Powered by MOMENTUM MEDIA
subscribe to our newsletter

AMP back in the investor, SMSF refi game with new offers

After pulling out of the market to meet its regulatory obligations, AMP Bank has announced that it is back and willing to lend.

From Monday, 27 November, AMP will once again accept refinance of investment property loans.

The announcement comes with new LVR limits. The maximum LVR for AMP SuperEdge loans (SMSF loans) is increasing to 70 per cent including LMI.

The maximum LVR for all other loans with a predominant purpose for investment property (purchases and refinances) is increasing to 80 per cent including LMI.

The non-major lender is also making changes to its cash out policy, including the need to provide evidence of what the money will be used for, depending on the cash out amount.

Advertisement
Advertisement

Evidence is required for cash out amounts over $100,000.

Cash out for the purpose of future investment is limited to a maximum of $100,000.

Evidence will be required for amounts over $100,000, and AMP will advise what would be considered acceptable on a case-by-case basis at the time of the request.

For loans with LVRs higher than 80 per cent, the cash out component is limited to 20 per cent of the security value.

AMP back in the investor, SMSF refi game with new offers

PROMOTED CONTENT


>From Monday, 27 November, AMP will once again accept refinance of investment property loans.

The announcement comes with new LVR limits. The maximum LVR for AMP SuperEdge loans (SMSF loans) is increasing to 70 per cent including LMI.

The maximum LVR for all other loans with a predominant purpose for investment property (purchases and refinances) is increasing to 80 per cent including LMI.

The non-major lender is also making changes to its cash out policy, including the need to provide evidence of what the money will be used for, depending on the cash out amount.

Evidence is required for cash out amounts over $100,000.

Cash out for the purpose of future investment is limited to a maximum of $100,000.

Evidence will be required for amounts over $100,000, and AMP will advise what would be considered acceptable on a case-by-case basis at the time of the request.

For loans with LVRs higher than 80 per cent, the cash out component is limited to 20 per cent of the security value.

AMP back in the investor, SMSF refi game with new offers
mortgagebusiness

Latest News

Reverse mortgage lenders have accessed a small fraction of the potential retiree housing market in Australia, according to Deloitte. ...

Pepper Money has priced its second I-Prime deal for the year, upsizing the figure to $850 million. ...

The LMI provider has announced a new CFO following the resignation of its current CFO, effective 24 September. ...

Join Australia's most informed brokers

Do you know which lenders are providing brokers and their customers with the best service?

Use this monthly data to make informed decisions about which lenders to use. Simply contribute to the survey and we'll send you the results directly to your inbox - completely free!

How long do you think it should take to discharge a mortgage?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.