AMP Banking Interest Rate Changes

Mon, 2008-10-20 11:28

Home Loans - Interest Rate Changes
Variable Rate Loans (excluding Low Doc) - changes effective last weekend.
Decreasing by 0.80 percent pa
Effective Saturday 18 October 2008 for new business, Effective Monday 20 October 2008 for existing business
Changes impact all full documentation variable rate loans and lines of credit
All Loans with >95% - changes effective as detailed below
The margin that is applied to rates for loans with an LVR >95% is increasing by 40 bps
The increased margin will apply to all new loan applications with LVR >95% received from Saturday 18 October 2008.
Low Doc variable rate loans - changes effective as detailed below
Low Doc Variable Rate Loan variable interest rate is changing
Low Doc Line of Credit variable interest rate is changing to
Effective Saturday 18 October 2008 for new business
Effective Monday 20 October 20008 for existing business
Fixed Rate Loans - changes effective 19 October 2008
Standard Fixed Rate Loans
1 Year Intro Fixed Rate Loan decreased by 1%
1 Year Fixed Rate Loan decreased by 1%
2 Year Fixed Rate Loan decreased by 1%
3 Year Fixed Rate Loan decreased by 1%
5 Year Fixed Rate Loan decreased by 0.70%
Low Doc Fixed Rate Loans
Low Doc 2 Year Fixed Rate Loan decreased by 0.70%
Low Doc 3 Year Fixed Rate Loan decreased by 0.70%
Deposits - Special Promotions
LAUNCH OF THE NEW FIRST HOME SAVER ACCOUNT - Launched 1st October 2008
The AMP Bank First Home Saver Account (FHSA) is a simple and tax effective special purpose savings account that is designed to help customers get into their first home sooner.
Customers can use the account to save the deposit for their first home, or to cover other costs associated with purchasing their first property. This account has been designed by the Federal Government to help boost customers chances of buying their own home in a tax effective way.
Account features include:
No minimum opening deposit.
No bank fees.
Interest is calculated daily and paid monthly.
Government contributions in addition to customer savings.
Special Bonus interest rate offer for launch - 8.00%p.a. (applies until 31 December 2008)
Standard interest rate at launch - 7.00%p.a. (all account balances)
The additional 1% bonus rate above the standard rate expires as at 31 December 2008, and the rate then reverts to standard variable rate current at that time.
IMPORTANT NOTE: Both the standard rate and the interest rate bonus are variable, and subject to change at any time at the Bank's discretion.