AMP Bank is making changes to its variable lending rates for new and existing owner occupiers and investors, following the Reserve Bank of Australia’s (RBA) announced increase to the cash rate on 7 November 2023. These changes will be effective 10 November 2023 for new customers and 13 November for existing customers.

New and existing customers (including AMP First)

Owner Occupied Principal and Interest Increasing by 0.25% pa
Owner Occupied Interest Only Increasing by 0.25% pa
Investment Principal and Interest Increasing by 0.25% pa
Investment Interest Only Increasing by 0.25% pa

Why are variable interest rates increasing?

The RBA increased the cash rate from 4.10% pa to 4.35% pa on 7 November 2023.

Changes to the official cash rate is one of several factors that impacts our pricing decisions. Other factors include the direct implication of the cash rate increase to the cost of borrowing, market conditions, as well as a desire to balance the interests of homeowners and savers.

We are conscious of the impact of increasing rates on customers and household budgets and remain committed to offering competitive rates to our customers.




What are the changes to my reference rate?

REFERENCE RATE NAME CURRENT REFERENCE RATE % pa NEW REFERENCE RATE % pa

Standard Reference Rate 

8.58% pa

8.83% pa

Standard Reference Rate Interest Only

9.05% pa

9.30% pa

Standard Reference Rate Investment

9.26% pa

9.51% pa

Standard Reference Rate Interest Only Investment                    

9.62% pa

9.87% pa

Basic Reference Rate

8.23% pa

8.48% pa

Basic Reference Rate Interest Only

8.40% pa

8.65% pa

Basic Reference Rate Investment

9.27% pa

9.52% pa

Basic Reference Rate Interest Only Investment

9.32% pa

9.57% pa

AMP First Reference Rate

6.99% pa

7.24% pa

AMP First Reference Rate Interest Only

7.84% pa

8.09% pa

AMP First Reference Rate Investment

7.19% pa

7.44% pa

AMP First Reference Rate Interest Only Investment

7.54% pa

7.79% pa

SMSF Reference Rate

9.92% pa

10.17% pa

SMSF Reference Rate Interest Only

9.97% pa

10.22% pa

Line of Credit Reference Rate

8.78% pa

9.03% pa

Line of Credit Reference Rate Interest Only

9.25% pa

9.50% pa

Line of Credit Reference Rate Investment

9.46% pa

9.71% pa

Line of Credit Reference Rate Interest Only Investment

9.82% pa

10.07% pa

AMP First Line of Credit Reference Rate

7.19% pa

7.44% pa

AMP First Line of Credit Reference Rate Interest Only

8.04% pa

8.29% pa

AMP First Line of Credit Reference Rate Investment

7.39% pa

7.64% pa

AMP First Line of Credit Reference Rate Interest Only Investment

7.74% pa

7.99% pa
AMP Blue Reference Rate
 		 8.58% pa 8.83% pa
AMP Blue Reference Rate Interest Only
 		 9.05% pa 9.30% pa
AMP Blue Reference Rate Investment
 		 9.26% pa 9.51% pa
AMP Blue Reference Rate Interest Only Investment 9.62% pa 9.87% pa



What were the previous variable rate changes?

In response to recent cash rate increases by the Reserve Bank of Australia, AMP Bank has increased variable interest rates as per below:

  • 0.25% pa increase to all variable interest rates – effective 16 May 2022
  • 0.50% pa increase to all variable interest rates – effective 20 June 2022
  • 0.50% pa increase to all variable interest rates – effective 18 July 2022
  • 0.50% pa increase to all variable interest rates – effective 15 August 2022
  • 0.50% pa increase to all variable interest rates – effective 19 September 2022
  • 0.25% pa increase to all variable interest rates – effective 17 October 2022
  • 0.25% pa increase to all variable interest rates – effective 14 November 2022
  • 0.25% pa increase to all variable interest rates – effective 19 December 2022
  • 0.25% pa increase to all variable interest rates – effective 13 February 2023
  • 0.25% pa increase to all variable interest rates – effective 13 March 2023
  • 0.25% pa increase to all variable interest rates – effective 8 May 2023
  • 0.25% pa increase to all variable interest rates – effective 12 June 2023



How do I switch my repayment type to Principal & Interest?

 

You can send us a request to change your repayment type from Interest Only to Principal & Interest via My AMP secure messaging.

Switching your repayment type from Interest Only to Principal & Interest is free.




When will these changes take effect?

 

These changes are effective 10 November 2023 for new customers and 13 November 2023 for existing customers.

Repayment Changes

Your new repayment amount will become effective from your next scheduled repayment date after 2 January 2024.




Will I receive more information on this change?

 

The changes to the reference rates are being published in The Australian on 13 November 2023.

We will also send an interest rate and repayment change letter to you with your new interest rate and the minimum monthly repayment. If you have elected to receive communications electronically, you will be notified of these changes via email by 21 November 2023. Otherwise, a letter will be posted to you in the mail, which you will receive by 27 November 2023. If you’re making scheduled weekly or fortnightly payments, we will include those details too.




How can I find out what my changed repayment amount is?

 

If you have elected to receive communications electronically, you will be notified of repayment changes via email by 21 November 2023. Otherwise, a letter will be posted to you in the mail, which you should receive by 27 November 2023. The email/letter outlines your new interest rate and new repayment amount. In the meantime. You can use our loan repayment calculator to get an estimate of what your repayments will be.

The changed repayment amount will also be reflected on your next statement.

You can also log into My AMP from 14 November 2023 to find out what your minimum repayment amount is.




What if I want to change my repayments?

 

Customers can change their repayments, or the frequency of repayments, by filling out the online form in My AMP. Login to My AMP, select your home loan account, choose 'Manage repayments' in the 'I want to' menu and complete and submit the Manage repayments form.




What must I do to ensure my repayment amount changes to the new amount?

 

Depending on your loan repayment method as per below:

  • Direct debit - If you've asked us to take your repayments by direct debit, you don't need to do anything. We'll automatically adjust this to the new repayment amount. Please make sure your account has sufficient funds to make the new repayments.
  • Deduction from your salary - You'll need to contact your payroll office to update your salary deduction amount before your next repayment date.
  • Periodic payment from another bank - please contact that bank to update your payment amount before your next repayment date.

Also, if you're repaying an additional amount (for instance, an extra $50 a fortnight) by direct debit, call us if you want to amend this amount.

If repayments are made weekly or fortnightly on Interest Only variable rate loans

Your letter will include an estimate of the repayment based on the current outstanding balance (net of any offset balance), the new interest rate and a 31 day month. This is an estimate only and the actual interest payment will vary each month depending on the daily outstanding balance and the number of days in the repayment period.




How can I get support from AMP if I am unable to make my repayments?

 

You can find more information on the support available on our Financial Hardship Assistance page

What you need to know

The credit provider is AMP Bank Limited ABN 15 081 596 009, AFSL No 234517, Australian Credit Licence 234517. Information including interest rates is subject to change without notice. Terms and conditions apply and are available at amp.com.au/bankterms or by calling 13 30 30. Fees and charges are payable.

It’s important to consider your particular circumstances and read the relevant Terms and Conditions before deciding what’s right for you. This information hasn’t taken your personal circumstances into account.

AMP Bank is a member of the Australian Banking Association (ABA) and is committed to the standards in the Banking Code of Practice. 

This information is provided by AMP Bank Limited. Read our Financial Services Guide for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relation to products and services provided to you

A target market determination for these products is available on our TMD page.