Days after Westpac announced its plans to increase the discount it offers on a number of its home loan products, one of Australia’s non-major lenders has done the same.
Last week, AMP announced it would trim 15 basis points from its Professional, Affinity and Select Package home loan products, taking the overall discount to 1 per cent.
According to the lender, the offer is only available on home loans over $500,000.
The current AMP Bank standard variable rate is 6.50 per cent.
AMP Bank chief operating officer Rob Slocombe said the increase in the discount rate makes AMP Bank’s variable rate loan products even more competitive.
“This adds to the attractiveness of our suite of products, which also includes the popular AMP Superedge loan for SMSF customers,” he said.