22 March 2024

Exciting changes and enhancements

At AMP we listen to your feedback, this is why we have made some exciting changes and enhancements.

Credit Policy change

To improve loan application submission rates and overall turnaround times for our brokers and your customers, we have made the following Credit Policy changes from Monday 25 March 2024:

• Net Monthly Surplus (NMS) minimum is changing to >$200 - For investment loans, where DTI ≥6x and LVR ≤80%, the minimum required NMS has been reduced from >$500pm to >$200pm.

We also made changes in February to some policies too (removing the genuine savings threshold and revised our treatment of spousal relationships).

ApplyOnline changes

We’ve streamlined your ApplyOnline experience and our Serviceability Calculator

Based on your feedback, we’ve made changes to how we capture interest expense for negative gearing. Partnered with NextGen we explore various scenarios that led to discrepancies in the Serviceability calculator, particularly how calculation of interest expense benefits were treated and calculated. We’re pleased to advise these discrepancies will be resolved between 25-27 March 2024.

What’s changed?

1. Validation Error Removal: There will be no validation error in the Security, Financials & Loan Details tabs when the primary purpose is set to “Owner Occupied” and “Yes” is selected.
2. New Ownership Field: A new “Ownership” field will be introduced in the Financial Position & Loan Details tabs. Its function will be similar to the existing “Ownership” field in the Security tab for mortgages, allowing for differentiation between loan ownership and asset ownership.
3. Rental Income in Security Tab: The Security Tab will now allow capturing rental income even when the property’s primary purpose is “Owner Occupied.

What does this mean for our Brokers?

This means the following can now be captured and calculated correctly in ApplyOnline:

• Interest tax deduction for investment loan applications using owner occupy security,
• Capturing ownership of home loans for negative gearing purposes, and
• Recording rental income for owner occupied properties (eg. granny flats).

I'm Shabnam Ahmadzai and I am a Broker Experience Specialist.

As someone who likes to put themselves in the customers shoes, I value delivering meaningful work and excellent service for our brokers. My aim is to create impactful moments, assisting our clients reach their financial goals. Crafting success stories one deal at a time is what gets me out of bed each day. I have been with AMP Bank for 2 years and have extensive experience supporting customers, brokers, and BDM’s. I enjoy travelling and being an adventure seeker, with a passion for exploring new destinations and always looking forward to trying something new.

The Broker Experience Team

The Broker Experience Team is your end-to-end partner from onboarding, deal status updates, enquiries about processing times, governance or anything that can’t be answered via ApplyOnline®. At AMP we continue to do all we can in supporting our brokers like you, so you can focus on supporting your customers.

Savings Account rate Changes

Effective Tuesday, 19 March 2024

Please refer to the current Interest Rate Bulletin for a full list of our interest rates and bonus eligibility.

For more information on any of our updates, please contact your BDM
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What you need to know

The credit provider is AMP Bank Limited ABN 15 081 596 009, AFSL and Australian Credit Licence 234517.  Approval is subject to AMP Bank guidelines. Information including interest rates is correct as at 22 March 2024 and is subject to change without notice. Terms and conditions apply and are available at amp.com.au/bankterms or by calling 13 30 30. Fees and charges are payable. Before making a decision about an AMP Bank product your customers should consider the terms and conditions. Read our Financial Services Guide available at amp.com.au/fsg for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relation to products and services provided to you.

For Notice Accounts only: Before making a decision about this product your customers should consider the Notice Account PDS available from AMP at amp.com.au/bankterms or on 13 30 30.

This email was sent by AMP Bank Limited, Level 2, 2-12 Macquarie Street, Parramatta NSW 2150 to bhavna_rai@amp.com.au.