18 April 2024

April Credit Policy change

 

To simplify and streamline the application and approval process further for you and your customers, we have made the following Credit Policy changes, which are effective from Monday 22nd April 2024:

 

In summary, we have changed:

 

Zone 1 and 2 Loan size increased to up to $2 million:

  • Owner occupied properties in zones 1 & 2
    • We are increasing the loan size from $1.5 million to $2 million.
  • Investment properties in zones 1 & 2
    • We are increasing the loan size from $1.3 million to $2 million.
  • The Loan-to-Value Ratio (LVR) remains unchanged.

PLEASE NOTE: ApplyOnline business rules will not align with this change by 22 April 2024. When you encounter a system alert, disregard it and proceed according to the policy changes outlined above.

 

Delegated Underwriting Authority (DUA) Update:

  • Helia's DUA agreement with AMP has been revised, resulting in an increased aggregate amount from $1.5 million to $5 million for all purposes. Note this is for Zones 1-4 & high density, no change to Zone 5.
  • As a result, our approval process for loans of this size will be faster, as we no longer need to seek approval from Helia.

For more information, refer to the Policies Page of our Distributor Knowledge Centre.

New Business Pricing


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

 

Find out more

MPA BDM Spotlight: Nicole Woodruff

 

Congratulations to Nicole, who was selected to be profiled by the MPA as this week’s BDM Spotlight.

 

Read the article

MPA BDM Spotlight: Nicole Woodruff

 

Congratulations to Nicole, who was selected to be profiled by the MPA as this week’s BDM Spotlight.

 

Read the article

Home loan increases

 

Your customers may be able to borrow against the equity they have in their home to renovate, consolidate debts or pay off something big.

 

Find out more

Does your customer need a line of credit?

 

Line of credit home loans allows flexibility; only pay interest on the portion of the loan you've used.

 

Find out more

Does your customer need a line of credit?

 

Line of credit home loans allows flexibility; only pay interest on the portion of the loan you've used.

 

Find out more

Term Deposit rate changes

 

We’re updated our Term Deposit rates.

 

Click here to see our changes

Meet Nicole Woodruff, our experienced Business Development Manager

Nicole has 24 years in the industry, starting her career straight out of high school, Nicole has worked her way up through various roles to her current position. She has a strong background in credit and BDM roles, allowing her to understand risk appetite and ask the right questions before brokers invest their time. Building relationships and helping brokers understand how AMP can assist their customers is Nicole's passion. Outside of work, she enjoys weekends by the beach with her blended family of 7, including 5 kids plus their puppy, Billie the border collie. Nicole is a valued member of our team, bringing extensive experience and a commitment to building strong connections.

 

Nicole has also been profiled the week by the MPA in their BDM Spotlight article.

 

Our Business Development Managers

 

Enjoy a seamless relationship with a support team you can count on. If you have questions on AMP’s products and policies, or if you require support for your customer’s scenario to be assessed and presented to credit upfront (even if it is outside our policy) reach out to your Business Development Manager today.  At AMP we continue to do all we can in supporting our brokers like you, so you can focus on supporting your customers.

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.

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

Term Deposit rate changes


Effective as of Monday 15 April 2024 we have updated our Term Deposit rates.


Whether your client is saving for a home of their own, a holiday, a car or for the future, AMP Bank's term deposits can help your clients achieve their goal.


Effective Monday 15 April 2024.

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

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 18 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.

 

2This rate is applicable to applications received from Intermediaries only.

 

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