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In this edition | 28 June 2024 |
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Plus, we’ve changed our Term Deposits rates |
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A note from Paul Herbert Dear Broker Partners, As we bid farewell to FY 23/24 and embrace FY 24/25, I would like to express my gratitude for your support and valuable feedback. We understand the importance of simplifying and streamlining lending processes for small business owners. We recognise your hard work in managing your businesses, and we want to make it easier for you and your customers to purchase a home.
As we step into the new year, we are excited to announce that we have simplified our self-employment income policy requirements. This change was driven by your feedback through our webinars, round tables, feedback sessions, coffee clusters, and via your AMP BDMs. The changes we are announcing below will enable more self-employed customers to amplify their wealth through property.
But it doesn't stop there. We have also made changes to our bonus income shading and our rental income shading policy, again simplifying the experience for you and your customers.
Thank you for your continued support, and we look forward to hearing more about how you want to partner with us so you can bank on us.
Best regards,
Paul Herbert
Head of Lending & Everyday Banking Distribution |
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We’ve simplified our self-employed income requirements We’ve simplified and reduced the amount of documentation required for Credit Assessment for self-employed customers. When you submit a home loan for a self-employed customer, we now only require: - That your customer has had an established ABN for a minimum of 2 years
- 1 year tax returns (most recent) and Notice of Assessment for individuals (sole traders, directors or partners)
- 1 year tax return (most recent) for business entities (company, partnership & trust)
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If your customer meets servicing with the 1 year tax return and Notice Of Assessment, we won’t require any other financial statements. |
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Changes to Income shading Looking to unlock more borrowing power for your customers? Check out our new rental and bonus income shading policy. |
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Bonus Shading Bonus income shading policy to be changed to be uncapped at 20% over 1 year. So if you earn $100,000 in bonus after tax, we will use (80%) $80,000 of this to apply to your income assessment, so your customers can borrow more. |
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Rental Shading Changes to the treatment of rental income shading have been introduced across various segments. These modifications impact both existing and new rental properties. - 20% shading on all residential investment properties in all zones (inclusive of high-density apartments), regardless of documentary evidence provided (i.e. Lease Agreement, Rental Statement, or 3rd party estimates).
- 35% shading on all non-residential, commercial or industrial investment or owner-occupied properties (3rd party estimates not allowed).
- 35% shading on Serviced Apartments and Short-Term rentals, and 20% shading where documentary evidence is a 3rd party estimate.
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$2,000 rebate for your LMI Customers. Whether your customer is looking for a new owner-occupied purchase or a new investment purchase, if they require Lender’s Mortgage Insurance (LMI) and have an LVR greater than 80% then we will provide them with a $2,000 rebate, no matter the LMI cost. This offer is subject to meeting the eligibility criteria. |
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Service times for new business- 2 days PAYG and Self-Employed where no further information is required
- 2 days Pipeline applications (once outstanding requirements have been received)
- 2 days Standalone pre-approval applications
- 10 days for deals in Company and Trust applications
The above are estimates only and may change, please visit our page for more information |
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Goodbye Distributor Centre, Hello Broker Hub! Starting Monday, July 1, 2024, you’ll notice exciting changes to our website based on your feedback: - We’ve renamed our website to “Broker Hub.”
- Information is now conveniently categorized for Mortgage Brokers and Fixed Income Brokers.
- The Credit Policies page features quick links to the most frequently accessed policies.
We’re committed to simplifying your navigation experience. Keep the feedback coming! |
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Term Deposit rate changes Effective as of Friday 28 June 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.
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The people behind the bank I’m David Askew and I’m a Senior Business Development Manager |
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With 26 years of experience in banking and finance, David has worn many hats at AMP. David thrives on helping brokers tailor solutions for their clients—especially leveraging our masterlimit feature, a key tool for wealth-building. By paying down non-deductible debt and strategically recycling. Beyond work, David cherishes family time with his childhood sweetheart and his incredible sons, Hudson (18) and Kingsley (16). They enjoy weekend beach walks in Mollymook, sipping morning triple-shot coffees while people-watching. His life motto? Embrace every moment, care for others, and build wealth—one broker deal at a time. |
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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. |
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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 28 June 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. This email was sent by AMP Bank Limited, Level 2, 2-12 Macquarie Street, Parramatta NSW 2150 to bhavna_rai@amp.com.au. |
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