Introductory Classic Home Loan (Interest Only)
Great Rate 1 year fixed Home Loan
specialBorrow up to 110% of the property value by asking your family to guarantee the home loan by using their property as security on your mortgage
Fixed - 1 year
Intro 12 months
- 100% full offset account
- Parents can sign as guarantor
- Extra repayments + redraw services
- Free redraw facility
- Discharge fee at end of loan
- Repayments may increase if RBA raises rates
Interest rate structure
$40k - $2.5m
Principal & interest
Loan term range
10 - 30 years
100% offset account
Unlimited extra repayments
Redraw fee: $0
Allows split interest
ACT, NSW, NT, QLD, SA, TAS, VIC, WA
Estimated upfront fees
Minimum SMSF Amount
Compare and review home loans with similar features
AMP Bank is a financial services company that was formed in 1849 as the Australian Mutual Provident Society.
AMP was made public in 1998 and now employs more than 5400 staff with over $110 billion in total assets and 820,000 shareholders. The company also includes AMP Capital, one of the largest investment managers in Asia Pacific with operations throughout the world. The bank has a head office in Sydney and provides a number of services, such as financial planning and banking products as well as investment advice through AMP Capital.
AMP Mortgage Calculator
Interested in an AMP home loan? RateCity has a suite of calculators that can show you what your repayments would be and how AMP compares to its competitors. Simply plug in your borrowing amount below.
Mortgage brokers are finance professionals who help borrowers organise home loans with lenders. As such, they act as middlemen between borrowers and lenders.
While bank staff recommend home loan products only from their own employer, brokers are independent, so they can recommend products from a range of institutions.
Brokers need to be accredited with a particular lender to be able to work with that lender. A typical broker will be accredited with anywhere from 10 to 30 lenders – the big four banks, as well as a range of smaller banks, credit unions and non-bank lenders.
As a general rule, brokers don’t charge consumers for their services; instead, they receive commissions from lenders whenever they place a borrower with that institution.
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.
The fastest way to find out what the lowest interest rates on the market are is to use a comparison website.
While a low interest rate is highly preferable, it is not the only factor that will determine whether a particular loan is right for you.
Loans with low interest rates can often include hidden catches, such as high fees or a period of low rates which jumps up after the introductory period has ended.
To work out the best value for money, have a look at a loan’s comparison rate and read the fine print to get across all the fees and charges that you could be theoretically charged over the life of the loan.