific home loan features. 

Offset accounts are also available for selected AMP Bank home loans upon request, and may be applied for separately. Extra repayments and redraws are also available with AMP Bank home loans.  

Learn more about AMP Bank

Who offers 40 year mortgages?

Home loans spanning 40 years are offered by select lenders, though the loan period is much longer than a standard 30-year home loan. You're more likely to find a maximum of 35 years, such as is the case with Teacher’s Mutual Bank

Currently, 40 year home loan lenders in Australia include AlphaBeta Money, BCU, G&C Mutual Bank, Pepper, and Sydney Mutual Bank.

Even though these lengthier loans 35 to 40 year loans do exist on the market, they are not overwhelmingly popular, as the extra interest you pay compared to a 30-year loan can be over $100,000 or more.

Are bad credit home loans dangerous?

Bad credit home loans can be dangerous if the borrower signs up for a loan they’ll struggle to repay. This might occur if the borrower takes out a mortgage at the limit of their financial capacity, especially if they have some combination of a low income, an insecure job and poor savings habits.

Bad credit home loans can also be dangerous if the borrower buys a home in a stagnant or falling market – because if the home has to be sold, they might be left with ‘negative equity’ (where the home is worth less than the mortgage).

That said, bad credit home loans can work out well if the borrower is able to repay the mortgage – for example, if they borrow conservatively, have a decent income, a secure job and good savings habits. Another good sign is if the borrower buys a property in a market that is likely to rise over the long term.

How can I get a home loan with bad credit?

If you want to get a home loan with bad credit, you need to convince a lender that your problems are behind you and that you will, indeed, be able to repay a mortgage.

One step you might want to take is to visit a mortgage broker who specialises in bad credit home loans (also known as ‘non-conforming home loans’ or ‘sub-prime home loans’). An experienced broker will know which lenders to approach, and how to plead your case with each of them.

Two points to bear in mind are:

  • Many home loan lenders don’t provide bad credit mortgages
  • Each lender has its own policies, and therefore favours different things

If you’d prefer to directly approach the lender yourself, you’re more likely to find success with smaller non-bank lenders that specialise in bad credit home loans (as opposed to bigger banks that prefer ‘vanilla’ mortgages). That’s because these smaller lenders are more likely to treat you as a unique individual rather than judge you according to a one-size-fits-all policy.

Lenders try to minimise their risk, so if you want to get a home loan with bad credit, you need to do everything you can to convince lenders that you’re safer than your credit history might suggest. If possible, provide paperwork that shows:

  • You have a secure job
  • You have a steady income
  • You’ve been reducing your debts
  • You’ve been increasing your savings

What is a variable home loan?

A variable rate home loan is one where the interest rate can and will change over the course of your loan. The rate is determined by your lender, not the Reserve Bank of Australia, so while the cash rate might go down, your bank may decide not to follow suit, although they do broadly follow market conditions. One of the upsides of variable rates is that they are typically more flexible than their fixed rate counterparts which means that a lot of these products will let you make extra repayments and offer features such as offset accounts.

Who has the best home loan?

Determining who has the ‘best’ home loan really does depend on your own personal circumstances and requirements. It may be tempting to judge a loan merely on the interest rate but there can be added value in the extras on offer, such as offset and redraw facilities, that aren’t available with all low rate loans.

To determine which loan is the best for you, think about whether you would prefer the consistency of a fixed loan or the flexibility and potential benefits of a variable loan. Then determine which features will be necessary throughout the life of your loan. Thirdly, consider how much you are willing to pay in fees for the loan you want. Once you find the perfect combination of these three elements you are on your way to determining the best loan for you. 

Do the big four banks have guarantor home loans?

Yes, ANZ, Commonwealth Bank, NAB and Westpac all offer guarantor home loans. These mortgages are also offered by many other banks, credit unions and building societies.

What is a building in course of erection loan?

Also known as a construction home loan, a building in course of erection (BICOE) loan loan allows you to draw down funds as a building project advances in order to pay the builders. This option is available on selected variable rate loans.

What are the pros and cons of no-deposit home loans?

It’s no longer possible to get a no-deposit home loan in Australia. In some circumstances, you might be able to take out a mortgage with a 5 per cent deposit – but before you do so, it’s important to weigh up the pros and cons.

The big advantage of borrowing 95 per cent (also known as a 95 per cent home loan) is that you get to buy your property sooner. That may be particularly important if you plan to purchase in a rising market, where prices are increasing faster than you can accumulate savings.

But 95 per cent home loans also have disadvantages. First, the 95 per cent home loan market is relatively small, so you’ll have fewer options to choose from. Second, you’ll probably have to pay LMI (lender’s mortgage insurance). Third, you’ll probably be charged a higher interest rate. Fourth, the more you borrow, the more you’ll ultimately have to pay in interest. Fifth, if your property declines in value, your mortgage might end up being worth more than your home.

Can I change jobs while I am applying for a home loan?

Whether you’re a new borrower or you’re refinancing your home loan, many lenders require you to be in a permanent job with the same employer for at least 6 months before applying for a home loan. Different lenders have different requirements. 

If your work situation changes for any reason while you’re applying for a mortgage, this could reduce your chances of successfully completing the process. Contacting the lender as soon as you know your employment situation is changing may allow you to work something out. 

What happens to my home loan when interest rates rise?

If you are on a variable rate home loan, every so often your rate will be subject to increases and decreases. Rate changes are determined by your lender, not the Reserve Bank of Australia, however often when the RBA changes the cash rate, a number of banks will follow suit, at least to some extent. You can use RateCity cash rate to check how the latest interest rate change affected your mortgage interest rate.

When your rate rises, you will be required to pay your bank more each month in mortgage repayments. Similarly, if your interest rate is cut, then your monthly repayments will decrease. Your lender will notify you of what your new repayments will be, although you can do the calculations yourself, and compare other home loan rates using our mortgage calculator.

There is no way of conclusively predicting when interest rates will go up or down on home loans so if you prefer a more stable approach consider opting for a fixed rate loan.

What is a comparison rate?

The comparison rate is a more inclusive way of comparing home loans that factors in not only on the interest rate but also the majority of upfront and ongoing charges that add to the total cost of a home loan.

The rate is calculated using an industry-wide formula based on a $150,000 loan over a 25-year period and includes things like revert rates after an introductory or fixed rate period, application fees and monthly account keeping fees.

In Australia, all lenders are required by law to publish the comparison rate alongside their advertised rate so people can compare products easily.

What is a guarantor?

A guarantor is someone who provides a legally binding promise that they will pay off a mortgage if the principal borrower fails to do so.

Often, guarantors are parents in a solid financial position, while the principal borrower is a child in a weaker financial position who is struggling to enter the property market.

Lenders usually regard borrowers as less risky when they have a guarantor – and therefore may charge lower interest rates or even approve mortgages they would have otherwise rejected.

However, if the borrower falls behind on their repayments, the lender might chase the guarantor for payment. In some circumstances, the lender might even seize and sell the guarantor’s property to recoup their money.

How do I take out a low-deposit home loan?

If you want to take out a low-deposit home loan, it might be a good idea to consult a mortgage broker who can give you professional financial advice and organise the mortgage for you.

Another way to take out a low-deposit home loan is to do your own research with a comparison website like RateCity. Once you’ve identified your preferred mortgage, you can apply through RateCity or go direct to the lender.

What is breach of contract?

A failure to follow all or part of a contract or breaking the conditions of a contract without any legal excuse. A breach of contract can be material, minor, actual or anticipatory, depending on the severity of the breaches and their material impact.

What happens when you default on your mortgage?

A mortgage default occurs when you are 90 days or more behind on your mortgage repayments. Late repayments will often incur a late fee on top of the amount owed which will continue to gather interest along with the remaining principal amount.

If you do default on a mortgage repayment you should try and catch up in next month’s payment. If this isn’t possible, and missing payments is going to become a regular issue, you need to contact your lender as soon as possible to organise an alternative payment schedule and discuss further options.

You may also want to talk to a financial counsellor.