AMP Bank pulls out of all investment lending

Discussion in 'Loans & Mortgage Brokers' started by Richard Taylor, 27th Jul, 2015.

Join Australia's most dynamic and respected property investment community
  1. beachgurl

    beachgurl Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    1,318
    Location:
    Sydney
    Thank you.

    I'm not far from Parra so I'm fine to hand deliver to settlements.
     
  2. RetireRich101

    RetireRich101 Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    2,149
    Location:
    Sydney
    I had visited AMP settlement office, but it's close to Wynyard station. Not sure if there is one in Parra.
     
  3. RetireRich101

    RetireRich101 Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    2,149
    Location:
    Sydney
    I've 2 x SMSF, and 1 normal IP loan with AMP. Nasty stuff. 2 of 3 loans were fixed. Hope they won't touch the fixed..
     
    Last edited: 28th Jul, 2015
  4. Richard Taylor

    Richard Taylor Well-Known Member

    Joined:
    20th Jun, 2015
    Posts:
    434
    Location:
    Brisbane
    We had a call from our BDM late morning and he was adamant it would affect existing loans.

    Have 2 SMSF loans which were conditionally last Thursday and the only outstanding condition being the Certified Bare Trust.

    The Bank acknowledge that they have the Deeds but because they didn't Formally approve them today the loans have been suspended.

    Great when both were to unconditional Thursday.
     
  5. Azazel

    Azazel Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    8,091
    Location:
    Brisbane
    Yeah ours didn't go through apparently, AMP are not doing any more investor lending.
    Not the end of the world, on to the next one. If it doesn't go through, it doesn't go through.
     
  6. tobe

    tobe Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    1,814
    Location:
    Melbourne
    I doubt many refinanced no doc loans. They either held or sold. There wasn't anyone to refinance to.
     
  7. Shawn

    Shawn Well-Known Member

    Joined:
    26th Jun, 2015
    Posts:
    420
    Location:
    Sydney, NSW, Australia
    Disappointed if this is true.
     
  8. sanj

    sanj Well-Known Member Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    3,461
    Location:
    Perth
    Yup we had to cop it until we could go full doc.
     
  9. Perthguy

    Perthguy Well-Known Member

    Joined:
    22nd Jun, 2015
    Posts:
    11,767
    Location:
    Perth
    Any confirmation of any changes yet?
     
  10. DanW

    DanW Well-Known Member

    Joined:
    26th Jun, 2015
    Posts:
    757
    Location:
    Sydney
    FYI the fixed rates on amp website are out of date.

    If you want to fix, call them and find out the current rates.

    I found them quite reasonable.
     
  11. euro73

    euro73 Well-Known Member Business Member

    Joined:
    18th Jun, 2015
    Posts:
    6,125
    Location:
    The beautiful Hills District, Sydney Australia
    They run calendar year reporting - that's all.

    Peter is correct - Im told they will not be going 100 bpts for existing clients. The figure I have heard is @ 45bpts
     
  12. Beyond Wealth

    Beyond Wealth Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    105
    Location:
    Vic
    @DanW what rate did you get?
     
  13. montoya

    montoya Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    65
    Location:
    Sydney
    I rang this afternoon..
    4.55% for 1,2 & 3 years.
    4.99% for 5
    $350 fee
     
  14. DanW

    DanW Well-Known Member

    Joined:
    26th Jun, 2015
    Posts:
    757
    Location:
    Sydney
    What Montoya said ;)
     
  15. JK200SX

    JK200SX Well-Known Member

    Joined:
    24th Jun, 2015
    Posts:
    526
    Location:
    Melbourne
    Anyone heard what their increase will be?
     
  16. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

    Joined:
    18th Jun, 2015
    Posts:
    3,977
    Location:
    Canberra, Brisbane and Sunshine Coast
    Existing investor property lending

    In response to regulator guidelines to limit growth in investor property lending across the market to 10 per cent, AMP Bank is adjusting its investor property lending rates.

    We will be increasing variable rates on all existing investor property loans by 0.47 per cent per annum from 7 September 2015. All investor property loan applications that have been approved will be subject to the 0.47 per cent increase on settlement.

    New investor property lending

    AMP Bank will not be accepting new or assessing existing investor property lending applications from today. This is expected to last until later in 2015, depending on market conditions.
     
    Perthguy likes this.
  17. Corey Batt

    Corey Batt Well-Known Member

    Joined:
    14th Jun, 2015
    Posts:
    2,091
    Location:
    Adelaide, SA
    Meanwhile they are reducing AMP Pro-pack owner occ lending to as low as 4.12% to reshuffle their book.
     
  18. JK200SX

    JK200SX Well-Known Member

    Joined:
    24th Jun, 2015
    Posts:
    526
    Location:
    Melbourne
    Q:
    1. If you have an existing masterlimit setup with amp that hasn't been drawn, will it still be available?
    2. If you have a preapproval letter from them for $xxxK, is it still valid to go ahead and purchase another property?
     
  19. Mystery

    Mystery Member

    Joined:
    18th Jun, 2015
    Posts:
    7
    Location:
    NSW
    We refinanced away from Westpac over to AMP about 1 month ago .... LOL. Great timing.

    I read in the online Australian this afternoon that : In response to the banking regulator's 10 per cent speed limit on growth in investor loans, AMP also said today it was increasing the variable rate on all its existing investor property loans by 47 basis points.

    God forbid that anyone wishing to get ahead are held back by the "property prices are too high" whingers.

    Mystery
     
  20. Mystery

    Mystery Member

    Joined:
    18th Jun, 2015
    Posts:
    7
    Location:
    NSW
    What happens in the case that people have got a settlement about to happen in the next few days if they freeze investment loans from today? Could be interesting.

    Mystery
     

Buy Property Interstate WITHOUT Dropping $15k On Buyers Agents Each Time! Helping People Achieve PASSIVE INCOME Using Our Unique Data-Driven System, So You Can Confidently Buy Top 5% Growth & Cashflow Property, Anywhere In Australia