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AMP cuts variable rates

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James Mitchell 1 minute read

AMP Bank has today announced it will reduce interest rates across several variable and fixed-rate loans for new customers, effective Monday 18 January.

In a statement this morning, AMP Bank said the AMP Essential variable-rate loan will be reduced by 30 basis points to 4.08 per cent per annum (comparison rate 4.10 per cent per annum).

The Basic three-year fixed rate will drop by 27 basis points to 4.28 per cent per annum (comparison rate 4.32 per cent per annum).

The variable rate on new investor property loans for the Basic loan will reduce by 40 basis points to 4.57 per cent per annum (comparison rate 4.61 per cent per annum).

The Basic three-year fixed rate for new investor property loans is reducing by 45 basis points to 4.57 per cent per annum (comparison rate 4.61 per cent per annum).

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AMP cuts 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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