Powered by MOMENTUM MEDIA
realestatebusiness logo

Subscribe to our newsletter

AMP Bank cuts rates

AMP Bank has joined a host of lenders that have cut fixed rates with a competitive incentive for new customers.

The AMP Essential Home Loan will be reduced from 4.90 per cent per annum to 4.74 per cent per annum for new customers.

The lender’s new three-year fixed term will be 4.85 per cent, 24 basis points lower than the previous rate of 5.09 per cent.

The new two-year fixed term will be 4.85 per cent, 0.14 per cent lower than the previous rate of 4.99 per cent.

“We know that for most Australians, owning their own home is the most important investment they will ever make,” AMP Bank chief operating officer Rob Slocombe said.

Advertisement
Advertisement

“AMP Bank’s new fixed-rate terms are some of the most competitive in the market, and we are pleased to be able to offer customers an attractive rate to purchase their own property sooner,” Mr Slocombe said.

The move by AMP comes after last week’s rate cuts by the big four.

CBA was the first to lead the charge, reducing its five-year fixed-rate home loan to 4.99 per cent – the lowest five-year fixed rate in the bank’s history.

AMP Bank cuts rates
mortgagebusiness

Latest News

The brokerage has teamed with the fintech, for the launch of a new app that will let borrowers compare pricing and environmental impact acro...

The desire to secure a mortgage has collapsed across the country, according to a new analysis from Equifax. ...

The Reserve Bank will be closely watching how households respond to higher rates as it decides its next move, ANZ senior economists have sai...

VIEW ALL

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!

What is the maximum proportion of income borrowers should use to service a mortgage?

Website Notifications

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