Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

AMP Bank announces investor lending changes

amp  amp
James Mitchell 4 minute read

The challenger bank has today announced changes to investor lending to manage its portfolio and align with regulatory requirements.

AMP Bank’s variable interest rates for new and existing investment property loans will increase by 35 basis points.

For all new investor property loans, the maximum loan-to-value ratio (LVR) is reducing to 50 per cent. This change applies to all new loans with an investment property as security and includes loans to SMSFs.

The changes to interest rates are effective 23 June 2017 for new customers and from 26 June 2017 for existing customers. LVR change is from 21 June for new investment property loans and 1 July for SMSF investor loans.

Advertisement
Advertisement

AMP Bank group executive Sally Bruce said the measures are needed to ensure AMP operates within its regulatory obligations.

“We’re committed to managing our portfolio responsibly while balancing this with the interests of our customers,” she said.

“We are managing our loan book in a very active market and these changes follow recent shifts in competitor activity. We will continue to take the necessary steps for sound management of our regulatory requirements.”

AMP Bank announces investor lending changes
amp
TheAdviser logo

Are you a new-to-industry broker in the process of growing your business? Then there’s some great news: The Adviser’s New Broker Academy is back in 2021 and will provide you with essential insights into cutting-edge tools, strategies and processes to fast-track to success. Don’t miss your chance to attend. To secure your FREE place, visit newbroker.com.au now!

PROMOTED CONTENT


amp
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.

 

 

more from the adviser
Greater Bank Newcastle Perm merger

Breaking News

Bank CEO pledges to maintain broker offering following merger

The CEO of Newcastle Permanent has said the lender will continue ...

Money jar

Breaking News

bcu launches $5k cashback offer

The customer-owned bank has released a cashback offer for new and...

RBA

Breaking News

RBA makes cash rate call as lockdown drags on

The central bank has delivered its rate decision for August as th...