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In this edition | 12 July 2024 |
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You can bank on us for you and your customers small business needs We know that when you are a small business, you are time poor and need support for your small business and personal needs. At AMP Bank we are making those changes so you and your customers can focus on the things that matter. Self employed policy change - Now live! For self-employed customers with an established ABN (Australian Business Number) of at least 2 years, the home loan application process has been simplified. You only need to submit the following documents: Business Entities (Company, Partnership & Trust): - 1-year (Most recent) tax return.
Individuals (Sole Traders, Directors, or Partners): - 1-year (Most recent) tax returns.
- Notice of Assessment.
These changes streamline the borrowing experience for business owners and provide a more accurate reflection of customers’ total income, unlocking additional borrowing options. |
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Business Finance Loan bespoke for brokers and advisers The Business Finance Loan allows advisers and brokers current and/or future ongoing reoccurring business revenue, so you don't need to register a mortgage over your home or other personal assets. With competitive rates, no monthly fees or commitment fees, and expert guidance from Dedicated Business Finance Relationship Managers, this loan is designed to amplify your business potential. Check out our real life case studies on how we have already supported brokers and adviser to amplify their business potential. |
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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 (i.e. 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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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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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. |
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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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Term Deposit rate changes 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
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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 I’m Wayne Jenkin and I’m a QLD Business Development Manager |
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Wayne brings an impressive 25-year experience of experience to our Distribution Team with 10 of those being dedicated to AMP Bank. Wayne thrives on working closely with brokers and working with their small businesses and seeing them succeed. He finds immense satisfaction when brokers assist their customers with home loans during significant life events. Wayne’s personal philosophy centres around stress management. Cooking serves as his meditative escape, allowing him to switch off and recharge. When Wayne isn’t at work, you’ll likely find him exploring new destinations with his son. His life goal is to visit a different country every year. |
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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 12 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. 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. |
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