AMP Basic Variable Interest Rate Home Loan | Investment Loans | Mortgages | Interest Only

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.