AMP Professional Package LoC interest rate 0%

I see on AMP Website interest rate at Home Loan Interest Rates - AMP and find AMP Professional Package LoC interest rate 0%.

Can someone correct me if this is true?

 

It’s for credit balances - Ie when you deposit extra money into the account after it has a $0 balance.

Not an exceptional loan rate I’m afraid.

Regards,

Jason

 

Just talked AMP staff and get confirmed it is 0.25% on the LOC drawn down amount, So attractive interest rate. However, I have to submit a full application if I want to convert existing loan into LOC.

 

What do you mean by this?

 

@Terry_w
interest rate on LOC of 0.25% . Not fully understand your question.

 

Balance on the account earns 0.00% if below $20k and earns 0.25% if above $20k.

Can you please elaborate on this with made up example? thanks!

 

This is not correct. Its nearly 4%.

Imagine if it was correct?

 

Strategy: Using AMP’s Master Facility to Debt Recycle Strategy: Using AMP’s Master Facility to Debt Recycle

 

It does say CREDIT BALANCES. That the rate paid on "savings" where the loan is undrawn I suspect

Lines of Credit (credit balances)

0% on the first $19,999.99 and the 0.25% above

 

I suspect the AMP staff member didn’t understand your question. If it was as you are saying then why would anyone have a interest only loan at 2.xx% with them when you could have a LOC at 0.25%??

Regards,

Jason

 

After all the exposees does AMP have any credibility?

 

does it matter? You are not lending them money.

 

I have found through life that dealing with sensible and responsible parties was far better than dealing with the corrupt and inept.

Edit: Having gone from being a mutual provident society with high ethics and social acceptance it has degenerated into a sleazy organisation with no social licence to operate. The sooner it is gone from the Australian landscape the better.

 

thats true, but are any of the other banks better?

 

AMP rules. It's the only lender remaining to have a common sense lending policy, and none of this ridiculous, idiotic and frankly unfair automated dumb credit scoring mechanisms that that big dumb Aussie banks all use.

As a rule of thumb, the faster a bank's turnaround time on a loan application, the more stupid their approval mechanism.

I made the mistake on my first home on avoiding AMP because of its toxic, boomer brand. Then got declined by a slew of "cooler" major banks on technicalities. AMP ended up being the only sensible bank I dealt with.

 

CCR is yet another dumb Aussie “innovation”. Its incomplete rollout and paltry positive data means credit underwriters can’t really use it effectively to make comprehensive decisions.

I was literally rejected by a half a dozen banks a year ago, had to go with bluestone, there’s a massive thread here on my saga, for no negative credit events or unstable employment. In a year I’ve dropped my lvr by 15% and refinanced with amp, and saved 100k in offset. They didn’t bat an eye about a few extra credit enquires or ask intrusive questions about my spending habits. They just saw good income, low debt, regular savings and overall good serviceability. You know, like a normal bank should, not a big dumb Aussie bank with a buzzword bingo technology stack that uses “big data” to make magical decisions with no accountability for long term outcomes.

FYI I sell “big data” products to banks...the old rule of garbage in garbage out applies...

 

Ah yeah, if only you had listened when I told you AMP 12 months ago, live and learn