Your home loan with AMP Bank
Same competitive interest rate
Whilst variable interest rates can change from time to time, your loan was transferred to AMP Bank at the same competitive variable interest rate that it had at the time of transfer.
No ongoing fees
No annual or ongoing monthly fees charged by us. Fees for special services apply, and fees may apply when you discharge your mortgage.1 Please refer to the AMP Bank home loan fees and charges guide.
Offset deposit account
You can apply for and link up to 10 offset deposit accounts to your AMP Blue home loan. The combined funds of these accounts are offset against your home loan balance each day, meaning you only pay interest on the remaining portion of your loan.
IMPORTANT TO NOTE: A separate offset deposit account will not be opened automatically for you when the loan is transferred. See more information in the FAQs.
We're retaining many of the great features of your existing loan
Current home loan |
AMP Blue home loan |
|
| Repayment frequency | Monthly | Principal & Interest: weekly, fortnightly or monthly Interest Only: monthly |
| Repayment date | On the same day each month, including weekends | Principal & Interest: 27th monthly Interest Only: same day as your previous home loan repayment date Please note: If your regular repayment date falls on a weekend, it adjusts to the next business day. |
| Fees | None, only third-party fees | No ongoing monthly or annual fees. Special services fees apply and fees may apply when you discharge your mortgage.1 |
| Offset deposit account via 100% mortgage offset2 | Yes, via offset sub-account arrangement | Yes, up to 10 offset deposit accounts linked to AMP Blue home loan. More information on offset deposit account can be found here. |
| Redraw | Yes, via sub account arrangement | Yes, via redraw available in your home loan. |
| Vault arrangement |
Yes | Not available – a similar benefit can be obtained using one or more offset deposit accounts. |
| Direct Debit (from an account with another financial institution) | No | Yes, you can set up a Direct Debit to pay your loan from an AMP Bank offset deposit account or any other Australian bank account. |
| Internet banking (on desktop) | No | Yes |
| Mobile App banking |
Yes | Yes |
| Phone banking | No | Yes |
| Customer contact centre |
Yes | Yes |
| Visa debit card |
Yes | Yes |
| Apple Pay, Google Pay & Samsung Pay | Yes | Yes |
| Direct Credit/Pay anyone | Yes | Yes |
| NPP (New Payments Platform for real time payments) | Yes | Incoming service only i.e., receiving payments from another bank. Outgoing service of making payments to other banks will be available soon. |
| BPAY | Yes | Yes |
| Recurring payments (on your Visa debit card) | Yes | Yes* |
| Bank@Post (deposit and withdraw with your Visa debit card at Australia Post) | No | Yes |
| Cash at ATMs | Yes | Yes (ATM fees are credited back to you for withdrawals in Australia). |
*IMPORTANT: Any recurring payments set up on your existing Visa debit card will need to be transferred to your new AMP Visa debit card for payments due on or after 27 March 2023. See also the FAQs under Loan account transition.
AMP home loan product comparison
| AMP Blue Home Loan | AMP Essential Home Loan | Professional Package Home Loan | |
| Interest only payment option | Yes | No | Yes |
| Redraw | Yes | Yes | Yes |
| Offset Deposit Account | Yes | No | Yes |
| Annual fee | No | No | Yes |
| Monthly fees | No | No | No |
| Visa debit card | Yes | No | Yes |
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Sat - Sun: 9am – 5pm (AEST)
What you need to know
1 Special services fees include fees like bank cheque fee, dishonour fee, requests for deposit special clearances made to other banks, currency conversion, etc. Refer to the AMP Bank Home loan fees and charges guide for more information on special services fees.
2 100% mortgage offset helps to reduce the interest calculated on your AMP Blue home loan by offsetting the funds available in your offset deposit account. You can link up to 10 offset deposit accounts and the combined funds are offset against your home loan balance each day, meaning your pay interest on the remaining portion of your loan.
The product issuer and credit provider is AMP Bank Limited ABN 15 081 596 009, AFSL and Australian credit licence 234517.
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. All information on this website is subject to change without notice.
AMP Bank is a member of the Australian Banking Association (ABA) and is committed to the standards in the Banking Code of Practice.