AMP First vs AMP Professional

Hi all

Currently deciding between AMP First against AMP Professional. I qualify for AMP First as my super is with AMP and I do have some shares as well.

As I understand, the main advantage for AMP First is that I don't have to pay annual fee and the master limit fee while AMP Professional has a lower interest rate for variable (0.14% lower?) and fixed is same between the two.

In addition to saving the annual fee for AMP First, the below are also waived per the AMP First document.
The following fees do not apply during the life of an AMP First Home Loan:
– Settlement fee
– Master Limit application fee
– Rework fee
– AMP Internal Refinance fee
– Variation fee
– Solicitors’ and mortgage processing servicers’ costs (up to two securities associated with the application)
– Valuation fee (up to $900)
– Solicitors’ and Mortgage Processing Servicers’ discharge costs

Is AMP First really as good as it sounds? keen to hear people's experience with it

 

the rate is higher.

 

Thanks Terry. Can brokers apply for amp first on behalf of their clients?

 

No, they have to go direct for that - unfortunately!