AMP Interest Rates - Help?

Discussion in 'Loans & Mortgage Brokers' started by Bombers86, 13th Dec, 2017.

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  1. Bombers86

    Bombers86 Well-Known Member

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    Hey all you intelligent, helpful forumners!

    I have a unit in Perth coming up to 5 years and I just received the letter from AMP saying my IO period will expire on December 20 and revert to P&I. I requested online to extend for another 3 years but apparently I don't meet servicing as they base all my loans (3x other mortgages) on interest rates of 7.2!! And P&I I assume even though majority are IO.

    Do any brokers have any advice specifically with AMP as to whether they have good P&I interest rates. I've come to the decision that I'm happy to go P&I, I mean I'm not looking to sell anytime soon and I have to start paying it down anyway. The loan is for nearly $300k and I have $60k in an offset account. Currently 4.53% for the IO variable rate. They made no mention of whether my rate was changing when switching to P&I so I'm assuming it will stay 4.53? I have a fixed rate for P&I with CBA on other loans at 3.9 so should I call them up and negotiate the rate at least? Does anyone know if this will work or would I need to go through a broker?

    Thanks!
     
    Bombers86, 13th Dec, 2017
    #1
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  2. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    AMP have some cracking rates for PI variable

    They are quite happy to let IO investment business be refinanced......... and have even tried sending throough discharges

    ta
    rolf
     
    Rolf Latham, 13th Dec, 2017
    #2
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  3. Lacrim

    Lacrim Well-Known Member

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    What rate/s is that?
     
    Lacrim, 13th Dec, 2017
    #3
  4. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    3.79 for 250 up PI PPOR with offset, 3.69 for > 750

    Global limit for debt recycle is back too

    ta
    rolf
     
    Rolf Latham, 13th Dec, 2017
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  5. Lacrim

    Lacrim Well-Known Member

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    oh, for a while i thought it was 3.79% for P&I variable (for investors). That would be something to write about.
     
    Lacrim, 13th Dec, 2017
    #5
  6. Tom Simpson

    Tom Simpson Well-Known Member

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    Just get a broker to do it for you.

    You might get the same rate but for the sake of a phone call or email to a broker why go through the hassle. They'll be happy to hear from you because next time you want a loan who you gonna call?
     
    Tom Simpson, 14th Dec, 2017
    #6
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  7. Colin Rice

    Colin Rice Mortgage Broker Business Member

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    What Tom said. I think the broker picks up trail with AMP if they arrange a product switch.

    Got an email yesterday that AMP are open to price matching which hasn't been something they offered in the past. The carded rates where what you got with no room for negotiation.
     
    Colin Rice, 19th Dec, 2017
    #7
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  8. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    It was - for loans secured by the main residence.
     
    Terry_w, 19th Dec, 2017
    #8