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AMP Banking Interest Rate Increase and fees changes

Wed, 2008-04-02 21:13 — Broker

AMP Banking have announced that the volatility on financial markets continues to significantly impact their cost of funds, with the flow-on effect of AMP Banking having to review pricing - however, the Bank continues to absorb a significant portion of the higher funding costs.

As a result, the following changes have been made to AMP Banking interest rates and fees for loan products.

CHANGES EFFECTIVE MONDAY 7 APRIL 2008

Basic Variable Rate Loan - interest rate for new business

Effective for all new applications received from Monday 7 April 2008, the interest rate for new business for the Basic Variable Rate Loan will increase 0.15%pa.

All Loan Products - interest rates applicable for product switches and loan increases.

Effective for all requests received from Monday 7 April 2008 for product switches or loan increases, the interest rate applicable to the switched product or to the loan increase amount will be the new business interest rate.

Where an AMP Banking customer requests an increase on an existing split that has a lower rate than the new business rate, the increase must be done as a separate split facility at the new business interest rate. Given this is a Bank requirement, any split fees which would normally apply in this situation are to be waived.

Additional information will be sent separately to Customer Service and Sales staff regarding this change.

CHANGES EFFECTIVE MONDAY 14 APRIL 2008

Loan Settlement Fee

The $250 Settlement Fee will no longer be waived for the following products, and will be payable for all new applications received from Monday 14 April 2008.

  • Basic Variable Rate Loan
  • 1 Year, 2 Year, 3 Year and 5 Year Fixed Rate Loans
  • 1 Year Introductory Fixed Rate Loans
  • Introductory Professional Package Variable Rate Loans
  • Professional Package Variable rate Loans
  • Professional Package Lines of Credit

    • Existing Settlement Fees applicable to Low Doc, Select and Affinity borrowings remain unchanged.

    All Settlement Fees apply per application, not per individual split/facility.




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