Offset Deposit Account
A home loan with fixed, variable and Line of Credit options. Offsets are available for variable loans. A package fee is applicable.
Make your money work for you
Reduce the interest calculated on your eligible AMP Bank home loan by depositing your regular income and earnings into an everyday banking offset deposit account.
Pay less interest on your home loan
Link up to 10 offset deposit accounts. The combined funds are offset against your home loan balance each day, meaning you only pay interest on the remaining portion of your loan.
Access your money when you need it
Your savings will help reduce interest calculated, but you can still use the funds in your deposit accounts when you need to. Manage your account online, via My AMP app, or by phone banking.
How does it work?
Use all your deposited funds to reduce your interest repayments. See how you can potentially save years and thousands of dollars of loan repayments with the loan offset calculator. Add your regular deposits like salary, bonuses or other income on the extra repayments tab to view how these funds work to offset the outstanding balance of your loan.
The daily combined value of the funds in your deposit accounts is offset against your home loan amount. This means interest is calculated on a lower amount than your actual loan.
An example of how it works2
Home Loan balance: $400,000
Offset Deposit Account 1 balance: $30,000
Offset Deposit Account 2 balance: $45,000
You will only pay interest on: $325,000
How much could I save?
If you have a 30 year home loan, with a consistent balance of $75,000 in your Offset Deposit Account and a constant rate of 6% pa:
Estimate of interest saved: $244,075
Estimate of time saved on your loan: 8 years and 5 months
Rates & fees
All money in your Offset Deposit Accounts will offset your home loan. This could save you thousands of dollars in interest.
Any offset balance above your loan balance does not accrue interest. The AMP Offset Deposit Account does not have monthly fees unless linked to an AMP Basic home loan. In this case, there is a $6 monthly account management fee.
See the Deposit product fees and charges guide for more details, including fees for special services.
Effective 14 October 2019
| Accounts | Interest rate(i) |
| All balances | 0.00% pa |
(i) Interest rates are subject to change. Special service fees apply. Balances over $5,000,000 are available at our discretion.
Which loans can I link?
Eligible products
Most of our variable-rate loans can be linked to an Offset Deposit Account, including:
- Professional Package Variable Rate Loan
- Professional Package Variable Rate Loan with construction purpose
- Basic Variable Rate Loan
- Select Variable Rate Loan
- AMP First Variable Rate Loan (eligibility criteria apply)
- AMP Blue home loan (no longer available to new accounts)
- Introductory Classic Variable Rate Loan (no longer available to new accounts)
- Classic Variable Rate Loan (no longer available to new accounts)
- Affinity Variable Rate Loan (no longer available to new accounts)
- Affinity Basic Variable Rate Loan (no longer available to new accounts)
- AMP SuperEdge Variable Rate Loan (no longer available to new accounts)
- Introductory Professional Pack Variable Rate Loan (no longer available to new accounts)
- Low Doc Variable Rate Loan (no longer available to new accounts)
Offset Deposit Accounts are not available with:
- Standalone construction and land loans
- AMP’s Essential Home Loan
- Lines of credit
- Fixed rate loans
How to link an Offset Deposit Account to my home loan
Linking an Offset Deposit Account to an eligible loan account is only completed on request. We do not automatically link your Offset Deposit Account to your eligible loan account.
For example, if you come to the end of a fixed rate period and your loan converts to an eligible variable interest rate loan, you must call us on 13 30 30 to link or open an Offset Deposit Account.
If an Offset Deposit Account is linked to a home loan that is not eligible, no offset benefit will apply, and the product name will change to Unlinked Offset Deposit Account. All account access and operating terms and conditions remain unchanged.
How to apply
Whether you already have a home loan with AMP or you’re applying for a new one, make your repayments work harder using all your deposited funds to offset the cost of your interest.
FAQs
What’s included in my Offset Deposit Account?
Easily manage your money every day with a Visa Debit card3, access to online banking, the My AMP app, phone banking, BPAY,® and rebated Australian ATM fees.
What are the fees?
There are no monthly fees unless your Offset Deposit Account is linked to an AMP Basic home loan, then there is a $6 monthly account management fee. See the Deposit product fees and charges guide for more information.
What do I need to apply?
Applying online is easy and will take you about five minutes to complete. You will need a valid form of identification.
Are my savings secure?
The Australian Government guarantee protects combined deposits up to $250,000 per customer in the unlikely event a financial institution fails.
Support at your fingertips
If you need assistance or have any questions, provide your details and one of our home loan specialists in Australia will get in touch.
New Home Loan enquiries
Call: 1300 534 325
Email: direct_lending@ampbanking.com.au
Mon - Fri 9am - 5pm Sydney time
All other Home Loan enquiries
Call: 13 30 30
Email: info@ampbanking.com.au
Mon - Fri 8am - 8pm
Sat & Sun 9am - 5pm Sydney time
Important information
The product issuer and credit provider is AMP Bank Limited ABN 15 081 596 009, AFSL and Australian credit licence 234517.
It’s important to consider your circumstances and read the relevant Product Disclosure Statement or Terms and Conditions before deciding what’s right for you. This information hasn’t taken your circumstances into account. Information including interest rates is subject to change without notice.
Any application is subject to AMP Bank’s approval. Terms and conditions apply and are available at amp.com.au/bankterms or 13 30 30. Fees and charges may be payable. Full details are available in the Fees and charges guide.
This information is provided by AMP Bank Limited. Read our Financial Services Guide available at amp.com.au/fsg 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.
A target market determination for these products is available on our TMD page.