AMP Bank announces support package for clients

AMP Bank has launched a support package for clients, including a pause on home loan repayments for clients experiencing financial pressure.

AMP Bank Managing Director Rod Finch said: “We’re facing unprecedented times and we recognise the important role we have to play in supporting our clients through these challenging circumstances.”

AMP Bank’s client support package includes:

• A pause in home loan repayments for three months, with the option to extend for a further three months, for clients who are experiencing ongoing financial challenges as a result of COVID-19
• A range of new fixed rates for our existing owner occupied and investment clients, including a 2.39% p.a. (3.95% p.a. comparison rate*) fixed rate for our 2-year Professional Package Owner Occupier Principal and Interest product
• Fee waivers for home loan clients in financial hardship
• A waiver of the monthly account keeping fee for everyday and savings account holders, from 30 March 2020 until 1 October 2020
• Access to a 1.80% p.a. term deposit rate across all available terms from 6 to 18 months**

For more information clients can call 13 30 30 or visit the AMP website, where clients can access a digital enquiry form for the home loan repayment pause.

AMP Bank is also developing a digital opt-in process, which will make it even easier for clients to access the home loan repayment pause.

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*Comparison rate calculated for a secured loan on a loan amount of $150,000 for a 25-year term. This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
**On deposits of $25,000 to $5,000,000. Information including interest rates is subject to change without notice. Fees and charges may be payable.  Terms and conditions are available at amp.com.au/bankterms or 13 30 30.  It’s important to consider your circumstances and read the relevant terms and conditions before deciding what’s right for you. This information hasn’t taken your circumstances into account.  Any application is subject to AMP Bank’s approval.