Home Loans>Home Loan Lenders>AMP Home Loans>AMP Variable Rate Home Loans>AMP Essential Home Loan

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AMPEssential Home Loan

Init. Monthly Repayment

$2,016.26

Loan Amount

$300,000

Min. Deposit

$30,000 (10%)

Loan Term

25 years

(Sample loan figures)

Advertised Variable Interest Rate	6.45%
Comparison Rate*	6.47%
Loan Term	1 to 30 years
Maximum Loan To Value Ratio (LVR)	80% ($60,000 min. deposit)
Maximum LVR With Insurance	90% ($30,000 min. deposit)
Estimated Upfront Fees	$295 details

About This Loan
Cost and Fee Breakdown
Repayment Calendar

Highlights

Application fee: $0 (until 31 December then $350)
Legal fee: $295
Loan is portable ($350 fee applies)
Service fee: $0 per annum
Settlement fee: $0 (until 31 December then $250)
Valuation fee: $0

Other Features

Able to split loan ($75 per split, first 2 splits are free)
Comparison rate: 6.47%
Exit fee: $350
Extra repayments allowed
Fortnightly repayments allowed
Loan amount: $40,000 to $2,000,000
Loan term: 1 to 30 years
Maximum loan to value ratio (LVR) with mortgage insurance: 90%
Maximum loan to value ratio (LVR): 80%
Other upfront fees: $0
Redraw facility available ($50 fee applies)
Variable interest rate: 6.45%

About This Loan

The AMP Essential Home Loan is a simple and flexible home loan with a competitively low interest rate.

The key benefits of this Essential Home Loan are a lower interest rate on this loan compared to the AMP Classic Standard Variable Rate and no ongoing fees. The discounted rate lasts for the life of this loan. You can also benefit from a features such as additional repayment options and redraw facility.

Features & Benefits

No Fees

The AMP Essential Home Loan has eliminated many of the traditional home loan fees such as Application, Settlement and Valuation.

Additional Repayments

You can make additional repayments during the loan – this allows you to pay this loan off at a faster rate when you have extra money available to you at times during the loan term.

Interest Only Payment Option

You can access an ‘Interest Only’ option with the Essential Home Loan where you only pay the ‘interest amount’ on the loan for a period of time (up to 5 years). During this time you won’t be making any repayments to the principal and will be paying interest on the entire principal amount every month.

Redraw Facility

With this Essential Home Loan you can re-draw cash back out of the loan - this allows you to access funds that you have already paid in to the loan. When you redraw, you can only redraw additional amounts that you have paid in to the loan above the standard monthly amounts. When you redraw, you can only redraw additional amounts that you have paid into the loan above the standard monthly amounts.

Ability to Split Loan

Splitting the loan means that you can use this AMP Essential Home Loan for a portion of your total borrowings and use another AMP loan for the other portion - 'splitting' this loan with another loan. You might split your total borrowings between AMP Fixed Rate Home Loan and this Essential Home Loan to ensure a level of repayment certainty.

Fees You’re Likely to Pay

Valuation Fee	$0
Application Fee	$0 (until 31 December then $350)
Settlement Fee	$0 (until 31 December then $250)
Legal Fee	$295
Other Upfront Fees	$0
Service Fee	$0
Exit Fee	$350

Show: The first 12 months The full term of the loan (25 years)

Summary at 12 months

Principal

You would have paid $4,991 of the total principal $300,000

Interest

You would have paid $19,204 of the total interest $304,878

Fees

You would have paid $295 of the total fees
$295

Total

You would have paid $24,490 of the grand total
$605,173

Year	Month	Opening Balance	Interest Rate	Payment Amount	Total Principal Paid	Total Interest Paid	Remaining Balance
2012	May	$300,000.00	6.45%	$2,016.26	$403.76	$1,612.50	$299,596.24
	June	$299,596.24	6.45%	$2,016.26	$809.69	$3,222.83	$299,190.31
	July	$299,190.31	6.45%	$2,016.26	$1,217.80	$4,830.98	$298,782.20
	August	$298,782.20	6.45%	$2,016.26	$1,628.10	$6,436.93	$298,371.90
	September	$298,371.90	6.45%	$2,016.26	$2,040.61	$8,040.68	$297,959.39
	October	$297,959.39	6.45%	$2,016.26	$2,455.34	$9,642.21	$297,544.66
	November	$297,544.66	6.45%	$2,016.26	$2,872.29	$11,241.52	$297,127.71
	December	$297,127.71	6.45%	$2,016.26	$3,291.49	$12,838.58	$296,708.51
2013	January	$296,708.51	6.45%	$2,016.26	$3,712.94	$14,433.38	$296,287.06
	February	$296,287.06	6.45%	$2,016.26	$4,136.66	$16,025.93	$295,863.34
	March	$295,863.34	6.45%	$2,016.26	$4,562.65	$17,616.19	$295,437.35
	April	$295,437.35	6.45%	$2,016.26	$4,990.93	$19,204.17	$295,009.07

Summary over the loan term

Principal

You would have paid $300,000 of the total principal $300,000

Interest

You would have paid $304,878 of the total interest $304,878

Fees

You would have paid $295 of the total fees
$295

Total

You would have paid $605,173 of the grand total
$605,173

Year	Opening Balance	Interest Rate	Monthly Payment	Total Payments	Total Principal Paid	Total Interest Paid	Remaining Balance
1	$300,000.00	6.45%	$2,016.26	$24,195	$4,991	$19,204	$295,009
2	$295,009.07	6.45%	$2,016.26	$24,195	$5,323	$18,873	$289,687
3	$289,686.53	6.45%	$2,016.26	$24,195	$5,676	$18,519	$284,010
4	$284,010.36	6.45%	$2,016.26	$24,195	$6,053	$18,142	$277,957
5	$277,957.05	6.45%	$2,016.26	$24,195	$6,455	$17,740	$271,502
6	$271,501.55	6.45%	$2,016.26	$24,195	$6,884	$17,311	$264,617
7	$264,617.14	6.45%	$2,016.26	$24,195	$7,342	$16,853	$257,275
8	$257,275.32	6.45%	$2,016.26	$24,195	$7,830	$16,365	$249,446
9	$249,445.71	6.45%	$2,016.26	$24,195	$8,350	$15,845	$241,096
10	$241,095.88	6.45%	$2,016.26	$24,195	$8,905	$15,290	$232,191
11	$232,191.27	6.45%	$2,016.26	$24,195	$9,496	$14,699	$222,695
12	$222,695.03	6.45%	$2,016.26	$24,195	$10,127	$14,068	$212,568
13	$212,567.85	6.45%	$2,016.26	$24,195	$10,800	$13,395	$201,768
14	$201,767.81	6.45%	$2,016.26	$24,195	$11,518	$12,677	$190,250
15	$190,250.20	6.45%	$2,016.26	$24,195	$12,283	$11,912	$177,967
16	$177,967.34	6.45%	$2,016.26	$24,195	$13,099	$11,096	$164,868
17	$164,868.39	6.45%	$2,016.26	$24,195	$13,969	$10,226	$150,899
18	$150,899.13	6.45%	$2,016.26	$24,195	$14,897	$9,298	$136,002
19	$136,001.73	6.45%	$2,016.26	$24,195	$15,887	$8,308	$120,115
20	$120,114.53	6.45%	$2,016.26	$24,195	$16,943	$7,252	$103,172
21	$103,171.76	6.45%	$2,016.26	$24,195	$18,068	$6,127	$85,103
22	$85,103.29	6.45%	$2,016.26	$24,195	$19,269	$4,926	$65,834
23	$65,834.33	6.45%	$2,016.26	$24,195	$20,549	$3,646	$45,285
24	$45,285.11	6.45%	$2,016.26	$24,195	$21,915	$2,281	$23,371
25	$23,370.57	6.45%	$2,016.26	$24,195	$23,371	$825	$0

Disclaimer:

WhistleOut is not suggesting that you apply for this home loan provided by this lender, nor are we trying to assist you to apply for this home loan from this lender. We recommend that you seek professional advice before applying for this home loan.

WhistleOut may receive a commission from the lender.

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About the Home Loan Comparison Results

All calculations are estimates only.
WhistleOut is a comparison service and is not a bank or lender. Comparisons are unique to each user and the loan amount, term, features and 'what if' scenarios specified.
Where a loan is referenced as 'Sample', the loan amounts, payments and fees are based on a loan amount of $300,000 over a term of 30 years.
Comparison Rates quoted are the comparison rates published by lenders (typically based on a loan amount of $150,000 over a term of 25 years).
1- 30 year cost / progress estimates do not assume that you will exit the loan and do not factor in any Exit Fees / Deferred Establishment Fees / Early Termination Fees / Early Break Costs, etc.
'Cost Estimates' are the sum of all principal and interest payments made on the home loan, along with any upfront fees (application, legal, settlement, valuation) and any ongoing fees, e.g. service fees, that might be payable.
'Initial Monthly Repayments' are based on the first payment you make in the loan when discounts and introductory rates are factored in. The 'Repayment Calendar' shows where the monthly repayments will change to an ongoing rate.
'What if Variable Rates Change' assumes that the interest rate increases or decreases exactly by your selected amount on all variable interest rates. This is a hypothetical situation only and lenders can choose to pass on interest rate rise and falls at their own discretion.
'What if Extra payments' assumes that you make extra payments on the loan every month ABOVE the required monthly payment. This is a hypothetical situation and are estimates only.

Enquire now for help with:

AMPEssential Home Loan

Init. Monthly Repayment

Loan Amount

Min. Deposit

Loan Term

Highlights

Other Features

About This Loan

Features & Benefits

No Fees

Additional Repayments

Interest Only Payment Option

Redraw Facility

Ability to Split Loan

Fees You’re Likely to Pay

Summary at 12 months

Principal

Interest

Fees

Total

Summary over the loan term

Principal

Interest

Fees

Total

Compare home loans from the following home loan lenders...

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