Application processing times
We understand it is important to keep you constantly informed of our current indicative service levels to ensure that we support you in managing your customers' expectations.
Current timeframes
The below timeframes are estimates and may change. Some processing times can change based on the complexity of the matter and whether further information is needed. We'll do our best to work with you to help move things along.
3 days
PAYG and Self-Employed where no further information is required.
2 days
Pipeline applications (once outstanding requirements have been received)
20 days
Standalone pre-approval applications
30 days
Company and Trust applications
BDM service timeframes
4 business hours
BDMs return phone calls within 4 business hours.
24 hours
BDMs reply to emails within 24 hours.
Variations
Request for changes to existing home loans - credit services
Customers' may request changes to their existing Home Loan including switching from P&I to I/O, changes to limits, substitutions of security, request a discharge of
their mortgage etc. Dependent on the type of request, we may need to make credit inquiries on the customers credit file to allow us to process the request.
Processing times
Our indicative processing times by request type are shown below. For other details by request type please refer to the section 'Existing mortgage loan request' type Information and documentation requirements.
The indicative processing times are subject to change and serve only as a guide to illustrate how long it may take to process a request. The actual processing times will depend on the complexity of the request, the availability of the required information and documentation, and work volumes.
Request type |
Description |
Indicative processing time |
Full Discharge of Security |
Request to discharge security as AMP loan will be (or has been) repaid. |
15 business days |
Partial Discharge of Security |
Request to release one of the securities on an AMP Loan where there are multiple properties held as security for the loan. |
15 business days |
Substitution of Security |
Request to replace an existing security with another security. |
15 business days |
Progress Payment |
Request to make a payment(s) to the builder for a Construction Loan. |
7 business days |
Loan Restructure (open/close/combine loan splits, move/reduce limits) |
Request to complete a variation, includes moving limits between accounts, changes to loan interest rate, closing account(s), opening new account(s), decreasing the overall loan limit, decreasing the loan term, and extending the loan term. |
10 business days |
Master Limit Restructure |
Request to complete a variation under the loan Master Limit. Includes moving limits between accounts, closing account(s), opening new account(s), decreasing the overall loan limit, or increasing the limit to the approved Master Limit |
10 business days |
Product Switch |
Request to switch product type, repayment type or loan type. |
10 business days |
Switch to Interest Only Loan |
Request to switch loan to Interest Only. |
10 business days |
Interest Only Extension |
Request to extend term of an Interest Only loan. |
10 business days |
Loan Purpose |
Request to switch loan purpose due to personal changes e.g. switching from Owner Occupied to Investment or vice versa. |
10 business days |
Refix an Expired Fixed rate Loan |
Request to switch back to a fixed loan once the initial fixed rate period has expired. |
10 business days |
Consent to Change or Amend a Title |
Request to give permission to another party to lodge their interest in a matter in which the Bank holds the interest i.e., the customer’s property or Title Deed. |
20 business days |
Deceased Estate - Consents |
Request to give permission to another party to lodge their interest in a matter in which the Bank holds the interest i.e., the customer’s property or Title Deed which involves a deceased customer. |
15 business days |
Post settlement changes
The following provides answers to post settlement changes, borrower's requirements, and links to forms for reference and requests.
All home loan product switches
| What does the borrower need to provide? | A written request dated and signed by all borrowers and guarantors. Please ensure the request clearly outlines all changes required, along with details of where the appropriate fee is to be charged. For switches to an IO loan, please complete the Request to switch to an Interest Only loan or extend an Interest Only term form. |
| Is an updated valuation required? | No |
| Is credit approval required? | Yes for Interest Only switches and extensions. |
| Is financial information required? | For switches to P&I, No. For switches to IO, Yes. Refer to the Request to switch to an Interest Only loan or extend an Interest Only term form for more information. |
Master Limit restructure
| What does the borrower need to provide? | A Master imit restructure request form is to be completed and signed by all borrowers and guarantors. |
| Is an updated valuation required? | No |
| Is credit approval required? | Yes |
| Is financial information required? | Financial information may be required and will be determined on a case-by-case basis. Refer to the Credit Policy. |
| What will the borrower receive? | A Loan Change letter, confirming the changes made will be sent to the borrower/s once request has been completed. |
| What will the borrower need to do? | There is no further action required by the borrower/s once AMP Bank has received the original request. |
Instructions received to refix an expired fixed rate loan
| What does the borrower need to provide? | A written request dated and signed by all borrowers and guarantors. Please ensure the request clearly outlines all changes required. Alternatively, the borrower can call the Contact Centre and request this over the phone (note: all borrowers will need to be identified over the phone).For any loans refixing with an IO term, please complete the form. Request to switch to an Interest Only loan or extend an Interest Only term form. |
| Is an updated valuation required? | No |
| Is credit approval required? | Yes for Interest Only switches and extensions. |
| Is financial information required? | For any loans refixing with a P&I term, no financial information is required. For any loans refixing with an IO term, financials are required. Refer to the Credit Policy. |
| What will the borrower receive? | A Loan Change letter, confirming the changes made will be sent to the borrower/s once request has been completed. |
| What will the borrower need to do? | There is no further action required by the borrower/s once AMP Bank has received the original request. |
Interest Only extension
| What does the borrower need to provide? | A Request to switch to an Interest Only loan or extend an Interest Only term form completed and signed by all borrowers and guarantors. |
| AIs an updated valuation required? | Yes |
| Is credit approval required? | Yes (note: maximum Interest Only term is 10 years) |
| Is financial information required? | Yes. Refer to the Credit Policy. |
| What will the borrower receive? | A Loan Change letter, confirming the changes made will be sent to the borrower/s once request has been completed. |
| What will the borrower need to do? | There is no further action required by the borrower/s once AMP Bank has received the original request. |
Consents (including title variations)
| What does the borrower need to provide? | A written request dated and signed by all borrowers and guarantors (if applicable), along with any documents that need to be lodged at the Land Titles Office. Please ensure the request clearly outlines all changes required. |
| Is an updated valuation required? | A valuation is required in the following instances:
|
| Is credit approval required? | Yes |
| Is financial information required? | No |
| What will the borrower receive? | A Consent Approval letter, and in some cases a Verification of Identity form will be sent to the borrower/s. Depending on the consent request, our acting agent (FMS) may also send a loan variation contract. |
| What will the borrower need to do? | Where applicable, the borrower/s will need to sign an return the loan variation contract to our acting agent (FMS). |
Progress payments
The following provides answers to progress payments requests, borrower's requirements and the progress payment form.
Request for progress payments
| What does the borrower need to provide? |
A Progress Payment form needs to be completed and signed by all borrowers and guarantors, and returned with the builder's invoice for the stage being claimed. Note: The form needs to be faxed to 1300 656 392 or emailed to loanservicingenquiries@amp.com.au (provide borrowers have agreed to Fax Banking) |
| Is an updated valuation required? | A valuation is required for the first and last progress payment; however, the Credit Team can request a valuation at any other stage of the build. |
| Is credit approval required? | Credit approval may be required on a case-by-case basis. |
| Is financial information required? | No |
| What will the borrower receive? | A confirmation letter is issued after each Progress Payment is made. |
| What will the borrower need to do? | There is no further action required by the borrower/s once AMP Bank has received the original request. |
Forms
Discharges
The following provides full and partial discharge requirements.
Full discharge
| What does the borrower need to provide? |
A Loan Discharge Authority form needs to be completed and signed by all borrowers and guarantors. To obtain a copy of this form, please ask the borrower to call us on 02 8364 6758 or 13 30 30 option 4 then option 3. |
| Is an updated valuation required? | A valuation is required for the first and last progress payment; however, the Credit Team can request a valuation at any other stage of the build. |
| Is credit approval required? | Credit approval may be required on a case-by-case basis. |
| Is financial information required? | No |
| What will the borrower receive? | A confirmation letter is issued after each Progress Payment is made. |
| What will the borrower need to do? | There is no further action required by the borrower/s once AMP Bank has received the original request. |
Partial Discharge and Substitution
| What does the borrower need to provide? |
A Loan Discharge Authority form needs to be completed and signed by all borrowers and guarantors. To obtain a copy of this form, please ask the borrower to call us on 02 8364 6758 or 13 30 30 option 4 then option 3. |
| Is an updated valuation required? | This may be required and will be determined on a case-by-case basis. |
| Is credit approval required? | Yes |
| Is financial information required? | Financial information may be required and will be determined on a case-by-case basis.
|
| What will the borrower receive? | For a Substitution of Mortgage, our settlements agents (FMS) will send a loan variation to the customer. For all Partial Discharges, AMP Bank will issue a confirmation letter to the customer upon approval. |
| What will the borrower need to do? | The borrower/s will need to sign and return the loan variation to our acting agents (FMS) or return the Partial Discharge confirmation letter to AMP Bank. |
TFN Withholding Tax
We are authorised to collect your customer's Tax File Number (TFN) under the Taxation Administration Act 1953, which will be used to determine if any amount needs to be withheld from the credit interest paid on your customer's account.
You or your customer are not obliged to provide their TFN. However if the TFN (or TFN exemption status) is not provided, we are required to deduct withholding tax at the highest marginal tax rate plus Medicare levy from any credit interest paid on your customer's account, as per the section on tax matters in our Deposit Product Terms and Conditions. If withholding tax is deducted from your customer's account, they may be eligible to claim it back when they lodge their Australian tax return, depending on their tax residency status.
If withholding tax is deducted from your customer's account due to AMP Bank's error (eg TFN was provided on the application form but withholding tax was deducted regardless), and the:
- withholding tax was deducted in the current financial year (ending 30 June) and the related account is still active, we will reverse the withholding tax into the account it was deducted from. The customer's TFN (or TFN Exemption code) must be provided in order for us to process the reversal of the withholding tax deducted.
- withholding tax was deducted in the previous financial year and/or the related account is closed, your customer needs to claim back the withholding tax on their Australian tax return, as we are unable to reverse the withholding tax directly into their account because it has already been paid to the Australian Taxation Office (ATO) and AMP Bank no longer holds this amount.
However we will issue a compensation payment to cover the potential loss of interest earnings on the withholding tax deducted. The customer's TFN (or TFN Exemption code) must be provided in order for us to process the compensation payment.
Please note: If your customer is exempt from taxation and/or does not lodge a tax return (eg they are a not-for-profit entity) and is unable to claim back the withholding tax back from ATO, please contact us directly for further assistance.
Information and support
| Query type | Support |
| Time-sensitive applications | Contact your Business Development Manager (BDM) prior to submission to ensure approval times can be met. |
| Updates on in-flight applications | Check the 'Status Tracking' on ApplyOnline® or call the Originator hotline on 1300 300 400 |
| Settlement | Check FMS platform docuPrep or call FMS on 1300 082 543 |
Contact us
All requests can be forwarded to:
Mail:
AMP Bank
Locked Bag 5059
Parramatta NSW 2124
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.
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.