What's happening with AMP Bank loans?

Discussion in 'Loans & Mortgage Brokers' started by Hillbilly, 2nd Jul, 2017.

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

    Hillbilly Active Member

    Joined:
    26th Jun, 2015
    Posts:
    27
    Location:
    Sydney
    We've had an AMP Professional package IO loan for about 4 years now. I just logged in to the account and noticed the interest rate has gone up to 4.77% from 4.68% last week! No letter from AMP about another rate hike. If I hadn't checked the account I wouldn't have known. Since having this loan it has been up and down like a yoyo. Have other people experiencing similar?
     
  2. Terry_w

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

    Joined:
    18th Jun, 2015
    Posts:
    41,667
    Location:
    Australia wide
    I can't keep up either but recall they put up rates again last week or the week before, but i thought it was 0.30%
     
  3. Hillbilly

    Hillbilly Active Member

    Joined:
    26th Jun, 2015
    Posts:
    27
    Location:
    Sydney
    Thanks Terry but aren't they supposed to inform you by letter beforehand?
     
  4. Terry_w

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

    Joined:
    18th Jun, 2015
    Posts:
    41,667
    Location:
    Australia wide
    They would do this by advertising in a major newspaper and on their website. This is probably outlined in your loan agreement with them. Probably a letter is not needed.
     
  5. Hillbilly

    Hillbilly Active Member

    Joined:
    26th Jun, 2015
    Posts:
    27
    Location:
    Sydney
    Thanks Terry
     
    Terry_w likes this.
  6. Corey Batt

    Corey Batt Well-Known Member

    Joined:
    14th Jun, 2015
    Posts:
    2,091
    Location:
    Adelaide, SA
    Most of the lenders have been upping their rates lately - some would have had to have issued letters 6-8 times in the last <6 months and some having overlapping increase dates.

    No obligation for them to provide you with written confirmation each time - it's publicly disclosed information and available online so they don't like to put it in your face each time there's an increase.

    I did get a text message from one lender the other day saying my PPOR rate was decreasing by 0.05% - no surprises they're more happy to inform us about decreases.
     
    Perthguy likes this.