AMP - My AMP Home Loans: The 2026 Review
Unlock competitive variable rates at 6.13% p.a., perfect for professionals. Beware of high discharge fees on fixed loans. Ready to manage your mortgage smarter?
AMP - My AMP Home Loans At a Glance
6.13%
Variable • Owner Occupied
$0
Fee-free options available
$0
Fee-free options available
Current AMP - My AMP Home Loan Rates
- Average Rate
- 6.62%
- Best Rate
- 6.13%
- Monthly Payment
- $3,040
AMP First Home Loan
AMP - My AMP
Min 10% DepositOffsetRedraw6.13%Interest RateVariable6.13%Comparison Rate*$3,040per monthPrincipal And InterestProfessional Package
AMP - My AMP
20%-30% DepositOffsetRedraw6.29%Interest RateVariable6.64%Comparison Rate*$3,092per monthPrincipal And InterestFees:$390+ other fees may applyDischargeProfessional Package
AMP - My AMP
10%-20% DepositOffsetRedraw6.44%Interest RateVariable6.79%Comparison Rate*$3,141per monthPrincipal And InterestFees:$390+ other fees may applyDischargeAMP Essential Home Loan
AMP - My AMP
20%-40% DepositRedraw6.44%Interest RateVariable6.47%Comparison Rate*$3,141per monthPrincipal And InterestFees:$390+ other fees may applyDischargeAMP Essential Home Loan
AMP - My AMP
10%-20% DepositRedraw6.49%Interest RateVariable6.52%Comparison Rate*$3,157per monthPrincipal And InterestFees:$390+ other fees may applyDischargeLand Loan
AMP - My AMP
Min 4% DepositRedraw7.95%Interest RateVariable8.00%Comparison Rate*$3,651per monthPrincipal And InterestFees:$390+ other fees may applyDischarge
AMP - My AMP Product Statistics
Real-time insights and market analysis
AMP - My AMP offers 5 home loan products across 258 variations, the average variable rate is 6.82% p.a., the best available rate is 6.13% p.a..
Average Variable Rate
6.82%
163 products
Average Fixed Rate
7.10%
95 products
Best Available Rate
6.13%
Variable • Owner Occupied • P&I
Total Products
5
258 variations
Fee Summary
Application Fee
96% fee-free
$0
Monthly Fee
74% fee-free
$0 - $10
Discharge Fee
$390
Late Payment Fee
$0
Key Features
Across AMP - My AMP's range: 234 include an offset account, 252 offer redraw, 258 allow extra repayments.
Product Ranges
AMP - My AMP's interest rates range from 6.13% to 8.15% p.a., maximum LVR from 50% to 96%, loan amounts span $40,000 to $100,000,000.
Disclaimer: The key features displayed highlight what's available across the lender's home loan range. Individual products and variations may differ. Use the product table to search for a loan with the specific features you're looking for.
How AMP - My AMP Compares
| FEATURE | AMP - My AMP | BOQ Specialist | ME Bank - ME Go | MOVE Bank | Bank of Queensland Limited |
|---|---|---|---|---|---|
| Best Variable Rate | 6.13% | 8.02% | 5.99% | 5.99% | 6.03% |
| Best Fixed Rate (3yr) | 6.98% | — | 6.49% | 6.59% | 6.49% |
| Application Fee | $0BEST | $0 | $0 | $600 | $300 |
| Monthly Admin Fee | $0BEST | $10 | $0 | $0 | $10 |
| Offset Account | |||||
| Redraw Facility | |||||
| Product Variations | 200 | 12 | 200 | 28 | 68 |
Bheja Insight: AMP - My AMP waives application fees, saving borrowers hundreds compared to other major banks.
About AMP - My AMP
Company overview and contact information
AMP - My AMP, a major bank and publicly listed entity, has been a cornerstone of the Australian financial landscape since its establishment in 1849. Originally founded as the Australian Mutual Provident Society, AMP demutualised in 1998, becoming a public company listed on the ASX. Headquartered in Sydney, AMP operates under the regulatory oversight of APRA and holds both an Australian Financial Services License (AFSL) and an Australian Credit License (ACL).
AMP offers a diverse range of home loan products, with 258 variations and interest rates ranging from 6.13% to 8.15%. Their offerings cater to a wide array of customers, from first-time homebuyers to seasoned investors. Notably, AMP provides options for variable rates and SMSF property investments, making it a versatile choice for those seeking tailored financial solutions.
What sets AMP apart is its strong market position and reputation for value and innovation. Recognized with awards such as the 5-Star Value Rating from Canstar and accolades from Money Magazine and Chant West, AMP continues to demonstrate its commitment to delivering exceptional financial products and services. With a robust online presence complemented by branch support, AMP remains a trusted name in Australian banking.
Company Details
Key Features
AMP - My AMP offers flexible home loan solutions with features like offset accounts and digital management tools, designed to provide borrowers with financial flexibility and convenience.
Offset Account
AMP - My AMP allows borrowers to set up an Offset Deposit Account on a variable rate loan, helping reduce interest costs. A $6 monthly account management fee applies when linked to a Basic Variable Rate Loan. This feature can save borrowers significant interest over time, such as $511 per month on a $100,000 offset.
Redraw Facility
Available on AMP Bank variable rate home loans, the redraw facility lets borrowers access extra funds deposited into their loan. There are no withdrawal fees when using online banking, the AMP app, BankPhone, or BankAssist, although minimum amounts and daily limits may apply.
Extra Repayments
AMP home loans offer flexible additional repayments to reduce interest and pay off loans faster. Variable rate loans allow unlimited extra repayments, while fixed-rate loans are capped at $10,000 per 12-month period. This feature provides borrowers with the flexibility to manage their repayment strategy effectively.
Digital Banking Platform
My AMP provides a secure digital platform for borrowers to manage their home loans online. It offers features for easy account monitoring and transactions, ensuring convenient access to loan information and management tools.
Fraud Protection
AMP home loans are safeguarded with secure login, encryption, transaction monitoring, and customer alerts to prevent and detect fraud. Support is available for customers in the event of suspected unauthorised activity, providing peace of mind.
Guarantor Option
AMP Bank home loans allow eligible applicants to use a guarantor, typically a close family member, to provide additional security for the loan. This option can assist borrowers who have a limited deposit or do not meet standard lending criteria, subject to AMP Bank’s requirements.
Construction Loan
AMP offers a construction loan feature with up to a 12-month interest-only period. This option supports borrowers during the building phase by reducing initial repayment amounts, providing financial flexibility during construction.
Digital Wallet Integration
Customers can link eligible AMP accounts to Apple Pay, Google Pay, and Samsung Pay for secure and convenient digital wallet transactions, enhancing the ease of managing finances digitally.
Fees & Charges
AMP - My AMP offers a transparent fee structure with several waived fees for specific packages, though some costs, like discharge and break fees, can be substantial.
Fees subject to change. Refer to lender documentation for current rates.
Eligibility Criteria
AMP - My AMP offers home loans to a diverse range of customers, focusing on individuals who meet specific age, residency, and financial criteria. With flexible loan-to-value ratios and options for both citizens and permanent residents, AMP aims to accommodate various borrowing needs.
Important Notes
- LMI is required for loans with an LVR above 80%, impacting borrowing costs.
- AMP offers specific products for SMSF structures, which may have additional requirements.
- Certain loans are exclusively available to AMP employees, AMP Superannuation members, and defined client groups.
- Break costs can be substantial and may apply under various conditions.
AMP - My AMP Home Loan Pros & Cons
Our expert take on whether AMP - My AMP is right for you
Pros
- +Flexible additional repayment options
- +Offset Deposit Account available
- +Secure online management platform
- +Potential long – term savings on large loans
Cons
- –Rates are above market average
- –High discharge and annual fees
- –Customer service and communication issues
Best For
- Borrowers seeking flexible repayment options
- Customers who prefer managing loans online
- Individuals comfortable with slightly higher rates for added features
Not Ideal For
- Borrowers seeking the lowest possible interest rates
- Customers needing quick and responsive customer service
Bheja Verdict: AMP - My AMP offers flexible home loan options with some digital conveniences, but its rates are slightly above market average, and customer service could be improved.
Expert Secrets (Why Use Us?)
Insider knowledge about AMP - My AMP that most borrowers don't know
LMI Cost Examples
Fee Waivers
Offset Benefits
Admin & Logistics (The Help Desk)
Everything you need to manage your loan
Application Process
5 StepsProcessing Times
Required Documents
Pro Tips
- Request the discharge at least 2 weeks before your planned settlement date.
- Ensure all loan repayments are up to date before initiating the discharge.
- Contact AMP customer service at 13 30 30 if you have questions about additional fees.
- Check for any fee waivers or discounts that might apply to your situation.
- Avoid common mistakes by reviewing all documents thoroughly before submission.
AMP - My AMP Mortgage Calculator
Estimate your repayments using current AMP - My AMP home loan rates
Over 30 years, borrowing $480,000 at 6.13%, total cost including interest and known fees could be around $1,050,535. Estimated monthly repayment: $2,918.08.
Known fees in this estimate
- Document fee
- $25
- Total ongoing fees (30 yrs)
- $0
How is this calculated?
Estimated total cost includes the amount borrowed, interest over the full loan term, and any upfront, ongoing, and discharge fees published by the lender. It does not include stamp duty, LMI, or savings from an offset account.
The revert rate is the rate your loan may switch to when a fixed, introductory, or interest-only period ends. Where a lender hasn't published this rate, we use an estimate.
Cost breakdown
- Amount you borrow
- $480,000
- Total interest
- $570,510
- Upfront fees
- $25
- Ongoing fees
- $0
- Estimated total cost
- $1,050,535
- These figures are estimates only. Your actual repayments and costs may differ. Confirm all details with your lender before making a decision.
- Where a lender hasn't published their revert rate (the rate that applies after a fixed, introductory, or interest-only period ends), we estimate it. Your repayments may change when this period ends.
- Split loans and offset accounts aren't included in this estimate.
- For product comparison and comparison rates, see the rates table above.
Still Unsure? Let a human handle it.
Not sure if AMP - My AMP is right for you? Our brokers can help you compare options.
Frequently Asked Questions
Conditional approval can be obtained within a few business days, while final approval depends on the complexity of your application. Pre-approval can expedite the process.