AMP Bank First Home Loan - Owner Occupied - Fixed

Ratings

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About this rate option

The AMP Bank First Home Loan 1-year fixed rate option charges 6.38% (comparison rate 6.16%) for owner-occupiers making principal-and-interest repayments. You can borrow up to 90% of the property value, though deposits under 20% usually attract Lenders Mortgage Insurance. At the end of the 1-year fixed period, the rate typically reverts to the lender's variable rate, which should be confirmed with AMP Bank. Extra repayments on fixed loans are often capped at $10,000 per 12-month period.

This summary was generated from AMP Bank’s published product data for this specific rate option. Always confirm current rates with the lender.

About First Home Loan

Interest only loans have traditionally been tailored to investors so they can reduce their mortgage repayments and maximise their tax benefits and overall return on investment (ROI). However, getting home loan with interest only (IO) has its place and some lenders are willing to consider your application if you can provide valid reasons.

LVR is an acronym for Loan-To-Value Ratio. The LVR is the amount you are borrowing against the property value being used as security, represented as a percentage.

Unlike in the US, there are no lenders in Australia that offer 20 or 30 year fixed rates for standard residential home loans. AMP Bank First Home Loan offers fixed loan terms between 1 - 5 years.

Fees & Costs

A 100% offset account is an account linked to your home loan where you can park your savings and spare cash to reduce the interest you pay. Then, when interest is calculated on your home loan, the balance in your offset account is deducted from the loan amount owing, and interest is only charged on what remains.
AMP Bank may also charge you a fixed-rate break cost if you refinance out of First Home Loan or sell your house before the fixed term ends. It can cost thousands of dollars, and the advantages of breaking the fixed loan won't always outweigh the disadvantages.
Selling the property or refinance during the fixed rate term can trigger hefty fees for breaking a fixed rate contract, and fixed rate loans tend to have restrictions on making extra repayments. Before you lock your rate in, you need to be sure that a fixed rate home loan is suitable for your situation.
There is no discharge fee for First Home Loan. Which is a good news as most lenders charge a discharge fee range anywhere from $150 to $400 when you exit or refinance out.

Borrowing Limits

AMP Bank First Home Loan does not offer tier pricing for lower LVR. With First Home Loan, you can borrow upto $90% LVR.

Eligibility

Interest only repayment option is not available with AMP Bank First Home Loan for buying next home.
Interest only repayment option is not available with AMP Bank First Home Loan for construction loan.

IMPORTANT:Lenders change their policy from time to time so this information is current only accurate at the time that it was written. You should always check with AMP Bank or a mortgage broker just to be sure. This information should be used as a guide only.

Other rate options for First Home Loan

Investment Fixed · Interest Only 1 Year · 80% LVR

6.59%

Investment Fixed · Interest Only 1 Year · 90% LVR

7.09%

Investment Fixed · Interest Only 2 Years · 80% LVR

6.59%

Investment Fixed · Interest Only 2 Years · 90% LVR

7.09%

Investment Fixed · Interest Only 3 Years · 80% LVR

6.64%

Investment Fixed · Interest Only 3 Years · 90% LVR

7.14%

Investment Fixed · Interest Only 5 Years · 80% LVR

6.88%

Investment Fixed · Interest Only 5 Years · 90% LVR

7.38%

Investment Fixed · Principal & Interest 1 Year · 90% LVR

6.48%

Investment Fixed · Principal & Interest 1 Year · 95% LVR

6.98%

Investment Fixed · Principal & Interest 2 Years · 90% LVR

6.48%

Investment Fixed · Principal & Interest 2 Years · 95% LVR

6.98%

Frequently Asked Questions

Are there costs when I exit or refinance to another lender?

There is no discharge fee for First Home Loan. Which is a good news as most lenders charge a discharge fee range anywhere from $150 to $400 when you exit or refinance out. AMP Bank may also charge you a fixed-rate break cost if you refinance out of First Home Loan or sell your house before the fixed term ends. It can cost thousands of dollars, and the advantages of breaking the fixed loan won't always outweigh the disadvantages.

Are there costs when I exit or refinance to another lender?

There is no discharge fee for First Home Loan. Which is a good news as most lenders charge a discharge fee range anywhere from $150 to $400 when you exit or refinance out.

Does AMP Bank First Home Loan comes with an offset account?

Yes, First Home Loan comes with a 100% offset account. A 100% offset account is an account linked to your home loan where you can park your savings and spare cash to reduce the interest you pay. Then, when interest is calculated on your home loan, the balance in your offset account is deducted from the loan amount owing, and interest is only charged on what remains.

What are the costs to apply for AMP Bank First Home Loan?

There is no upfront costs to apply for First Home Loan Application fee: $0
Valuation fee: $0
Settlement fee: $0

Fees

Application fee

Important Information

Lenders change their policy from time to time so this information is current only accurate at the time that it was written. You should always check with AMP Bank or a mortgage broker just to be sure. This information should be used as a guide only.