Digital home loan FAQs

Will my home loan come with a debit card?

You can opt to receive a Visa debit card during your application for the Professional Package Home Loan. Individual applicants will receive their own debit card. In joint applications, each applicant will receive their own card. Note that the AMP Essential Home Loan does not come with a debit card.

Is there a minimum or maximum loan amount?

Using this application process, you can apply for a loan amount between $250,000 and $2 million.

Is there a minimum or maximum property valuation?

The minimum loan size of $250k and maximum loan-to-value ratio of 80% means that the minimum property value is $312,500. There is no maximum property valuation.

How do I qualify to apply online for a home loan?

You’ll need to:

• be 18 years or older and an Australian permanent resident

• be an individual, or if applying with a partner, you must be married/de facto living in the same household

• pass serviceability requirements (i.e., be able to meet monthly debt and expense commitments) using regular PAYG income and/or rental income, or self-employed and trading for at least 2 years as a Sole Trader, Partnership or Company

• have a good credit history be applying for up to 80% of your property’s value, with a loan size between $250,000 - $2 million

• have a property that is a house, townhouse, or apartment/unit in an eligible postcode

• not be a first home buyer if you are purchasing the property; or if you're refinancing, your existing loan isn't with AMP Bank

I /my partner is self-employed - do we qualify?

Yes, self-employed income is assessed in our online application process, and acceptable, however, we will need certain financial statements from the last two years.

You'll be automatically advised which documents you'll need to send us once you submit your application.

Please also note that approvals will take a bit longer as we aren't verifying income via the automated route used for PAYG.

If you have considerable self-employed income, you may want to consider discussing your circumstances with an AMP Home Lending Specialist on 1300 534 325 9am-5pm Monday to Friday AEST.

Are there some properties you won't lend on?

Only some. We have selected eligible postcodes that we will lend to through this application process, however, most metropolitan and major regional areas are acceptable. If your property is not eligible, you will know early in the application process.

The property must be an established house/townhouse or unit/apartment. Vacant land, property in construction, off-the-plan properties, commercial property or other specialised properties are not eligible.

How many loans can I have?

You can have multiple loans with AMP Bank. However, this application process only caters for one loan per security property.

For additional loan applications, talk to an AMP Bank Home Loan Specialist or Mortgage Broker. Book a chat or call 1300 534 325 9am-5pm Monday to Friday Sydney time to chat with a Home Loan Specialist.

Can I still get a loan with AMP Bank if I am declined via the online application process?

Yes. At this time AMP Bank only has some of its many home loan products available to be applied for online. Please also note that we only accept some customer and property types online.

It is quite plausible and possible that via an AMP Bank Home Loan Specialist or Mortgage Broker, AMP Bank may still be able to assist you with a home loan. Book a chat or call 1300 534 325 9am-5pm Monday to Friday Sydney time to chat with a Home Loan Specialist.

What kind of documents will I need to provide during the application?

We use digital processes and data to assess our online home loan applications. This includes verifying your identity, and assessing your income, expenses, and liabilities. As part of your home loan application, you will be required to log into your internet banking where we will access your financial transaction data safely and securely.

In most cases, the financial data we obtain via your Internet banking is enough. There is no need to provide any documentation (other than proof of identity by taking some photos on your smartphone), making it a quick and easy experience where you can be approved in minutes.

For the few applications where we need more information, the Customer Support team will contact you via email and phone to cover any questions they may have. If needed, they may request some additional documentation.

How long does the refinancing take?

Your application can be unconditionally approved within 60 minutes due to our digital application and decision-making process. Depending on the information provided, our credit team may need to check a few things before unconditionally approving.

Once approved, the settlement process is set by your current lender which usually takes around 2-3 weeks, though it can take longer. However, we’ll make sure to stay in touch and clearly communicate with you throughout the process, keeping you updated with progress and next steps – all the way from the start of the application, right through to becoming an AMP customer.

When should I refinance?

There are several reasons why you may consider refinancing, which could include:

• getting a better deal (which could save you thousands of dollars over the life of the loan),
• changing your repayment amounts (for example, if you are ahead in repayments and want to reduce them),
• accessing equity in your property; and/or
• getting a better customer experience.

What is the cost of refinancing from my current lender to AMP?

AMP is unable to say exactly how much it will cost you to switch from your existing lender to us, so we recommend you check your existing financial institution’s Terms and Conditions or contact them to be certain.

How do you refinance a home loan?

You’ll first need some basic information on your current situation such as your loan amount, loan type, and current interest rate so that you can compare loans.

Once you find a suitable lender, ensure the amount you are asking to borrow will cover the loan (or loans) you are refinancing, including any break or exit fees and outstanding interest.

After this step, you can apply for the new loan. Once approved, the new lender will issue you contracts and organise settlement and transfer of the mortgage.

We make the refinance process as easy and as fast as possible via our digital application process, where approval is possible within 60 minutes. We use automated property valuations, digital credit scores, automatic retrieval of banking transaction and income data, and digital verification of your identity using biometrics. This removes the need for paper-based forms, manual intervention, and long waiting times.

What is refinancing?

Refinancing is essentially taking out a new loan to pay off an existing loan, which could be held at another financial institution.

How will you verify my identity?

We use a digital provider to help us complete the identification process when you apply for a home loan. This is not a 100-point test, it’s a Verification of Identity. You will need to have your driver’s licence and passport with you when you complete this process.

Using your mobile phone, you will need to agree to provide access to the camera on your phone (after you receive a link from us) to take a:

1. photo of the front and back of your driver’s licence,
2. photo of your passport, and
3. take a photo of yourself.

The whole process to verify your identity can be completed within just 2 minutes!

The application process asks for my bank details, is this safe? How do you ensure my banking data is protected?

We aim to use data at every opportunity to deliver a better experience for you. To assess your loan application, we need to complete a digital review of your banking and loan data.

The process we use to do this is proven, safe and secure. We take data security and the protection of sensitive information extremely seriously.

We have the following protocols in place:

• One-time use only: we never see or store your banking username or password
• Read-only data: your transaction history and account details are read-only – it’s impossible for us to transfer or transact with any of your accounts
• Maximum security: we use 256-bit encryption with all information (the same as big banks)
• Secure storage: all data is securely stored, and we only use it in accordance with our Privacy Statement & Policy

In fact, the information that we digitally assess is similar to what you would supply if you were to manually provide your bank statements to us. We just take the hassle out of the process for you.  

What if I don’t have a driver’s license and/or passport?

There are alternative ways we can verify your identity; however, it may involve us reaching out to you directly.

Once you complete the application, you will see the other types of identity documents we can accept online.