Mortgage offset

A mortgage offset arrangement exists where a customer's variable rate home loan is linked to an Offset Deposit Account to form an 'offset relationship'. Up to 10 Offset Deposit Accounts can be linked to each eligible loan account.

After the accounts are linked, every dollar held in the offset account(s) effectively reduces the amount of interest they pay on their loan.

Customers must open an Offset Deposit Account and request it to be linked to an eligible AMP Bank Variable Rate Loan in an offset arrangement. A simple application form is required.

Note: If the deposit balance exceeds the loan balance, no credit interest is payable on the excess balance in the deposit account.

Benefits

  • Unlimited access1 to:
    • ATM and eftpos with your Visa Debit Card.
      Rebated Australian ATM fees.
    • Pay your bills with BPay®.
  • Up to 10 Offset Deposit Accounts per eligible loan account
  • 100% of funds in your Offset Deposit Account will offset you loan balance
  • No minimum opening balance requirements.
  • Can be linked to most of AMP Bank's Variable Rate Loan Products.
  • No interest is payable on the Offset Deposit Account.
  • Consolidate your finances into one account for greater convenience.
  • Deposit your salary automatically into your Offset Deposit Account.

Eligibility

An Offset Deposit Account is available in one, some or all of the borrowers names.

Most of AMP Bank's Variable Rate Loan products can be linked to an Offset Deposit Account.

Which loans can I link to an Offset Deposit Account?

Most of our variable-rate loans can be linked to an Offset Deposit Account, including:

  • Professional Package Variable Rate Loan
  • Professional Package Variable Rate Loan with construction purpose
  • Basic Variable Rate Loan (no longer available to new accounts)
  • Select Variable Rate Loan (no longer available to new accounts)
  • AMP First Variable Rate Loan (eligibility criteria apply)
  • AMP Blue home loan (no longer available to new accounts)
  • Introductory Classic Variable Rate Loan (no longer available to new accounts)
  • Classic Variable Rate Loan (no longer available to new accounts)
  • Affinity Variable Rate Loan (no longer available to new accounts)
  • Affinity Basic Variable Rate Loan (no longer available to new accounts)
  • AMP SuperEdge Variable Rate Loan (no longer available to new accounts)
  • Introductory Professional Package Variable Rate Loan (no longer available to new accounts)
  • Low Doc Variable Rate Loan (no longer available to new accounts)

Offset Deposit Accounts are not available with:

  • Standalone construction and land loans
  • AMP’s Essential Home Loan
  • Lines of credit
  • Fixed rate loans

Flexible Loan Accounts and other loan products specified from time to time by the Bank are not eligible for offsetting, and cannot be linked to an Offset Deposit Account.

Eligible AMP Bank Variable Rate Loans (for loans currently available for sale)

  • Professional Package Variable Rate Loans and during Construction

Important information

1 Fees also apply for international transactions and special services. Refer also to the AMP Bank Home Loan Fees & Charges Guide.

Home loan increases 

If your customers are looking to renovate, consolidate debts or pay off something big, they may be able to borrow against the equity they have in their home, effectively increasing the size of their home loan.

Remember, taking on more debt means your customers will potentially have higher loan repayments, so remind them to consider their circumstances before they make any decisions.

What are the benefits?

  • Streamlined response on home loan increases. Quicker ‘time to yes’ with backend system integration.
  • Improved online experience. Digitally enhanced and an easier, simpler experience via Loanapp.
  • Competitive rate. Home loans generally offer competitive interest rates.

What’s the process?

  1. Get prepared
    Gather your customer’s information, as they’ll need to know what home loan account they are looking to increase, what they intend to use the extra money for, and what their income, expenses, assets and liabilities are.
  2. Apply online
    To submit application on your customers behalf, access Loanapp. The Home Loan Increase application is to be submitted as a ‘new variations application’.

    Or
    Customers can apply directly via My AMP. They need to select the home loan account they would like to increase. If eligible, click ‘Apply Now’ to launch the Home Loan Increase application form.
  3. Have a chat
    One of our team members will contact you within your current service times after your application form has been submitted to help you with next steps.

What eligibility criteria applies?
Customers must meet all criteria below:

  • Have an existing home loan with AMP Bank (for at least 3 months and satisfactory loan repayment history).
  • Have online banking via My AMP or create one (required if customer is applying for increase themselves).
  • Be over 18 years of age and an Australian or New Zealand citizen or permanent resident.
  • Borrowing Structure cannot be changed (eg borrower to guarantor, adding or removing Applicants).
  • Mortgage/Title for existing securities cannot be changed (eg changing a title in single name to joint).
  • Not eligible for First Home Buyer - Family Guarantee borrowers’ loan.

Note: Only one additional advance eligible in any three-month period. A loan increase cannot change the existing loan term.

Questions?
If you have any questions, please contact your AMP Business Development Manager.
Alternatively, call our Broker Experience Team on the Originator hotline 1300 300 400 from 9am-7pm Monday to Friday (Sydney time) for processing enquiries or to check on the status of an application.

Important information
Approval is subject to AMP Bank guidelines. Terms and conditions apply and are available at amp.com.au/bankterms or by calling 13 30 30. Fees and charges are payable. Information is correct as at 23 August 2023 and is subject to change without notice.

Master Limit

The Master Limit feature is an overall lending limit that is available for a borrower's financing needs, now and in the future.
 
It can provide flexibility to borrowers to restructure their debts between deductible and non-deductible debt for up to 10 years.
 
The Master Limit (up to a maximum of 80% LVR or the applicant's borrowing capacity) may be approved when the applicant applies for a loan and can consist of up to 10 splits or 'sub accounts' of which the combined total credit limits must always equal the Master Limit. Any undrawn amounts remain available as pre-approved funds on 'stand-by' in a Line of Credit.

 

Benefits for borrowers

  • The borrower and/or adviser control the mix of splits under the umbrella of the Master Limit (total of sub-account credit limits must always equal the Master Limit amount).
  • Flexibility to restructure sub-accounts as often as required without further application fees, to meet current and future needs (sub-account limit re-balancing only):
    • Open new splits
    • Switch products
    • Rearrange loan limits without completing a full application or property re-valuations provided the total of sub-account credit limits remain equal to approved Master Limit amount.
  • Simple process to apply for a Master Limit or to restructure/re-balance sub accounts under a Master Limit1.
  • One-off upfront $3992 Master Limit application fee with no further application fees for re-arranging sub accounts.
  • Available with most home loan products.1,3
  • No annual review or requirement to provide financials for restructure under a Master Limit.
  • Can assist with building assets and future wealth (e.g. investing in shares).

Forms & flyers

Master Limit application form Master Limit restructure form Master Limit flyer Smarter Banking Solution flyer

Important information
1 Product specific rules apply.
2 Master Limit is not approved at time of original application, then a $299 Variation fee also applies.
3 Excludes Construction and Land Loans and AMP Essential Home Loan.
Information is correct as at 31 May 2019 and subject to change without notice. Fees and charges are payable. Terms, conditions and restrictions apply and are available on request. Approval is subject to AMP Bank guidelines.

Contact your Business Development Manager

For any questions you have on AMP’s products and policies, the BDM assigned to your company is keen to take your call. If you’re unsure who your BDM is, head to our Contact us page.
Contact us

Important information

All information on this website is subject to change without notice. It's important your customers consider their particular circumstances and read the relevant Product Disclosure Statement and Target Market Determination or Terms and Conditions before deciding what's right for them.

A target market determination for these products is available at distributor.amp.com.au/tmd

This information hasn't taken their circumstances into account. The credit provider and product issuer is AMP Bank Limited ABN 15 081 596 009, AFSL No 234517, Australian credit licence 234517.