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In this edition | 5 July 2024 |
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Plus, we’ve changed our Term Deposits rates |
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Self employed policy change=less paperwork. For your self-employed customers, all you need to do is to submit 1 year tax return (most recent) for business entities (company, partnership & trust) or 1 year tax returns (most recent) and Notice of Assessment for individuals (sole traders, directors or partners) for self employed customers who have an established ABN for a minimum of 2 years for their home loan application submissions. These changes simplify the borrowing experience for business owners and better reflect the total income of customers to unlock borrowing options. |
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Unlock more borrowing power We’ve made changes to both our bonus and rental income shading policies to better reflect the total income of customers to unlock borrowing options. Bonus Shading: Bonus income shading policy to be changed to be uncapped at 20% over 1 year. 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 non-residential 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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Customer Satisfaction Help us enhance our service! Encourage your customers to participate in our post-settlement survey. We’d love your support in encouraging your customers to complete this. We simply ask how satisfied they are (between 0 – 10) and give them free text to let us know why they selected this. Their satisfaction score and comments are invaluable for us to keep doing what works and improve where needed. Your support is key to our mutual success. |
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Fixed Rate Lock At AMP Bank we enable your customers to rate lock, so they can lock in a fixed rate home loan rate for a period of 1, 2, 3 or 5 years. So if you have a new application, an application in the pipeline or an existing AMP Bank customer, you can rate lock. Our fixed rate lock 'start date' is the date the request and the fee or valid payment authorisation details (ie valid credit card number and signed authority) is received by AMP Bank (via email or post), as long as it is current. Find out more on our Broker Hub, terms and conditions apply. Approval is subject to AMP Bank guidelines. |
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Existing customers? Yes, you can rate lock- Switch: A product can be switched from a variable rate loan to a fixed rate loan and vice versa.
- Re-fix: Switch to another fixed rate whilst on a fixed term. Note fixed break fee may apply if the customer breaks the existing fixed term.
- Re-fix at expiry: A loan is re-fixed after expiry of a fixed rate term.
- Split or combine: A variation is requested to split or combine existing home loan(s) between fixed and variable rates.
- Roll-Over to a variable: On expiry of a fixed rate term, the loan rolls over to a variable rate. This is an automatic switch at the end of a fixed term.
Fixed rate lock process for new customer application? Yes, you can rate lock Submitting a new application - Select rate lock in the loans tab screen, under ‘features’ for the specific loan.
- This is to be accompanied with the Fixed rate lock request form.
Rate lock request after submission of application - Complete the Fixed rate lock request form
- Upload it to the application via supporting document.
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What are our fixed rates? We recently reduced our fixed rates across the board on Investors and Owner Occupied in our Professional Package. - Investor P&I starting from 6.09%
- Investor IO starting from 6.24%
- OOC P&I starting from 5.99%
- OOC IO starting from 6.39%
Check out our current interest rates bulletin to find out more. |
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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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Ceasing Aggregator Commissions for Deposits Following a market and internal review we have decided to remove the commissions payable on our deposit products originated via brokers. We are varying the terms of the Originator Manager Agreement. The change will be applicable to new deposit products submitted to AMP Bank on or after 1 August 2024. Commissions payable on deposit products established before this date are unchanged. |
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The people behind the bank We’re the broker distribution team, a team you can bank on |
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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 5 July 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. A target market determination for this product is available at www.amp.com.au/bank/TMD 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. 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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