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AMP raises variable mortgage rates

AMP Bank has announced it will increase its variable home loan rates.

The bank said in a statement that it will increase rates on variable owner-occupied loans by 0.18 per cent.

In addition, the bank announced that the bonus rate on the AMP Saver account for new accounts will be increased by 0.20 per cent to 3.05 per cent per annum.

AMP said it remains committed to recommencing investor property lending in 2015.

All interest rate changes are effective from 20 November.

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