AMP Bank home loan review
AMP Bank is an online-direct lender, and Ratesniffers tracks 50 of its home loan products across variable, fixed and interest-only options. Its lowest variable rate Ratesniffers tracks is 5.99% p.a., and its lowest fixed rate is 6.39% p.a. That sits about 20 basis points below the market median of 6.19% p.a., putting it among the more competitive lenders right now.
Is AMP Bank a good home loan lender?
AMP Bank suits borrowers who want several offset accounts against one variable loan and will pay a package fee for them. Ratesniffers checked its home loan fees and charges guide, dated 25 August 2026, on 3 Sept 2026. The trade-off is fees: the offset package costs $415 a year and offset is not available on fixed rates.
What we looked at
Ratesniffers ranked and described this lender from the verified rate snapshot on this page, then read the lender's own published product pages and fee documents listed under Sources below. Sources were checked on 3 Sept 2026. There are no scores, no stars and no user reviews here, only what the lender publishes and what the snapshot shows.
WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is based on a loan of $150,000 over a term of 25 years.
The information provided on this site is general in nature and does not take into account your objectives, financial situation or needs. Before acting on any information, consider whether it is appropriate for you and read the relevant Credit Guide and lender disclosures.
AMP Bank home loan interest rates by term
The lowest owner-occupier, principal and interest rate AMP Bank has published per term, from the same rate snapshot as the panel above.
| Term | Interest rate | Comparison rate |
|---|---|---|
| Variable | 5.99% p.a. | Not available |
| 1-year fixed | 6.39% p.a. | Not available |
| 2-year fixed | 6.39% p.a. | Not available |
| 3-year fixed | 6.49% p.a. | Not available |
The case for
- Its sharpest variable rate sits below the market median of 6.19% p.a. in the rate snapshot on this page.
- Up to 10 offset deposit accounts can be linked to one eligible AMP Bank variable rate home loan, with the combined balance offset against the loan. Linking happens only on request, and offset is not available on fixed rate loans, the Essential Home Loan, lines of credit or standalone construction and land loans.
- The Professional Package, marketed as the Offset home loan, publishes a $0 application fee, $0 valuation fee, $0 settlement fee, $0 monthly fee and $0 redraw fee alongside its $415 annual package fee, and waives the $299 variation fee.
- The AMP Essential Home Loan publishes $0 for application, valuation, settlement, monthly, annual and redraw fees, with free redraw of additional repayments. It carries no offset facility, offers principal and interest repayments only, and cannot be fixed.
- AMP publishes a single dated home loan fees and charges guide, current at 25 August 2026, listing the whole fee schedule in one document.
- Switching to a variable rate or another fixed rate at the end of a fixed period is free, as is switching from interest only to principal and interest.
What to weigh up
- The discharge fee is $490, plus any solicitors or mortgage processing costs and government fees.
- Offset deposit accounts are not available with fixed rate loans, the Essential Home Loan, lines of credit, or standalone construction and land loans.
- An offset deposit account linked to an AMP Basic home loan carries a $6 monthly account management fee.
- A $299 internal refinance fee applies at settlement where you held an AMP Bank loan immediately beforehand, and a $249 rework fee applies if documents are reissued.
- Locking a fixed rate costs a non refundable $249 for 90 days, valuation costs above $550 are passed on, and a $250 multiple security fee applies for each additional security.
Who AMP Bank suits and who it does not
AMP Bank tends to suit variable rate borrowers who will run several offset accounts, since up to 10 can be linked to one loan and their combined balance offsets it, and who are borrowing enough for the $415 package fee to make sense. It suits less well for anyone wanting a fixed rate with offset, which AMP does not offer, or for a small loan where the Essential Home Loan, with no offset facility, is the fee free alternative.
AMP Bank products in detail
What AMP Bank GO is
AMP Bank GO is AMP's app based banking platform and debit Mastercard, the brand on accounts such as AMP Bank GO Save and AMP Bank GO Business Save. It is not a home loan product. AMP Bank's home lending runs under separate names, including the Professional Package, the Basic Package, the Select Package, the AMP Essential Home Loan and the AMP First Home Loan. The product issuer and credit provider for all of them is AMP Bank Limited, ABN 15 081 596 009, under Australian credit licence 234517.
AMP Bank home loans: our verdict
AMP Bank is a credible choice whose lowest variable rate of 5.99% p.a. currently sits about 20 basis points below the market median, which is competitive today (last updated 30 Aug 2026). Whether it's right for you comes down to your deposit, the features you'll use, and how its real approved rate compares, so treat the headline as a starting point, not the final answer.
Sources checked 3 Sept 2026: AMP Bank, Home loan fees and charges guide; AMP Bank, Home loan offset account; AMP Bank, Professional Package home loan; AMP Bank, Essential Home Loan; AMP Bank, Home loan interest rates and fees; AMP Bank, AMP Bank GO features. Fees and product terms change, so confirm them with AMP Bank before applying.
See if you can do better than AMP Bank
The advertised rate isn't always the rate you'll be approved for. Compare AMP Bank against the wider panel, or have your scenario negotiated, at no cost.