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AMP Home Loans Review

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Home Loan Experts’ Review:
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Founded: 1849

Owned by: ASX Listed

Funded by: Retail deposits and wholesale capital markets

LMI provider: Genworth

Lender type: Bank

AMP is well known for having the largest financial advisor network in Australia, however few Australians think of AMP for bank accounts or home loans. Most of AMP’s home loan customers come through their financial planner network and mortgage broker partners.

Despite being a smaller bank, they are not afraid to go toe to toe with the major banks with sharp interest rates, innovative home loan products and smart lending policy niches.

How do AMP’s home loans compare?

They’re great at

But they’ve got some drawbacks…

Our award-winning brokers get tough loans approved

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What home loans types do they have?

AMP have a professional package, basic and essential home loan which all suit different loan sizes and borrower types. They also have their SuperEdge loan which is suitable if you are buying a property in your Self-Managed Super Fund.

Their Master Limit is a unique feature which allows you to have an approved line of credit with a maximum limit. You can then add and close accounts within this limit as you choose for up to ten years. This is a great feature for investors who buy and sell properties or shares regularly.

Tips for applying with AMP

The best way to apply for an AMP loan is through a mortgage broker. AMP has their own network of financial advisers, however they may be less likely to compare other lenders and so you can’t be sure that you’re getting the best deal.

By using a mortgage broker you can have confidence that AMP really is the right lender for you.

AMP client story: Yasmine, Vic

Goal

  • To refinance current Westpac owner-occupied home loan to AMP and consolidate debt.

Situation

Refinance, debt consolidation, low credit score, credit enquiries, personal loan as a deposit, no deposit.

Background

When Yasmine first applied for a Westpac home loan, he took out a personal loan to cover his deposit to buy his home.

With his wife only working on a casual basis, he was soon struggling to keep on top of his mortgage as well as the personal loan, which was charging around 16% per annum in interest.

In order to cover these debts, Yasmine applied for an interest-free credit card and once that period was over he would simply apply for another to pay out the existing card.

Over time, he had multiple debts at different interest rates and he was again struggling to keep on top of his mortgage repayments. He wanted to consolidate his debt and reduce his interest rate fast.

Although he didn’t default, he had a number of enquiries recorded on his credit file which were preventing him from qualifying with a number of major banks and lenders.

Solution

Our mortgage broker was able to refinance Yasmine’s home loan ($394,592) with AMP because it is one of the few lenders that don’t credit score.

AMP was also able to come back with a favourable property valuation, refinance Yasmine at 90% LVR (Loan to Value Ratio) and consolidate 4 debt facilities including his initial personal loan for his deposit.

Getting a sharper interest rate was a bonus for Yasmine but more importantly, he’s now saving over $1,000 a month as a result of consolidating his debt.

Compare AMP to other lenders

Not sure which lender is right for you? Our Home Loan Experts can help!

Talk to one of our mortgage brokers by calling us on 1300 889 743 or complete our free assessment form.

  • Thow

    Hi, I’ll be going for an SMSF loan with AMP soon. How much deposit would be sufficient?

  • Hey Thow,

    To buy a residential property for your SMSF, you generally need 20-25% of the property value as a deposit, plus an extra 5% of the property value to cover the costs of completing the purchase such as stamp duty and other legal expenses. For commercial properties, you need at least a 30% deposit for an SMSF loan plus 5% for the costs of completion.