In a bid to make itself more competitive in the home loan market, AMP Bank announced on October 12 that it reduced the variable rate for new owner-occupied loans on their AMP Essential Home loan to 3.99%.

The Essential Home loan was not the only mortgage adjusted. AMP’s variable Professional Pack Home loan was also decreased to 3.99% for loans more than $750,000, and with a loan-to-value ratio of less than 80%.

AMP’s new offers are limited-time specials and are effective as of Monday 12 October.