AMP Bank Essential Home Loan - Owner Occupied - Variable

Ratings

★ ★ ★ ★ ★ (1 reviews)

About Essential Home Loan

Key Features

While it does not have the convenient that comes with an offset account, but $Essential Home Loan comes with a redraw facility. A redraw facility works similar to an offset account. If you put the same amount into home loan as extra repayments, your interest bill will reduce by the same amount, but still have access those extra funds if you need them later.

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

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.
Generally speaking, variable home loans without offset accounts are often called basic or 'no-frills' loans, you get lower account-keeping fees and lower interest rate for your home loan. In some cases a basic home loan can actually be cost efficient than a 100% offset account.
There is upfront costs of $295 to apply for Essential Home Loan, with no ongoing account keeping fees.
There is upfront costs of $644 to apply for Essential Home Loan, with no ongoing account keeping fees.

Borrowing Limits

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 Essential Home Loan for buying next home.
Interest only repayment option is not available with AMP Bank Essential Home Loan for investment loan.
Interest only repayment option is not available with AMP Bank Essential Home Loan for refinance.

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 Essential Home Loan

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

6.18%

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

6.18%

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

6.29%

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

6.49%

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

6.44%

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

6.49%

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

6.18%

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

6.18%

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

6.29%

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

6.18%

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

6.29%

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 Essential Home Loan comes with an offset account?

No, Essential Home Loan does not come with an offset account. Generally speaking, variable home loans without offset accounts are often called basic or 'no-frills' loans, you get lower account-keeping fees and lower interest rate for your home loan. In some cases a basic home loan can actually be cost efficient than a 100% offset account.

Does AMP Bank Essential Home Loan comes with an offset account?

No, Essential Home Loan does not come with an offset account. While it does not have the convenient that comes with an offset account, but $Essential Home Loan comes with a redraw facility. A redraw facility works similar to an offset account. If you put the same amount into home loan as extra repayments, your interest bill will reduce by the same amount, but still have access those extra funds if you need them later.

What are the costs to apply for AMP Bank Essential Home Loan?

There is upfront costs of $295 to apply for Essential Home Loan, with no ongoing account keeping fees. Legal fee: $295

What are the costs to apply for AMP Bank Essential Home Loan?

There is upfront costs of $644 to apply for Essential Home 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.