28 March 2024

Credit policies spotlight

  • For investment loans, where DTI ≥6x and LVR ≤80%, the minimum required NMS has been reduced from >$500pm to >$200pm.
  • Investment property costs included in HEM.
  • Investment construction available up to 90% inclusive of LMI.
  • No genuine savings required up to 90% plus LMI cap.
  • Private Health insurance costs included in HEM.

Don't forget to report on time for compliance with DDO


Design and Distribution Obligations (DDO) are intended to help retail customers select the right product. The DDO applies only to retail customers and places obligations on product issuers (like AMP Bank) and distributors (such as mortgage brokers, fixed income brokers and advisers). The DDO legislation does not apply to Business Finance (Practice Finance).


Read more on what, when and how you report


More information


Read about AMP’s approach to the DDO on our Distributor Centre. You can also see more about the DDO legislation in the ASIC Regulatory Guide 274.

Enhancements to ApplyOnline


To ensure correct calculation of interest expense (for negative gearing) we’ve removed validation error, added a new ownership field and rental income into security tab.

 

Find out more

Win one of 2 x $250 GiftPay cards

 

Fill in this short anonymous survey for your chance to win 2 x $250 GiftPay cards so we can better connect and communicate with you.

 

Have your say

Win one of 2 x $250 GiftPay cards

 

Fill in this short anonymous survey for your chance to win 2 x $250 GiftPay cards so we can better connect and communicate with you.

 

Have your say

Market Insights Webinar

 

In case you missed our CPD-accredited Market Insights Webinar, you can now watch it on-demand in the AMP Bank Distributor Knowledge Centre.

 

Watch here

Savings Account rate Changes

 

We have updated our Savings Account rates.

 

Click here to see our changes

Savings Account rate Changes

 

We have updated our Savings Account rates.

 

Click here to see our changes

Meet Gary Anderson, our Senior Manager Broker Experience

Gary brings to AMP extensive growth, change and business process expertise with a deep-seated passion for customers. He is married to Belinda and lives in his adopted home town of Sydney. He is a passionate cyclist, loves travelling and giving back to the community. The opportunity to join AMP is something Gary sees a strong alignment to his values, focus on growth and building high performing teams and experiences for his customers.

 

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.

Don't forget to report on time for compliance with DDO

 

Design and Distribution Obligations (DDO) are intended to help retail customers select the right product. The DDO applies only to retail customers and places obligations on product issuers (like AMP Bank) and distributors (such as mortgage brokers, fixed income brokers and advisers). The DDO legislation does not apply to Business Finance.

 

What do I report?

 

The DDO requires us to collect information from our distributors to monitor the distribution of our products – the information we require is set out on the last page of our Target Market Determinations (TMDs), available from our Distributor Centre.

 

Any complaints reporting we require is aligned with paragraph RG 271.182 of Regulatory Guide 271 Internal dispute resolution. Data must be aggregated by product and nature of complaint, and any personal information (such as Customer Name) must not be included. See a list of required information on our Distributor Centre.

 

When do I report?

 

You must provide 6-monthly reports of complaints received about the product and its distribution, with any reports to be provided in the first 10 business days of April and October each year. Our next submission period is 1 April to 15 April 2024. For the state of Tasmania that has the Easter Tuesday as a public holiday on Tuesday 2 April, the submission period ends on 16 April 2024.

 

How do I report?

 

During the submission period, simply report any complaints via the online form on the Distributor Centre. This form is only active during the submission period

 

In the unlikely event of a significant dealing, notify us via DDO_Bank@ampbanking.com.au as early as possible, and within 10 business days of becoming aware. You may include any information you deem relevant. You can also use this email address to provide any other relevant feedback on DDO matters.

 

More information

 

Read about AMP’s approach to the DDO on our Distributor Centre. You can also see more about the DDO legislation in the ASIC Regulatory Guide 274.

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.

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 28 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.