4 April 2024

We’ve updated our New Business Pricing

 

Professional Package P&I rates reduced

  • We have reduced rates on Owner Occupied in our Professional Package for principal and interest customers. Rates starting from 6.14%pa.

Effective Friday 5th April 2024.

 

Professional Package IO rates Increased for $1m+

  • We have Increased rates for interest only loans in our Professional Package. Rates starting from 6.54%pa.

Effective Friday 5th April 2024.

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

Reminder: 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.

 

Read more

Reminder: 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.

 

Read more

AMP Bank Market Insights webinar

 

CPD-accredited Market Insights Webinar, now available on-demand.

 

Watch here

We have reduced New Business pricing for P&I Variable loans

 

We have reduced our New Business pricing for Variable rates on our Professional Package product.

 

Our home loan products give your customers choices for whatever wealthy they want.

 

Effective Friday 5th April 2024.

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

Please meet Elz (Elise) Bayad, one of our Broker Experience Specialist

 

With over 2 years of experience in the finance sector, Elz works closely with our BDMs to ensure a smooth application process for our brokers, from scenarios to settlements. Elz's previous experience in a brokerage gives her a deep understanding of the nuances brokers face during the application process.

 

Outside of work, Elz is a busy parent to 3 children - 2 boys and 1 girl. She also has 5 tattoos and enjoys binge-watching movies on Netflix, visiting the beach, and passionately following the Premier League. Elz hopes Liverpool can maintain their top spot. Fingers crossed!

 

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.

Reminder: 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.

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 4 April 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.