Home News AMP slashes basic variable rate by 0.10%

AMP slashes basic variable rate by 0.10%

Font size :
Nila Sweeney

AMP announced its reducing interest rate on its basic variable home loan for new customers by 0.10% to 6.24% thanks to the recovery in securitisation markets.

Australia's treasurer Wayne Swan noted in his website that he was informed of the decision last week by AMP managing director and chief executive Craig Dunn.

"Last week we received some welcome news with AMP announcing that it is reducing its basic variable home loan interest rate for new loans by 10 basis points, attributing the cut to the Government's investment in the Australian RMBS market. AMP's rate decision is good news for family budgets, and means more competitive pressure on the big banks. It was also encouraging to read Mr Dunn's statement that "we are also hopeful that we will be further able to reduce our rates in the coming months, as we gear up our operations in light of ongoing improvements in the securitisation market."

The federal government has invested up to $16 billion in Australian residential mortgage-backed securities (RMBS) in a bid to support competition in Australia's mortgage market and enabling smaller lenders to lend at competitive interest rates and maintain a higher level of lending.

AMP's basic variable loans come with 100% offset accounts which enable customers to save on interest costs by parking all their income in the linked account.

It can be confusing to know whether to get a variable rate or fixed rate mortgage, and what features are important. That's why it's important to not only check the right rates, but make sure that you're getting the right features in your home loan. Get help choosing the right home loan

Mortgage News and Articles

Young Sydneysiders are less keen on homeownership Young Sydneysiders are less keen on homeownership

Many would rather ‘rentvest’ than be tied down to a costly owner-occupier mortgage, according to new studies Read more

New social housing aims to transform Ivanhoe Estate New social housing aims to transform Ivanhoe Estate The sprawling redevelopment aims to boost the supply of affordable housing in Sydney ... Read more

A new suburb will be built in west Melbourne A new suburb will be built in west Melbourne Mount Atkinson will become home to more than 22,000 people over the next 15 years ... Read more

Surging house prices threaten liveability in Melbourne Surging house prices threaten liveability in Melbourne Analysts warn the city could become just as unaffordable as Sydney, if property trends continue ... Read more

More mortgage news and articles

Sponsored Links

Tuesday, Aug 22, 2017
Top Featured Rates
Top Bank Rates

Get help choosing the right home loan

Let us help you find the right home loan for your needs.

Tell us a bit about your circumstances:
  • Purpose of mortgage
  • Household Income
    $
  • How much do you want to borrow?
    $
  • How much deposit do you have?
    $
  • How much is your house worth?
    $
  • How much do you still owe on your mortgage?
    $
  • What type of mortgage do you have?


  • How much is your new home?
    $
  • How much do you want to borrow?
    $
  • How soon do you want a mortgage?
Next
  • First name
  • Last name
  • Where do you live?
  • Phone number

Special Offers

Related Keywords