AMP Bank has slashed its variable rates for new owner-occupiers.
The bank said it will reduce the variable rate for new owner-occupied loans on the AMP Essential Home loan to 3.99 per cent.
The variable Professional Pack Home loan will also be reduced to 3.99 per cent for loans over $750,000 and with an LVR of less than 80 per cent.
AMP said the offers are part of a limited special and consistent with the bank's commitment to help more Australians own their own homes.
The changes are effective Monday 12 October and will apply until 30 November 2015.
In July, the non-major bank announced that it had ceased lending to residential property investors in response to APRA’s crackdown on landlord lending.
AMP Bank is expected to continue lending to investors later in the year, depending on market conditions.
[Related: ING Direct cuts variable rate to under 4%]
James Mitchell has over eight years’ experience as a financial reporter and is the editor of Wealth and Wellness at Momentum Media.
He has a sound pedigree to cover the business of mortgages and the converging financial services sector having reported for leading finance titles InvestorDaily, InvestorWeekly, Accountants Daily, ifa, Mortgage Business, Residential Property Manager, Real Estate Business, SMSF Adviser, Smart Property Investment, and The Adviser.
He has also been published in The Daily Telegraph and contributed online to FST Media and Mergermarket, part of the Financial Times Group.
James holds a BA (Hons) in English Literature and an MA in Journalism.
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