AMP - My AMP Home Loans: The 2026 Review

AMP, originally founded as the Australian Mutual Provident Society in 1849, has a long-standing history in the financial sector. Established to provide mutual insurance and financial services, AMP has evolved significantly over the years. Key milestones include its transition to AMP Limited and its expansion across Australia and New Zealand. Headquartered in Sydney, AMP has maintained its commitment to providing comprehensive financial services for over 170 years.

Today, AMP operates as an independent major bank, distinguishing itself from the Big 4 banks in Australia. It offers a blend of digital and branch-based services, catering to a wide range of customer needs. AMP's business model focuses on providing flexible and cost-effective financial products, particularly in the home loan sector. Its competitive edge lies in its digital capabilities and a strong emphasis on customer-centric solutions.

AMP targets home buyers and investors across Australia, with a focus on delivering tailored financial solutions. The bank's offerings include professional packages, offset accounts, and redraw facilities, appealing to both tech-savvy and traditional customers. Despite some higher fees, AMP's competitive interest rates and comprehensive product lineup make it a compelling choice for those seeking reliable and efficient banking services.

• Legal Name: AMP Bank Limited
• ABN: 15081596009
• Established: 1849
• Headquarters: Sydney, Australia
• Type: Public Company
• Ownership: Independent

• Website: https://www.amp.com.au
• Phone: 13 30 30
• Email: [email protected]
• Address: PARRAMATTA NSW 2124

AMP's My AMP offers a range of flexible home loan features designed to provide financial flexibility and convenience for Australian borrowers. With options like offset accounts, redraw facilities, and competitive interest rates, AMP caters to diverse financial needs.

• Offset Account: AMP allows borrowers to set up an Offset Deposit Account on variable rate loans, which can significantly reduce the interest paid over the life of the loan. A $6 monthly account management fee applies when linked to a Basic Variable Rate Loan, offering a cost-effective way to manage interest expenses.
• Redraw Facility: Available on variable rate loans, the redraw facility enables borrowers to access extra funds deposited into their loan at any time without withdrawal fees. This feature provides flexibility for managing unexpected expenses or investment opportunities.
• Early Repayment Options: Borrowers can repay their variable loans in full or in part before the term ends without penalties. However, for fixed rate loans, break costs may apply for additional repayments exceeding $10,000 annually, which borrowers should consider when planning repayments.
• Construction Loan Feature: AMP offers a construction loan option with up to a 12-month interest-only period, ideal for borrowers building a home. This feature allows for manageable repayments during the construction phase, easing financial pressure.
• Digital Banking Tools: My AMP provides comprehensive digital banking solutions, including online banking and mobile apps. These tools offer easy access to account management, ensuring borrowers can efficiently handle their finances from anywhere.
• Visa Debit Card Integration: Borrowers can make payments using Apple Pay, Samsung Pay, or Google Pay with their Visa Debit Card, enhancing convenience for everyday transactions. This feature supports seamless financial management through digital payment platforms.

AMP - My AMP offers a transparent fee structure with several waived fees under its Professional Package, providing cost-effective solutions for borrowers.

• Professional Package Application Fee: $0 - No application fee is charged under the Professional Package.
• Valuation Fee: Variable - Payable when valuation costs exceed $550. Excess costs will be advised before the valuation.
• Solicitors' and Mortgage Processing Servicers' Incidental Costs: $82.5 - Charged per security property when a loan agreement variation requires legal involvement.
• Discharge Fee: $390 - Payable upon discharge of all securities. Additional legal and government fees may apply.
• Break Costs: Variable - Applied for early repayments exceeding $10,000 during a fixed interest period. Costs can be substantial.
• Solicitors and Mortgage Processing Servicers' Cost: $295 - Charged for new loan agreements with up to 2 security properties, plus $100 for each additional property.
• AMP Internal Refinance Fee: $299 - Payable on settlement when refinancing an existing AMP loan.
• Professional Package Settlement Fee: $0 - No settlement fee is charged under the Professional Package.

AMP - My AMP provides home loans to a diverse range of borrowers, including Australian citizens and permanent residents, with specific products catering to unique needs such as first home buyers and AMP employees.

• Applicants must be at least 18 years old.
• Applicants must be Australian citizens or permanent residents.
• New customers must be living and working in Australia.
• Only AMP staff members may apply for certain exclusive products.
• Must be an ATO-regulated SMSF trust for specific loan types.
• Applicants must demonstrate sufficient income to meet repayment obligations.
• A good credit history is required for loan approval.
• Loan-to-Value Ratio (LVR) may vary, with some products offering up to 95% LVR.

• Lenders Mortgage Insurance (LMI) may be required for loans with an LVR above 80%.
• Special programs are available for first home buyers, including options with a guarantor.
• Break costs apply for fixed rate loans with early repayments exceeding $10,000.