AMP Bank Classic Loan

Features

This package allows you to consolidate all your debts in one place by allowing you to have up to 10 split loans in each account, as long as you meet the minimum amount on each account.

The AMP Bank Classic Loan comes with an introductory variable interest rate for the first 12 months which is around one per cent lower than AMP Bank’s standard variable rate. With this loan, you get a 100 per cent offset account and you can make additional repayments on your loan, both of which enable you to cut interest costs and help you pay off your home loan sooner.  You also get free redraws through the redraw facility.

You have the option to repay the principal and interest or make interest-only instalments, which may appeal to investors. Investors will, however, pay a slightly higher interest rate than owner-occupiers, but that is now standard practice among lenders.

One of the other main loan options is the AMP Bank Classic Fixed Loan which is available for one, two, three or five years. Borrowers can repay interest-only or make principal and interest repayments. Investors will again pay a higher interest rate than owner-occupiers.

The fixed loans have some flexibility. You can make additional loan repayments up to the minimum allowed amount per year of your fixed term, but after that penalties apply. Should you pay the fixed rate portion of your loan out early, you will also be up for both break cost fees and interest-break fees.

You will also pay a rate lock fee to lock in your fixed interest rate during the application and settlement process if you choose the rate lock option.

AMP also provides a line of credit loan under this package, though the interest rate is slightly higher than that on a variable loan. A line of credit functions in a similar way to a credit card with a pre-approved borrowing limit where you can draw on as little or as much of that sum as you need, with interest paid on the outstanding balance.

The AMP Bank Classic Loan Line of Credit offers free redraws but, once again, investors pay a slightly higher interest rate.

Who is the AMP Bank Classic Loan good for?

The Classic Loan is good if you like the ease and convenience of having all your loans and transaction accounts in one place – and in a flexible structure. It could be a good choice for those looking to refinance or renovate.

Review - What RateCity says

There is no doubt the flexibility of AMP Bank’s Classic Club package is impressive and it may give you the scope you need to repay your home loan how you like. However, the interest rates on offer – particularly for investors – are not the lowest in the market and the loans have high upfront and some ongoing fees to consider as well.

Flexibility is attractive as it comes in the form of line of credit borrowing as well as a flexible variable loan, but it may come at a price after you take into account all the fees and interest rate charges.

AMP Bank Classic Loan Options

AMP Bank’s Classic Loan is offered in a number of different ways, giving you the chance to tailor your loan your way. Click on the links below to explore the range of loan options available to you.

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Fixed Rates from

4.60%

Advertised rate

5.04%

Comparison rate

Variable Rates from

4.13%

Advertised rate

5.08%

Comparison rate
Pros
  • Choice of fixed, variable or line of credit loans.
  • Early repayments and redraws allowed.
  • 100 per cent offset account available.
Cons
  • Can only borrow up to a low minimum amount.
  • Redraw is not free for the line of credit loan.
  • Not available to new customers.
Eligibility

Must be an existing home loan customer with AMP Bank.

Must be over 18 years of age.

 

Must meet serviceability criteria.

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
  • Investors
  • Line of Credit Loans
Fees
  • Estimated upfront fees: $895.00
  • Discharge fees: $100
  • Ongoing fees: $10 monthly

The AMP Bank Classic Loan has high upfront fees and an ongoing monthly fee which can add up over the life of the loan.

While you are able to split your mortgage across up to 10 different products, each split will incur a fee. Refinancing from another loan means you will pay a re-finance fee. In addition, switching fees also apply to this loan.

The linked offset account is convenient but there are limits to the number of transactions you can perform per month – after which you will be charged fees for ATM and EFTPOS transactions.

While these fees are small it is best to calculate them into your numbers.

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 provides home loan as well as deposit and transactions accounts to savers and borrowers. You can access your funds via the rediATM network which gives you access to thousands of cash points across the country.  AMP Bank has a call centre as well as online banking services and phone banking.

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