Second Tier Launches Low Cost Home Loan
AMP Bank has unveiled a low cost home loan designed for customers wanting access to a easy product.
The AMP Essential Loan has a variable interest rate of 6.85%, has no on-going fees, and settlement and establishment fees are being waived until 31 December this year as an introductory offer.
A statement from AMP stated the rate is lower than the four major banks’ basic variable rate home loans, making it among the most competitively priced products in the market.
AMP Bank chief operating officer Robert Slocombe stated the new home loan was designed to meet a need for customers for a easy home loan at a low cost and competitive interest rate.
“The product is a great alternative to the major banks, especially for entry-level customers and people looking for a competitive basic low cost loan that still gives them the more popular home loan options.”
Slocombe stated the loan incorporates basic features customers demand – including free redraw – but dispenses with the features “many customers do not need or want”. The loan has no offset account.
AMP Bank stated it was offering the new product both direct and through its network of accredited mortgage brokers and financial planners.
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Submited at Friday, October 21st, 2011 at 2:00 pm on News by admin
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