AMP Bank Basic Variable Rate Loan
What happens when I click Enquire Now?
- Clicking Enquire Now will take you to the lender's website
- After completing the contact form, a mortgage expert will contact you
- The mortgage expert will ensure you find the right loan, calculate your repayments, and explains all the associated fees
- After going through the enquiry process you will be able to know how much you can borrow, begin your application when you are ready to apply and be approved for a home loan
The basic home loans usually have fewer features but a great interest rate and low fees to minimise how much you pay on your loan. The basic variable home loans are very popular because they offer a great package without the need to constantly monitor where your funds are to gain the maximum benefits. The AMP Bank Basic Variable Rate Loan offers a simple home loan with few features but great rates and low fees.
Features of the AMP Bank Basic Variable Rate Loan
Basic variable rate home loans provide a few features that can give you flexibility on your home loan. These features include:
- Make additional payments. If you come into extra money you may want to put the money on your loan. By making extra payments you reduce the total amount owing on your loan and as a result the interest that is charged to the loan.
- Redraw facility. If you make these additional payments you can take advantage of the AMP Bank Basic Variable Rate Loan free redraw facility which allows you to access these funds at any time. The AMP Bank Basic Variable Rate Loan allows you to make as many redraws as you like.
- Deposit you salary into the loan. By taking advantage of the free additional payments and the free redraw facility you can have your wage deposited into the loan account to reduce the interest that is charged. If you deposit you wage into the loan account and use a credit card to make your purchases throughout the month you can let the money sit in the loan account to reduce the interest charged. When you are about to be charged fees on your credit card you can then pay off it off with your wages.
- 100% mortgage offset facility. The AMP Bank Basic Variable Rate Loan allows you to use the savings you have accumulated, against the loan to reduce the amount of interest charged to. By reducing the interest that is charged to the AMP Bank Basic Variable Rate Loan you can save money and pay off the loan faster.
- The ability to split the loan. By splitting the loan you can add additional flexibility to the loan by splitting the AMP Bank Basic Variable Rate Loan. By splitting the loan you are subjecting different parts of the loan to a different home loan schemes. This can ensure that you receive the best of both loan packages for on different parts of the loan. The most common split is to split the loan with a fixed rate option so you can make sure you don’t pay a lot when interest rates rise while still receiving a benefit from a fall in rates. The AMP Bank Basic Variable Rate Loan allows you to split the loan between a Fixed Rate Loan or Line of Credit facilities
- Fees. There is $0 monthly account keeping or servicing fees charged on the AMP Bank Basic Variable Rate Loan. There is a small settlement fee that applies to all loans which is a one off payment of $250.
Basic home loans give you a basic scheme with very few features. However, this is offset by the low interest rates and the fee free loan accounts. The AMP Bank Basic Variable Rate Loan allows you to have a great loan package with a low interest rate and a simple payment plan. In addition to this, the AMP Bank Basic Variable Rate Loan has no monthly account keeping fees and very low set up fees. All these features combined help you save money while paying off your home loan.
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