Reduction ranges from 0.5% to 0.8%
AMP Bank has announced it is reducing interest rates across fixed term home loans settled from May 16, 2023.
The non-major bank said the rate reductions would apply to AMP Bank’s fixed owner-occupied and investment home loans for its Professional Package, Basic products, and AMP First home loans.
The decrease ranges from 0.5% per annum to 0.80% pa across its one, two and three-year fixed terms. One and two-year rates for owner occupied home loans with a loan-to-value ratio of less than 80% are 5.49% pa.
AMP Bank’s move to cut fixed rates follows that of ING, which in March cut its one and two-year fixed rates by 0.2% and its three, four and five-year rates were reduced by 0.25%.
In April, NAB, ANZ and CBA all cut their three year fixed rates on home loans, by as much as 0.60%.
AMP Bank group executive Sean O’Malley (pictured above) said the bank regularly reviewed AMP Bank’s interest rates to ensure they remained competitive for customers both borrowing and saving.
“These reductions to our fixed loan rates are good news for those seeking to fix some or all of their mortgage balance,” O’Malley said. “We know that many of our customers benefit from the greater certainty that fixed rates provide, particularly in periods of significant interest rate change, like at present.”
“We also recognise the cost-of-living pressures facing many Australians and are working closely with brokers and customers to ensure those rolling off fixed term rates are supported.
O’Malley said customers were encouraged to use its home loan repayment calculator and contact their broker or an AMP Bank home loan specialist to understand the options available.
Earlier this month, AMP Bank announced it would begin lending to mortgage broking businesses, assisting brokerages to fund mergers and acquisitions, equity buy-ins and investments.
AMP Bank’s home loan rates are available online as are its target market determinations.
