AMP Professional Pack Investment Loan rates

We have an investment loan with AMP for $380K. It's variable rate with offset and we've had it going on 3 years. Never been in arrears. We are paying 4.72% interest only. However when I looked at their website it said the interest rate is 3.99%. I called AMP to see about having our rate lowered and was told someone will call me back in a couple of days and I should speak to them about it. Is this usual practise? Our other variable loans just go up and down without asking.

 

The 3.99% will be for new customers. What you want is a discounted rate. If you don't have any luck with the loans team, complete a discharge authority and send it in. Someone from the retentions team will contact you. Ask nicely for a discount or you will refinance to another bank. They will probably ask you who you were planning to refinance to. Look up a cheap lender, like ING and quote their rate. They should give you a good discount.

I think last time I did this they cut my rate by 0.8%? I don't remember exactly, it was a while ago.

 

Thanks Perthguy. Will definitely give it a go.

 

Here is a link to the discharge forms if you would like to DIY

 

I've had a lot of recent success with AMP in getting them to reprice loans for existing customers. It's usually no more effort than a quick email. I've found they're very straight forward to deal with on this.

Rather than go through their help desk, ask your broker to arrange it.

 

An update. AMP called me this morning as promised and without having to beg or threaten to discharge my loan they said they were reducing it to the current interest rate for new borrowers of 3.99%. Was very happy with this outcome. Thanks everyone for your input.