Online bank AFSL 234739 · Online, broker, or via AMP financial adviser
AMP Bank is the banking arm of AMP Limited, one of Australia's largest wealth management companies, holding AFSL 234739. AMP Bank operates as a fully online bank — no branches — leveraging AMP's national network of financial advisers and planners to distribute its mortgage products.
AMP's mortgage business has historically targeted professional package customers — higher-income borrowers who want competitive rates alongside wealth management, superannuation, and insurance products from the broader AMP group. This positions AMP Bank between the Big Four (which also target professionals) and the pure online lenders (which offer no advisory relationship). AMP has gone through significant restructuring since 2018 and has a smaller market presence than in previous years, but its home loan product remains competitive.
Market position: Online bank — professional packages, AMP adviser distribution, competitive offset
Digital tools: AMP Bank app — offset management, real-time interest savings
Best suited to: Borrowers looking for professional packages and competitive offset account home loans.
Like all major Australian lenders, AMP offers a range of home loan types to suit different borrower needs. Rates change frequently — this guide does not quote specific figures. Use our repayment calculator with current AMP rates from their website.
AMP Bank offers variable, fixed (1–5 years), split, and IO investment home loans. Its Professional Package bundles a home loan with an offset account, credit card, and fee waivers. The Basic Home Loan is a lower-rate product without the package features — offset is not available, but redraw is.
AMP's offset account is a genuine 100% offset with strong reporting — interest saved is displayed in real time in the AMP Bank app. For borrowers who want offset functionality without a Big Four price tag, AMP's Professional Package has historically offered a competitive combination.
Rates change regularly. Source current rates from AMP's website and use our offset calculator to model the interest savings from AMP's offset product.
| Feature | Available |
|---|---|
| Offset Account | ✓ Yes |
| Redraw Facility | ✓ Yes |
| Split Loans | ✓ Yes |
| Mobile App | ✗ No |
Feature availability applies to AMP's standard variable product. Some features may be product-specific — confirm with AMP before applying.
Borrowers looking for professional packages and competitive offset account home loans.
This is a general guide based on AMP's market positioning and product structure. Individual eligibility depends on your income, credit history, deposit size, and existing liabilities. Use our borrowing capacity calculator to estimate what you may be eligible for before speaking to AMP.
AMP Bank's application process is fully online — no branches. Applications are submitted through AMP's website, with documents uploaded digitally. AMP also has a strong broker channel; mortgage brokers familiar with AMP's credit policies can often speed processing for complex applications.
AMP financial advisers in the broader AMP network can assist with the mortgage application as part of a broader wealth planning conversation — this is a differentiator for customers already working with an AMP adviser. Standard PAYG applications through the online channel are processed within the typical 5–10 business day timeframe.
AMP may request additional documents depending on your situation. Confirm the full checklist at application.
AMP Bank's professional package positioning means its retention conversations tend to involve total value rather than just rate — professional borrowers respond to the wealth management relationship, not just basis points.
AMP adviser relationship: If you have an existing relationship with an AMP financial adviser, involve them in the rate negotiation. The adviser has a business interest in keeping your banking with AMP and may have direct escalation paths to AMP Bank's retention team.
Professional package audit: Request an annual review of your package rate in writing. AMP Bank has been known to reprice loyal professional package customers during these reviews without requiring a full refinancing threat.
Macquarie and ING comparison: These are the most relevant competitor rates for AMP's target customer. An ING Orange Advantage or Macquarie Offset Home Loan quote is the right benchmark to present.
Restructuring reality: AMP has undergone significant business restructuring. If you sense AMP's service levels have declined, refinancing is a legitimate option — AMP has no exit fees on most products. Don't stay out of inertia.
Be ready to follow through. Retention teams can see your account history. If you threaten to refinance, have a genuine pre-approval in hand — it makes your position credible and ensures you have a real alternative if AMP doesn't move.
If you are struggling to meet your home loan repayments, AMP Bank has a dedicated hardship team. Australian lenders are required under the National Consumer Credit Protection Act to have a hardship process, and banks have obligations to assist borrowers facing genuine financial difficulty.
AMP Bank Hardship Team
1300 157 173Contact AMP as early as possible if you anticipate difficulty — proactive contact leads to better outcomes than waiting until you miss a payment.
For independent, free financial counselling, call the National Debt Helpline on 1800 007 007. Financial counsellors can help you understand your options and negotiate with your lender on your behalf.
Before deciding on a lender, compare at least three options. Your borrowing scenario, LVR, and income type will determine which lenders can offer you the best combination of rate, features, and service.
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