Following the RBA’s decision to decrease the official cash rate by 0.25%, AMP Bank is reducing interest rates across all variable rate home loans by 0.25% per annum (pa) effective 3 March 2025 for customers.
This follows recent reductions to fixed rates across the board for AMP Bank’s Professional Package home loan, effective 12 February.
We will continue to offer a range of competitive options for customers looking for both at call savings and term deposits, including rates of up to 4.95% pa* on the AMP Saver account and Term Deposit rates up to 4.70% pa.^
Michael Christofides, AMP Bank’s Director, Lending & Everyday Banking said:
“We're pleased we can deliver this rate relief to our home loan customers, particularly in a high cost of living environment.
“We will continue to regularly review our products and ensure we provide our customers with competitive loan and saving rates.
“We encourage customers who have questions about the changes to speak with their broker, or contact our team directly. AMP Bank is also here to help any customer facing financial hardship.”
Support for customers
For more information customers can visit our website for details on variable home loan and everyday and savings account changes.
Those experiencing financial difficulty are encouraged to contact us for support.
* Up to 4.95% pa from 21 February 2025 ongoing variable rate on balances up to $250,000. Offer is limited to one account per person. For any portion of the balance over $250,000 and up to $5,000,000 the interest rate reverts to the standard rate only. The maximum ongoing balance per customer name is $5,000,000. For more information, see the AMP Saver Account Rewards
Rules.
^Interest rates are variable and subject to change.
The product issuer is AMP Bank Limited ABN 15 081 596009, AFSL and Australian Credit Licence 234517. Information including interest rates is correct as at 19 February 2025 and is subject to change. Terms and conditions apply and are available at amp.com.au/bankterms or by calling 13 30 30. Fees and charges maybe payable. A target market determination for this product is available at https://www.amp.com.au/bank/TMD.