Founded as a life insurance company named the Australian Mutual Provident Society in 1849, AMP has since become a provider of home loans, everyday banking products and retirement solutions.
AMP currently supports over one million customers around Australia and New Zealand, and has invested millions of dollars in community organisations and individuals via the AMP Foundation since its founding in 1992.
| Offset accounts available | ✅ |
| Redraw facilities available | ✅ |
| Line of credit available | ✅ |
| Split rate option available | ✅ |
| Green loan available | ❌ |
| Ability to make extra repayments | ✅ |
| Internet banking available | ✅ |
| Salary crediting | ✅ |
| Choice of repayment flexibility | ✅ |
| Refinance available | ✅ |
| Services first home buyers | ✅ |
AMP’s range of home loan products may include:
AMP offers home loans for first home buyers, refinancers, those looking to construct a new home on land, those in need of bridging finance, property investors and more. You’ll generally want to consider your financial needs and priorities when deciding what type of home loan could be suitable for you.
Yes, AMP provides home loans to first home buyers. While they don’t have a home loan product tailored specifically for those buying their first home, they have resources available for first home buyers to help them navigate the process of buying a home for the first time.
No, AMP is not one of the 33 participating lenders chosen by the Federal Government to offer the Home Guarantee Scheme. Subsequently, if you want to apply for the Home Guarantee Scheme, you may want to consider working with a different lender.
The Home Guarantee Scheme helps certain home buyers secure a home loan with a deposit smaller than 20%, without having to pay lenders mortgage insurance (LMI).
The Home Guarantee Scheme is made up of three separate initiatives:
Applications for one of these schemes can only be made through a participating lender or a mortgage broker acting as an authorised representative of a participating lender.
Yes, you can switch your home loan to AMP from another bank by refinancing. Borrowers refinancing their loan with AMP must be borrowing 80% or less of the property’s value and can choose either an Essential Home Loan or a Professional Package Home Loan to refinance to.
The latter option offers refinancers a choice of a fixed or variable rate, as well as flexible repayment options and the ability to add an offset account on variable rate loans.
AMP advises that they require a borrower to take out lenders mortgage insurance (LMI) when there’s an increased risk associated with the loan in question. They’ll typically charge LMI if the borrower’s deposit represents less than 20% of the total loan value.
AMP notes you could potentially avoid paying LMI with the help of a home loan guarantor, but that the guarantor will typically need to be an immediate family member.
As of May 14, 2024, AMP’s fees and charges guide lists the following fees and costs as expenses you may incur by taking out and maintaining a home loan with AMP. Please note that not all of these fees will be applicable across all of AMP’s home loan products.
| Fee name | Cost |
| Settlement fee | $349 |
| Multiple security fee (per additional security) | $250 |
| Master Limit application fee | $399 |
| Valuation fee | Any valuation costs in excess of $550 |
| Fixed rate lock fee | 0.15% of the original loan amount |
| Rework fee | $249 |
| AMP internal refinance fee | $299 |
| Variation fee | $299 plus any applicable costs |
| Discharge fee | $390 |
| Professional Package annual package fee | $349 |
| Select Package annual package fee | $349 |
| Construction Loan account management fee | $20 per month |
| AMP SuperEdge account management fee | $10 per month |
Please note that these fees are subject to change without notice. Be sure to check the Key Facts Sheet for any home loan product you’re looking at to see how its fees and charges stack up.
If you want to learn more about AMP home loans, you can use our home loan comparison tool to compare them against a wide range of other loan products from nearly 20 other lenders!
Comparing home loans with us means only being shown home loans you’re eligible to apply for, and having a dedicated team of Home Loan Specialists on-hand to help you with any questions you may have. And if you find a home loan that you think might be appropriate for you, you can apply for it then and there – entirely online, with no physical paperwork!
So, if you’re in the market for a home loan, compare your options today with Compare the Market!
Stephen has more than 30 years of experience in the financial services industry and holds a Certificate IV in Finance and Mortgage Broking. He’s also a member of both the Australian and New Zealand Institute of Insurance and Finance (ANZIIF) and the Mortgage and Finance Association of Australia (MFAA).
Stephen leads our team of Home Loan Specialists, and reviews and contributes to Compare the Market’s banking-relating content to ensure it’s as helpful and empowering as possible for our readers.
