Second tier slashes variable rate

Staff Reporter

AMP has cut more than 10 basis points from its Basic Variable Home Loan.

Effective yesterday, the lender slashed 13 basis points from its variable home loan, taking it to 6.64 per cent.

In addition, the bank has also launched a new Basic Package made up of the Basic Variable Rate Loan with 100 per cent Mortgage Interest Offset Account and a Basic Fixed Rate Loan.

AMP Banking head of sales and marketing Steve Craig said there was a growing demand for home loans that combined variable and fixed rate loans.

“There are a growing number of customers that want peace of mind against rising interest rates,” he said.