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Bank cuts rates by 25 points

by Nick Bendel9 minute read

Another lender has followed the recent trend of cutting rates – although this one has also announced increases with some products.

AMP Bank has cut the rate of its Basic variable rate loans from 5.20 per cent to 4.95 per cent, chief operating officer Rob Slocombe said.

“The AMP Basic variable rate loan is a low-cost home loan with a great range of features that customers can access at a competitive price,” he told The Adviser.

“The loan appeals to brokers because they can offer their customers a competitive product from AMP Bank as an attractive alternative to other lenders.”


AMP has, however, also added 10 basis points to some of its fixed-rate products.

The one-year introductory rate for Classic Club loans has risen to 4.79 per cent.

Professional Package rates are now 4.79 per cent for one-year introductory, 4.99 per cent for two years and 5.09 per cent for three years.

The Low Doc Package has risen to 9.59 per cent for two years and 10.29 per cent for three years.

AMP has also increased its SuperEdge SMSF product, with two-year and three-year rates now priced at 5.64 per cent.

Mr Slocombe said fixed rates are reviewed regularly as part of AMP’s normal retail pricing activity.