Manage your home loan your way
You can access your finances simply and securely while on the move with AMP’s digital solutions: our mobile and tablet apps as well as My AMP.
With My AMP, you can:
- check your AMP Bank home loan account balance
- transfer funds between your AMP Bank accounts or to others (if your account allows this)
- view your bank statements
- activate your access card (if your account has card access)
With the AMP mobile app, you can:
- check your AMP Bank home loan account balance
- see your AMP Bank accounts
- transfer funds between account
- use tools and calculators.
Connecting through the app is easy:
- download the AMP app from your provider app store
- choose a four digit PIN that you can easily remember
- enter your My AMP login and password information.
How to get the most out of your home loan
As gold medal winner for Best Bank Loan Features at the 2013 Australian Home Loan Awards, we’re constantly looking for ways to make it easier for our customers to manage and make the most of their accounts.
Take advantage of a few basic repayment strategies and you may be able to pay off your loan sooner. Utilise built-in loan features and optional accounts on offer. Be sure you get to know and use all the features that come with your home loan. For example:
- Can you make extra repayments to pay off your home loan more quickly?
- Have you checked whether you're able to split your loan between a fixed and variable rate?
- Are you repaying just the interest, or the principal plus interest? Learn the difference.
Your circumstances may change during the life of your loan so it’s wise to regularly review the features and structure of your loan to see how well it matches your needs. AMP Bank also introduces new types of loans from time to time based on changes in the marketplace [so you should keep this in mind].
Take time to look over a few key questions the next time you are choosing your home loan.
Pay off your home loan sooner
A small change in how you repay your home loan can make a big difference. Some key shortcuts:
- make extra repayments to get on top of your home loan
- explore linking your home loan to an Offset Deposit Account to save on interest
- consider splitting a loan between fixed and variable rate
- look at payment frequency—paying fortnightly instead of monthly, for example, can make a big difference to interest charges.
How can an offset account help you pay off your home loan sooner?Show more
An offset account is a simple tool that can help you save thousands of dollars over the life of your home loan.
So how does it work? A home loan offset account is a day-to-day savings account typically linked to a variable rate home loan. It allows the amount you have in savings to reduce the balance of your home loan for the purpose of calculating interest charges.
Let’s look at an example. If you have a $325,000 mortgage with an interest rate of 5.20% per annum and keep $2,500 in your offset account, you’ll only pay interest on $322,500 of the loan. The effects will add up over time—you’ll end up paying off your 30-year home loan five months early and saving $8,632 into the bargain.
The more you have in your offset account, the more you can save. For example, if you keep a balance of $25,000 in your offset account, that could help you pay off your 30-year mortgage three years and eight months earlier and save you $77,619 in interest.
For some people, an offset account is most effective when they make it the centre of their financial world. Making some simple changes to your day-to-day behaviour can maximise the benefits of an offset account and help you pay off your home loan sooner. Some of the options to consider when using an offset account are:
- using the account for all your day-to-day banking
- putting any extra savings into the offset account
- using your credit card for most of your purchases and then making sure you clear the card once a month to avoid interest. Your money will sit in the offset account for longer, helping to offset mortgage interest.
Please note, calculations are illustrative, do not represent actual rates or products, and are based on an interest rate of 5.20% per annum.
Eligible loans for an Offset Deposit AccountShow more
Most of AMP Bank's variable rate loans are eligible to be linked to an Offset Deposit Account. Some excluded loans are Construction and Land Loans, AMP Essential Home Loan and all Lines of credit. Fixed rate loans are also not eligible for any interest offset benefits.
Linking an Offset Deposit Account to eligible loan accounts is only completed on request. We do not automatically link your Offset Deposit Account to your loan account. You can do this when you are approved for your loan or by calling us on 13 30 30.
Have you had an AMP Bank home loan for a while?
Check our list of eligible loan accounts (both past and current) and a list of loan accounts which are not eligible to be linked to an Offset Deposit Account. If an Offset Deposit Account is linked to a loan account that is not eligible, no offset benefit will apply.
Eligible loan accounts for offset (currently available)
- Introductory Professional Pack Variable Rate Loan
- Introductory Classic Variable Rate Loan
- Professional Pack Variable Rate Loan
- Classic Variable Rate Loan
- Basic Variable Rate Loan
- Affinity Variable Rate Loan
- Affinity Basic Variable Rate Loan
- Select Variable Rate Loan
- AMP SuperEdge Variable Rate Loan
- AMP First Variable Rate Loan (only for employees of AMP group)
- Low Doc Variable Rate Loan
Eligible past loans but no longer available for sale
- Advantage Variable Rate Loan
- All Options Variable Rate
- Executive Variable Rate Loan
- 2005 Special Variable Rate Loan
- Low Documentation $10 Plan Variable Rate Loan
- Priority Club Variable Rate Loan
Loan accounts not eligible for an Offset Deposit AccountShow more
Variable rate term loans not eligible for offset:
- AMP Essential Home Loan
- Construction Loan
- Land Loan
- AMP First Variable Rate Loan (except to employees of AMP group)
Lines of Credit not eligible for offset:
- Professional Pack Line of Credit
- Classic Line of Credit
- Affinity Line of Credit
- Select Line of Credit
- AMP First Line of Credit
- Low Doc Line of Credit
- Executive Line of Credit (no longer available for sale)
Fixed Rate Loans not eligible for offset:
- Intro 1 Year Fixed Rate loan rolling to Professional Pack Variable Rate loan
- Intro 1 Year Fixed Rate loan rolling to Standard Variable Rate loan
- 1, 2, 3 or 5 Year Fixed Rate loans rolling to Professional Pack Variable Rate loans
- 1, 2, 3 or 5 Year Fixed Rate loans rolling to Standard Variable Rate loans
- 1 Year Fixed Rate Interest in Advance
- Basic 1, 2, 3 or 5 Year Fixed Rate loans
- Affinity 1, 2, 3 or 5 Year Fixed Rate loans
- Affinity Basic 1, 2, 3 or 5 Year Fixed Rate loans
- Select 1, 2, 3 or 5 Year Fixed Rate loans
- AMP SuperEdge 1, 2, 3 or 5 Year Fixed Rate loans
- AMP First 1, 2, 3 or 5 Year Fixed Rate loans
- Low Doc 2 or 3 Year Fixed Rate loans
What happens if you break a fixed rate loan?Show more
Interest breakcosts (also called break fees) may be payable if you break a fixed rate loan during the fixed rate period. You are effectively breaking the loan agreement if you:
- switch to a loan with a different rate
- switch to a variable rate loan
- make more than $10,000 in extra repayments in a 12 month period
- repay the loan in full.
Interest breakcosts can be significant. We can provide an estimate of interest breakcosts on a particular day but they can change at any time.
It pays to carefully consider the term of a fixed rate loan and avoid interest breakcosts in case you need to:
- sell your home
- change lenders
- change your loan in any way
- make extra repayments
- repay your loan early
- change your circumstances.
Call us with any questions about interest breakcosts on your fixed rate loan: 13 30 30 Monday to Friday 8am – 8pm, Saturday and Sunday 9am – 5pm (AEST).
Important informationShow more
It’s important to consider your particular circumstances and read the relevant Product Disclosure Statement or Terms and Conditions before deciding what’s right for you. This information hasn’t taken your circumstances into account.
This information is provided by AMP Bank Limited. Read our Financial Services Guide for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relation to products and services provided to you. All information on this website is subject to change without notice.
The credit provider and product issuer is AMP Bank Limited, Australian Credit Licence 234517.