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  AMP Basic Variable Rate Mortgage

 

 

Lender Name

AMP

Product Name

BASIC VARIABLE

Product Type

BASIC

Interest Rates

Comparison Rate Schedule

Latest Interest Rates

Compare Other Lenders

Repayment Type

Principal & Interest, 
Interest Only

Repayment Options

Interest Only Monthly

Repayment Method

Scheduled Payments by direct debit or salary credit.
Extra repayments at any time by electronic transfer, by mail or deposit made at Australia Post.

Extra Repayments

Yes at any time by electronic transfer, by mail or deposit made at Australia Post.

Special Offers

 

Term

Minimum Principal & Interest - 10 years; Interest Only selected IO period
Maximum Interest Only term 5 years (10 years subject to Credit approval)
Maximum total term- 30 years

Loan Size

Minimum loan $40K
Maximum Loan $2M
For greater than $2M refer to BDM.

Mortgage Insurance

Applicable if LVR is over 80%. (Based on Zone 1. LVR lower for other zones).

Acceptable Income

PAYG, Self Employed, Salary & Wage Earners.

Fees

Establishment Fee of $350 for LVR>95%
Establishment Fee Nil if LVR<95%
Settlement Fee of $295 (Displayed Mortgage Prep Fee)
Pre Approval Fee $350
Monthly Account Management Fee $0
Redraw Fee $0 ($0 via BankNet and BankPhone. Via Bank Assist its $50 fee a

Offset

Yes 100% Mortgage Offset,  no account keeping or domestic transactions fees and no minium balance.

Redraw Facility

Yes. No mimimum amount and no charge via BankNet and BankPhone. Via BankAssist operator a $50 fee and $2k minimum.

Product Change

$0 under Master Limit.
$350 if not under Master Limit.

Statements

Issued 6 monthly.

Portability

Yes with simultaneous settlement.

Split Loan Facility

Yes available up to 10 splits for free with min $10,000 per split.
Additional Splits available are Fixed Rates, Basic Variable and Business Classic Loans.
$75 per additional split (Fees are waived if Basic is taken under Pro Pack).

Special Notes

Investment property purchases above 95% LVR
For investment property purchases above 95% LVR the borrower must now have 20% equity in an existing owner occupied property.

Basics can be split under Professional Package with a Fixed split and the $349 annual fee.

 

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