AMP Bank Basic Loan - Owner Occupied - Variable

Ratings

★ ★ ★ ★ ★ (1 reviews)

About Basic Loan

Interest only loans have traditionally been tailored to investors so they can reduce their mortgage repayments and maximise their tax benefits and overall return on investment (ROI). However, getting home loan with interest only (IO) has its place and some lenders are willing to consider your application if you can provide valid reasons.

LVR is an acronym for Loan-To-Value Ratio. The LVR is the amount you are borrowing against the property value being used as security, represented as a percentage.

Fees & Costs

A 100% offset account is an account linked to your home loan where you can park your savings and spare cash to reduce the interest you pay. Then, when interest is calculated on your home loan, the balance in your offset account is deducted from the loan amount owing, and interest is only charged on what remains.
AMP Bank charge a discharge fee of $390, which covers the cost for removing the mortgage that has been registered on the title of your property.
There is upfront costs of $644 to apply for Basic Loan, with no ongoing account keeping fees.

Borrowing Limits

AMP Bank Basic Loan does not offer tier pricing for lower LVR. With Basic Loan, you can borrow upto $80% LVR.
An LVR of 90% is a high risk, whereas an LVR of 80% or less is considered safe by most lenders. The majority of lenders will require you to pay Lenders Mortgage Insurance (LMI) if you borrow over 80% LVR.

Eligibility

Interest only repayment option is not available with AMP Bank Basic Loan for buying next home.
Interest only repayment option is not available with AMP Bank Basic Loan for refinance.

💡 Tip: To get approved for an interest only home loan you need to have a strong enough income to afford principal and interest (P&I) repayments once your interest only term expires. Sometimes extending your interest only period can be tough and getting approved for a P&I refinance is a lot easier.

IMPORTANT:Lenders change their policy from time to time so this information is current only accurate at the time that it was written. You should always check with AMP Bank or a mortgage broker just to be sure. This information should be used as a guide only.

Other rate options for Basic Loan

Refinance Variable · Principal & Interest 0 Years · 60% LVR

7.24%

Refinance Variable · Principal & Interest 0 Years · 80% LVR

7.34%

Refinance Variable · Principal & Interest 0 Years · 90% LVR

7.64%

Investment Variable · Interest Only 0 Years · 80% LVR

7.74%

Investment Variable · Principal & Interest 0 Years · 60% LVR

7.49%

Investment Variable · Principal & Interest 0 Years · 80% LVR

7.54%

Investment Variable · Principal & Interest 0 Years · 90% LVR

8.02%

Owner Occupied Variable · Principal & Interest 0 Years · 60% LVR

7.24%

Owner Occupied Variable · Principal & Interest 0 Years · 80% LVR

7.34%

Owner Occupied Variable · Principal & Interest 0 Years · 90% LVR

7.64%

First Home Buyer Variable · Principal & Interest 0 Years · 80% LVR

7.34%

First Home Buyer Variable · Principal & Interest 0 Years · 90% LVR

7.64%

Frequently Asked Questions

Are there costs when I exit or refinance to another lender?

AMP Bank charge a discharge fee of $390, which covers the cost for removing the mortgage that has been registered on the title of your property.

Does AMP Bank Basic Loan comes with an offset account?

Yes, Basic Loan comes with a 100% offset account. A 100% offset account is an account linked to your home loan where you can park your savings and spare cash to reduce the interest you pay. Then, when interest is calculated on your home loan, the balance in your offset account is deducted from the loan amount owing, and interest is only charged on what remains.

What are the costs to apply for AMP Bank Basic Loan?

There is upfront costs of $644 to apply for Basic Loan, with no ongoing account keeping fees. Settlement fee: $349
Legal fee: $295

Fees

Application fee

Important Information

Lenders change their policy from time to time so this information is current only accurate at the time that it was written. You should always check with AMP Bank or a mortgage broker just to be sure. This information should be used as a guide only.