AMP Bank Basic Home Loan
With national interest rates prone to fluctuations, a fixed rate loan is the best option for those who want to borrow money without the possibility of their payments being affected by the Reserve Bank cash rate changes.
When you opt for a variable rate loan, the interest applied to your account will rise and fall depending on what the national rate is doing. This means you leave yourself at risk from payment hikes should rates increase.
A fixed rate loan gives you a set interest rate for an agreed period of time (normally anywhere between 1 and 5 years). During your fixed period your interest rate remains exactly the same, regardless of how national rates behave.
So if they go up and go down your loan repayments will not be affected with a set interest rate.
AMP Bank offers a great basic fixed rate loan; perfect if you want the protection and peace of mind that comes with a secured rate. Let’s take a closer look at what’s on offer.
Features
No account management fees – You won’t be paying AMP Bank anymore than you actually owe them, because they don’t charge you any monthly account management or administration fees. These extra costs can increase what you owe considerably when you borrow money elsewhere.
Flexible payments - You’ll have full control over how you repay your loan with AMP Bank. Choose from a weekly, fortnightly, or monthly payment schedule, and switch your repayments to interest only for a period of time if you wish to temporarily reduce your payments.
Split your loan to suit you - To give you even more control over your loan, you can split your debt between up to 10 different features. Fix the rate on a part of your loan, or make some of your repayments interest only. Very few products offer you this level of flexibility.
Make over-payments without penalty - By making over-payments whenever possible, you can reduce the amount of time it takes you to repay your debt, in addition to minimising the amount of interest you’ll pay back overall. Some lenders charge you a fee to make these extra payments, AMP Bank do not.
Access to an offset account - You can further reduce the amount owed by linking your loan to an AMP Bank offset account. The balance of your offset account is taken off your outstanding loan balance, thus reducing your interest payments.
If you have your regular income paid into your offset account and aim to keep the balance as consistently high as possible, you can greatly reduce your interest liability.
Easy Access - Stay on top of what’s going on with your account with BankPhone or BankNet. Whatever the time of day or night you can conveniently access details of your loan and check your outstanding balance, to give you total control and peace of mind.
This is an ideal product if you’re looking for a standard home loan that offers competitive rates and flexibility. The ability to fix your interest rate keeps you fully protected from sudden rises in rates, whilst giving you the peace of mind that comes with knowing exactly what you have to repay each month.
It’s basic, but functional and very good value.
Related posts:
- AMP Bank Basic Variable Rate Loan
- Bank of Melbourne Basic Home Loan – Low Interest Home Loan
- Bank of Queensland Home Loan Privileges Package $150k to $200k (fixed)
- Bank of Queensland Home Loan Privileges Package $250k (fixed)
- Commonwealth Bank Interest In Advance Fixed Rate Investment Home Loan
- Suncorp Bank Split Rate Home Loan
- Bank of Queensland Fixed Loan
- Bank of Queensland Home Loan Privileges $250k +
- AMP Bank Fixed Rate Loan
- Bank of Melbourne Introductory Rate Home Loan
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| Home Loan | Details | Interest Rate (p.a.) | Comp Rate^ (p.a.) | App Fee / Ongoing Fee | Max LVR | Min & Max Borrowing | |
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 Loans.com.au - Dream Catcher | A home loan offer with a $0 application fee and one of the lowest available home loan interest rates. | 5.85% | 6.21% | $0 / $375 | 80% | $50,000 / $750,000 |
 
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 Bankwest Online Home Loan | A low interest rate home loan with a $0 application fee and ongoing maintenance fees. This offer is exclusively available by applying online. | 5.97% | 5.97% | $0 / $0 | 80% | $100,000 / $1,000,000 |
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 Illawarra Home Loans Bank Beater Home Loan | A low variable rate, beaten down even further by 0.05% p.a. after 5 years. | 6.07% | 6.35% | $0 / $345 | 90% | $250,000 / $1,000,000 |
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 State Custodians Mortgage Company Standard Variable Offset Loan | Awarded the 2011 Non bank Lender of the Year this feature-packed loan rewards customers with a bonus rate drop of 0.25% after 5 years. | 6.02% | 6.23% | $0 / $345 | 95% | $150,000 / $1,000,000 |
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