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AMP increases variable rates

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AMP increases variable rates

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James Mitchell 2 minute read

Another non-major lender has announced it will increase its variable home loan rates.

AMP Bank will increase rates on variable owner-occupied loans by 0.18 per cent.

In addition, the bank announced that the bonus rate on the AMP Saver account for new accounts will be increased by 0.20 per cent to 3.05 per cent per annum.

AMP said in a statement that it remains committed to recommencing investor property lending in 2015.

All interest rate changes are effective from 20 November.

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Bankwest announced last week that it will be increasing its variable home loan rates by 18 basis points, effective 17 November. This will take the bank's standard variable rate to 5.65 per cent, and its investor variable rate to 5.97 per cent.

Meanwhile, ME announced last week that it will raise its variable home loan rates by 20 basis points, effective 20 November. This will take put the bank’s Flexible Home Loan variable reference interest rate at 5.08 per cent (with a comparison rate of 5.09 per cent).

AMP increases variable rates
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James Mitchell

James Mitchell

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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