John Arnott

Since its launch in February, AMP Bank GO has been making headlines for its tough stance on fraud. In this time, its numberless debit cards have made it virtually impossible to commit online card fraud, and AMP Bank GO has blocked over 1,000 mule and fraudulent account attempts, stopping scammers in their tracks. One fraudster failed in attempting to open an account pretending to be the Prime Minister (they used a fake name and fake ID of the same name).

In an age of instant everything, AMP Bank GO is flipping the script on digital banking by prioritising security over speed. Its onboarding process, which includes taking a selfie video, may take a few extra minutes, but those minutes are making a big difference.

Its success is proving that a little friction can go a long way in protecting Australians’ identities and money.

Virtually impossible to commit online card fraud

Since launch, AMP Bank GO’s numberless cards have virtually eliminated online card fraud. If for any reason a scammer gets hold of a card, our customers can feel safer with no 16-digit number printed on it, a scammer won’t be able to commit online fraud.

In addition to AMP Bank GO’s 24/7 fraud monitoring, customers can cancel their card in-app as soon as they suspect fraud, or if their card has been lost/stolen. They can continue to spend/run their business by instantly adding the new card to their digital wallet.

Latest app feature confirms when a call is legit

AMP Bank GO is further stepping up the fight against scammers, today launching a new in-app feature that tells customers – in real time – if a call from AMP Bank GO is genuine.

The Your Bank is Calling tool appears in the AMP Bank GO app and flashes a real time alert allowing customers to confirm the authenticity of the call. Messages such as “We’ve never called you” or “You’re on a call with AMP Bank GO” and seeing their last verified call helps customers instantly know whether to hang up or stay on the line.

This new safeguard builds on AMP Bank GO’s industry-leading security measures including biometric authentication, behavioural analytics, and real-time fraud detection designed to make it harder for criminals to exploit the system.

John Arnott, Director AMP Bank GO said: “We’ve seen it all, from fake to mis-matched IDs – the lengths fraudsters go to is nothing short of extraordinary.

“Taking a moment to scan your licence or passport and record a quick selfie video might feel like a hassle, but it’s a small step for big peace of mind.

“Digital criminals are getting bolder and smarter. The threat landscape is always evolving, and so are we.

“AMP Bank GO is built with purposeful friction – smart, security-first steps that protect customers and the community. Digital banking should be fast, but never at the cost of safety.

“And now, with Your Bank is Calling, customers can stop a scam before it starts.

“We’re asking Australians to embrace these steps – because they work.”

Why it matters

According to the Australian Bureau of Statistics, more than 2 million Australians fell victim to card fraud in the last year, with 1 in 7 experiencing some form of personal fraud, including scams and identity theft^[1].

AMP Bank GO’s own research found nearly 1 in 4 Aussie small businesses have been the target of fraudsters, and the same amount feel their bank doesn’t offer adequate cyber security and fraud protection.

Top 5 scam safety tips

1. Be vigilant with verifying callers. If in doubt, hang up and call back on a publicly listed number.
2. Don’t be pressured to act quickly. Take your time to confirm details and check new pages before acting.
3. Be wary on social media. Confirm via trusted channels — avoid clicking links or sharing details online.
4. Take note of anything odd. Suspicious details or inconsistencies can be red flags.
5. Protect your devices. Never give remote access to your phone or computer, especially to unsolicited callers.

Always Stop. Check. Protect. to stay safe from scams.

——–

Notes:
[1] ABS, Personal Fraud, 2023-2024 financial year, published 2 April 2025, https://www.abs.gov.au/statistics/people/crime-and-justice/personal-fraud/2023-24

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Michael Christofides

Following the RBA’s decision to decrease the official cash rate by 0.25%, AMP Bank is reducing interest rates across all variable rate home loans by 0.25% per annum (pa) effective 2 June 2025 for customers.

We will continue to offer a range of competitive options for customers looking for both at call savings and term deposits, including rates of up to 4.70% pa*^ on the AMP Saver account and Term Deposit rates up to 4.50% pa.^

Michael Christofides, AMP Bank’s Director, Lending & Everyday Banking said: “We’re pleased to pass on this rate reduction to our customers, helping to ease some of the financial pressure many are feeling.

“We remain committed to supporting our customers through changing economic conditions, and we encourage anyone experiencing financial difficulty to reach out – our team is here to help.”

———-

* Up to 4.70% pa ongoing variable rate from 23 May 2025 on balances up to $500,000. Offer is limited to one account per person. For any portion of the balance over $500,000 and up to $5,000,000 the interest rate reverts to the standard rate only. The maximum ongoing balance per customer name is $5,000,000.
^Interest rates are variable and subject to change.

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Michael Christofides

Key points:

• The innovative new home loan is available to eligible borrowers including retirees, pre-retirees, investors and owner-occupiers
• AMP Bank becomes the first retail bank in Australia to offer this home loan for new and existing owner-occupiers
• Unlike typical products which require reassessment after five years, this home loan provides greater certainty and stability for the full interest-only term

AMP Bank has launched a 10-year interest-only home loan with no mid-term reassessment, providing customers with more choice, long-term financial flexibility and greater control over their cashflow.

The new loan is now available to eligible borrowers, including retirees, pre-retirees, investors, and owner-occupiers.

The offer seeks to address the changing needs of consumers, especially retirees and pre-retirees who are seeking additional cashflow for one off large expenses, or enhance their quality of life in retirement.

Michael Christofides, Director of Lending & Everyday Banking, AMP Bank, said: “In the past 20 years, the number of Australians aged 55 to 64 who own their homes outright has significantly decreased. Consequently, more people are carrying debt into retirement – a trend set to continue.

“While paying off a mortgage early is often advisable, maintaining flexibility and unlocking property equity can be beneficial, especially in the early years of retirement when many underspend out of fear of outliving their savings.

“For some retirees, the reality is that increasing equity in their property offers no felt benefit; instead, they could use additional cashflow to enhance their quality of life.

“Our new interest-only loan is a simple solution designed to provide this optionality and financial flexibility for retirees and pre-retirees.”

Features and benefits

10-year interest-only term: A decade of interest-only repayments, offering long-term cashflow support.

No mid-term reassessment: Unlike typical products which require reassessment after five years, the loan provides greater certainty and stability for the full interest-only term.

Flexible eligibility: Available to a wide range of borrowers, including retirees, pre-retirees, self-employed individuals, owner-occupiers, investors, and rent-vestors.

Financial confidence: Enables longer-term strategic financial planning, whether it’s unlocking home equity in retirement or supporting investment goals in earlier life stages.

Quality of life in retirement: Helps older Australians retain equity in their home, remain in their home, while unlocking cashflow to improve quality of life.

Empowers younger buyers: Provides an alternative pathway into the property market, particularly for younger Australians through rent-vesting strategies.

Simplified administration: Reduces paperwork and ongoing reassessment burdens, especially helpful for those with non-traditional income sources.

New financial realities

Generational change: Census data from 1991, 2006 and 2021 shows that home ownership, for those aged between 25–39 years has decreased in each successive generation[1]

Rising debt in retirement: 9 in 10 Australians over 50 believe they’ll still be paying off a mortgage in retirement[2]

Desire to stay put: 4 in 5 Australians aged 65+ aren’t willing to downsize to pass wealth to their children, yet nearly half of those aged 50+ would consider releasing home equity if they could remain in their home[3]

Wealth unspent: 90% of all intergenerational wealth transferral occurs through death inheritance[4], indicating a lack of retiree spending and financial confidence

Loan specifications

Interest-only period: customers may apply for up to a 10-year interest-only period without the need for credit re-assessment after the initial 5 years.

Serviceability assessment: Borrowers’ capacity to repay will be evaluated based on the remaining principal and interest term after the interest-only period.

Exit strategy: Borrowers approaching retirement, already retired and / or aged 60+ are required to meet the Bank’s exit strategy policy.

Maximum loan-to-value ratio (LVR):

• A maximum LVR of 80% applies to Interest-only products.
• To safeguard owner-occupiers during market fluctuations, where interest-only terms of 6-10 years are requested and the interest-only repayments portion of the borrowing exceed 50% of total owner-occupied borrowing, the maximum LVR is capped at 70%.
• For Investment Interest-Only loans, the maximum LVR remains at 80% regardless of interest-only term.

————–

Notes:
[1] Retirement Income Review, 2020
[2] AMP-commissioned research, Dynata, 2023
[3] AMP-commissioned research, Dynata, 2024
[4] Wealth Transfers and Their Economic Effects, Productivity Commission, 2021

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Melissa Christy

AMP Bank has announced it is a step closer to launching its new origination solution, with first applications successfully submitted and approved.

The new end-to-end loan application solution has been developed in partnership with Simpology and MSA National, together with other leading providers including Fortiro, Equifax, Illion, CoreLogic and ID Verse.

The solution is designed to fast-track time to loan approval, featuring upfront income verification, streamlined digital ID processing and fraud detection.

These initial applications are part of a pilot phase within AMP Bank, with a broker pilot scheduled for Q2 2025, before full rollout during the year.

Michael Christofides, AMP Bank’s Director of Lending & Everyday Banking said, “This new solution will be a game changer for brokers and their clients, reflecting AMP Bank’s focus on partnering with the industry’s leading tech specialists to provide the best possible borrowing experience.

“It also reflects our commitment to brokers, who we believe are vitally important to helping Australian consumers access the best possible loans.”

Melissa Christy, AMP Bank’s Head of Lending Origination, added that the Bank’s consultation process with brokers to understand their business needs has been central to the new solution’s development.

“We believe it was important to involve brokers in the process given our commitment to develop a market-leading loan application experience which best supports their businesses and clients.

“Brokers have told us that the ability to securely verify their client’s income pre-loan submission, together with other features such as simplified ID verification, create significant efficiencies for their businesses and support a better client experience. Our new solution includes all of these features, and more.”

Features of the new solution include:

Upfront Income Verification

The new loan application system utilises data-driven income verification, allowing for the pre-validation of borrowers’ income at the application stage. This will reduce the need for manual document reviews and significantly shorten approval times. In cases where the verified data does not suffice, brokers’ declared income will be taken into account.

Verified income will be collected through the following services:

• Fortiro’s technology automatically extracts and verifies income from payslips uploaded by brokers, and automatically populates verified income data into the loan application pre-submission. Fortiro’s payslip fraud detection capability adds an extra layer of security.
• Equifax Verification Exchange allows for seamless extraction and verification of employment and income data from payroll providers, ensuring applications are pre-verified.
• Brokers also have the option to share Illion Bank Statements data collected through their upfront internal processes with AMP Bank.  This means AMP Bank is using the same data and avoids duplication.
• To further streamline the process, rental income is being verified via CoreLogic’s Rental Automated Valuation Model (AVM), removing the need for rental agreements.

Digital ID Verification

Brokers will also have the ability to re-use Verification of Identity (VOI) data they’ve collected upfront with their clients.  This feature will be unique to AMP Bank and gives brokers the flexibility to either initiate the client VOI process in Loanapp (Simpology’s broker lodgement platform) or assign a previously completed IDVerse VOI report to AMP Bank. This will allow brokers and their clients to avoid repeating the ID verification process during application submission, saving time and effort.

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John joins AMP Bank from WooliesX, where he led Customer Growth for E-Commerce. He’s also held senior leadership roles at Commonwealth Bank as Head of Retail Bank Marketing; Facebook as Industry lead for Financial Services, and ING as Chief Customer Officer and Director of Products.

John commences in his new role with AMP Bank today.

Sean O’Malley, AMP Bank Group Executive said: “John is a highly experienced, proven leader, and we’re delighted to have him join the AMP team as we get closer to the launch of our new digital bank in the new year.

“His skills and experience are a perfect fit to lead the new digital division, having had success in transforming and growing B2C organisations, and leading customer, marketing, digital and product portfolios.”

John Arnott, AMP Bank Director Small Business & Personal Banking added: “I’m thrilled to join the AMP Bank team as it enters an exciting new phase of growth with the launch of our new small business and personal banking proposition in 2025.

“One of the main reasons I joined AMP is because of its clear vision to support Australian small businesses, who are currently under supported by the banking industry.

“I believe our new digital solution has the potential to make a meaningful difference to the success of both small businesses and personal banking customers.”

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Sean O’Malley

Key insights

• 1 in 3 Australians feel financially secure, down from half during the pandemic
• 1 in 3 Australians have cancelled streaming subscriptions and gym memberships, with more
• Australians turning to family, friends and social media for important financial decisions
• Focus on short-term financial demands impacting longer-term planning

Financial stress levels in Australia are at their highest point in 10 years, according to AMP’s latest Financial Wellness report.

Now in its 10th year, the biennial research examines both the rising challenges and economic impact of financial stress among Australians aged 18 and over. Just one in three working Australians indicated they were financially secure in this year’s report, down from half of working Australians in 2020.

The flow on impact of financial stress also has a hidden cost, affecting the mental wellbeing of working Australians and their families, with a lack of willingness to seek professional help about important financial matters.

Almost one in three Australians who were ‘severely’ or ‘moderately’ stressed turned to friends or family members to help inform important financial decisions, with just one in nine speaking to their super fund and only one in 20 seeking help from a financial adviser.

Equally, one in three Australians have not used any information sources to inform important financial decisions, even if those sources were easily accessible such as podcasts, social media or a Google search.

With rising financial pressures and people focused on meeting major short-term expenses, long-term planning is being compromised with one in three saying they are never or are rarely planning for their financial futures.

AMP Bank Group Executive, Sean O’Malley said: “It’s clear more Australians aren’t feeling secure with their finances, not surprising given cost of living pressures and housing unaffordability challenges.

“And while the research tells us that most are meeting their mortgage repayments, we know that savings rates are down and many are cutting back expenditure on household basics such as groceries, and other more discretionary items such as streaming services and holidays.

“Amid these cutbacks, it’s also evident that many aren’t taking advantage of the support available to them, with a tendency to bottle up their financial worries, in-turn impacting their mental wellbeing.

“We’d encourage more Australians to explore the options available to help them feel more in control of their finances. From a home loan perspective, this could be contacting a bank or broker to see if there is a better rate available on their loan, or different features which are better suited to particular circumstances.  What seem like small things can make a big difference.”

AMP Group Executive, Super and Investments, Melinda Howes said: “What’s also apparent from the research is that with a focus on paying the bills and keeping their heads above water, more Australians are understandably planning and thinking less about their longer-term financial goals.

“The wonderful thing about Australia’s compulsory superannuation system, is with Australia’s high employment levels, most are continuing to automatically build their retirement nest eggs. While Australians should take comfort from this, there is more to be gained from our superannuation system.

“At AMP, we offer our members the ability to get close to your super and feel more in control of their financial circumstances, with digital tools and simple advice available at no extra cost. We also offer a ‘Retirement Health Check’ with dedicated financial wellbeing support available for customers, at no extra cost.

“Services like this can help more Australians optimise their super, gain valuable insight into the magic of compound interest and how just a little extra contributed now can multiply in value over the long term. We encourage all our members to get in touch and speak with one of our friendly experts today.”

Other findings

Transition to retirement remains complex

After a short period of relief between the ages of 51 and 54, stress levels lift sharply. In fact, Australians approaching retirement age have the highest levels of stress of any age group surveyed, with almost two in five being moderately to severely stressed. For many Australians, this fear is heightened when the rising cost of living eats away at your lifetime savings.

Sharp rise in stress for those earning between $100,000 and $150,000

A growing number of Australians earning between $100,000 and $150,000 reported to be less financially secure. Nearly one in four Australians in this income bracket said they were ‘severely’ or ‘moderately’ financially stressed, up by 150% in the space of just two years and nearly triple of those who reported the same during 2020 – raising further questions around how much is needed to feel financially secure.

Financial secrets

The findings also point to a growing number of financially stressed Australians keeping secrets about their finances. Close to one in three have financial secrets, worries, or behaviours they have not shared with anyone else. Of those, almost two in three said they feel ‘embarrassed’ or ‘guilty’ about them and almost one in four believe there is no need to share them.

Letting go of discretionary spend

Faced with the rising cost of living, more Australians are drawing down on accumulated savings and cutting down on their everyday spending, finding new ways to save on non-essential services.  Three in five Australians spent less on groceries this year, two in five went without a holiday and one in three spent less time engaging in regular hobbies and interests. Meanwhile, over half of Australians strongly agree that the cost of living will continue to rise significantly, with less than a third saying they will be financially secure over the next two years.  In addition, one in three have cancelled streaming subscriptions and gym memberships due to financial pressures.

More ‘alone time’

Financially stressed Australians are more likely to reduce both spending and social behaviours or reach out for professional support. Half of those that were ‘severely’ or ‘moderately’ financially stressed spent less time with friends, two in five were more likely to internalise their stress and spent more time in isolation, while over one in three spent less time with family.

Tips for building financial wellbeing

1. Speak to a Super Coach to get reliable information and support: AMP Super coaches can help you get close to your super, with digital tools and simple advice all with no extra fees. AMP also offers a free ‘Retirement Health Check’ with dedicated financial wellbeing support available for customers. Learn more at Superannuation – AMP.
2. Check your home loan is right for you: Speak to your bank or broker and learn how a better rate on mortgage can help you save more. There are a range of home loan products on the market which come with different features based on customers’ preferences, needs and eligibility. Consider what loan options best suit you and your individual circumstances.
3. Get assistance when you need it: There’s plenty of research showing that people who draw on expert advice are less financially stressed and make better decisions. Use reputable sources such as your financial institution, government resources, and trusted third-party comparison websites.
4. Subscribe to our podcast: AMP’s Simplifying Investing podcast with Shane Oliver and Diana Mousina features regular insights from two of Australia’s leading economists to help you demystify the world of superannuation, investing, retirement, home loans and beyond.
5. Check out our Insights Hub: Helpful resources are often available on lenders’ websites, and budget/tracking apps can provide a clear view of your spending patterns. Some examples include AMP’s Insights Hub, our budget planner calculator and expense planner calculator, and ASIC’s MoneySmart tools.

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A lender’s product offering, together with the access to market knowledge and expertise, were also identified as important value drivers for brokers.

In summary, the key value drivers identified by brokers were:

• Speed and service: 33%
• Interest rates: 26%
• Product offering: 19%
• Market insights: 13%

Paul Herbert, AMP Bank’s Head of Intermediary Distribution and Finance said: “This feedback demonstrates that brokers require more than just a competitive rate from their bank, with efficient and seamless service also vitally important to help them achieve the best possible outcomes for their customers.

“The findings also reinforce the importance of technology, which is playing an ever-increasing role in simplifying and speeding up the borrowing experience for brokers.

“We’ve seen digital technology for loan applications, valuations and identity verification drive down loan completion turnaround times. The full launch of our digitally enhanced application process for loan increases in September has already seen a further 25% improvement in turnaround times, while the deployment of technology such as FASTRefi® is allowing clients to receive their funds faster.

“At AMP Bank we’ll continue our investment in technology, processes, and people to ensure we deliver fast and consistent service to our, brokers, advisers and customers.”

Technology uplift

Over the past 12 months AMP Bank’s mortgage origination technology program has:

• Launched a new digitally enhanced application process making it easier for brokers to help customers seeking an increase to their home loan
• Deployed FASTRefi® allowing customers to receive their funds faster
• Introduced new types of digital valuations to enhance the process and reduce turnaround time
• Established new digital verification of identity and Access Seeker reports to streamline the application, and verification process for both brokers and their customers.

These improvements were reflected in the most recent Broker Pulse survey run by Agile Market Intelligence, with AMP Bank recognised with a broker experience rating of 83% and application process satisfaction rating of 91%.

Insights webinars

AMP Bank’s Insights webinars are run throughout the year for brokers and are an opportunity to hear directly from AMP’s experts, such as Chief Economist Dr. Shane Oliver.

Brokers and advisers are invited to register for AMP Bank’s next webinar at 2pm, Tuesday 17 October 2023. At this event you’ll hear from AMP Bank’s Paul Hebert, Head of Intermediary Distribution and Finance, Melissa Christy, Head of Lending Operations and Client Assist and Sonia Partol and Alex Cornish, both Senior Business Development Managers.

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[1]  114 brokers and advisers submitted responses to the question ‘What is your top priority for clients?’ in AMP Bank’s webinar feedback survey conducted in August 2023.

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Sean O’Malley

AMP Bank has launched a digitally enhanced application process for customers seeking to increase the size of their home loan. Turnaround times are now twice as fast since AMP Bank delivered its initial enhancements to loan increases in March this year.

The new process enables quicker response times for brokers and customers, and faster time to approval.

The enhancements in ApplyOnline® make the application process simpler and utilise system integrations with valuations and LMI to improve the application response time.

AMP Bank’s deployment of FASTRefi® has also seen customers receive their funds three times faster, compared to a standard refinance process once customers’ documentation has been returned.

In addition, AMP Bank has unlocked faster turnaround times through its partnership with CoreLogic, with new types of digital valuations helping to enhance the process and improve the experience for brokers and customers. In the past three years, AMP Bank has reduced its average turnaround time across all valuation types by ~40%, by optimising its digital valuation mix.

Over 60% of AMP Bank’s property valuations this year were completed by CoreLogic’s automated valuation model (AVM) or its digital desktop tool. As a result, AMP Bank is seeing some customers receive a response on their valuation almost instantly with AVM, and it’s increasingly within an hour for the desktop approach. AMP Bank has recently initiated a pilot of CoreLogic’s SMARTval capability, which continues its investment in digital tools to improve turnaround times for short form valuations.

AMP Bank continues to invest in ongoing digitalisation and automation to improve customer and broker outcomes as it drives strong relationships with its broker partners.

Sean O’Malley, Group Executive AMP Bank said: “The digitally enhanced home loan increase application enables quicker response times for brokers and customers.

“With our latest enhancements, brokers should start to notice faster response times when applying for a home loan increase, and an improved online experience which makes applications easier and faster for brokers to submit.

“We’re focused on embedding a digital-first service experience, and having the right technology in place to support our brokers and deliver for customers is critical.

“AMP Bank continues to invest in its home loan processing technology, and we are committed to delivering a strong service experience across our channels.”

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Sean O’Malley

New national research from AMP Bank has found that 7 in 10 (69%) homeowners with a fixed home loan component don’t know the variable revert rate they would roll onto.

The findings come as we approach the peak of the fixed rate roll-off transition period, with most fixed-rate loans taken out during the Covid pandemic set to expire1. According to RBA figures, 880,000 loans in total are due to expire in 2023, and a further 450,000, or 20% by the end of 20242.

Other findings from the research show:

• 1 in 5 (20%) Australian homeowners don’t know their home loan’s current interest rate
• a quarter (26%) of homeowners don’t know when their fixed rate is due to expire
• 80% of those with a fixed component don’t know what a ‘revert’ rate is, and 21% don’t know what a redraw facility is
• most homeowners keep savings in a separate savings account (54%), with less than half using an offset account (46%). 11% report using term deposits.

The research demonstrates Australian homeowners lack understanding of key aspects of their home loan and the options available to them. For example, more than half (54%) of those surveyed indicated they don’t know how to use an offset account.

An offset account can potentially save Australian homeowners thousands over the life of a loan if used effectively. AMP Bank’s modelling shows an offset account balance of $40,000 could save homeowners more than $170,000 in interest payments and reduce the life of a loan by three years3.

Sean O’Malley, Group Executive AMP Bank said: “AMP Bank’s latest research has found there are many Australian homeowners who could be more engaged with their mortgages. Not knowing about key aspects of their home loan or how it works, could be costing them in the long run.

“Your home loan is probably the biggest financial commitment you’ll make in your lifetime. Making some simple changes, for example maximising the benefits of an offset account can help you pay off your home loan sooner.

“It’s a reminder of the importance of checking in on your finances and making sure your home loan is fit for purpose. I encourage all homeowners take the time to understand key features and terminology of their loan, and to ask your broker or lender if you’re not sure.”

AMP Bank expands its digital home loan to give more customers access

The findings come as AMP Bank today expands its digital mortgage offer to include an offset account.

AMP Bank’s digital application is one of the few in the Australian digital mortgage market with features including an offset account, interest only repayment options and fixed interest rates, opening the offer to more customers. Eligibility of AMP Bank’s digital mortgage will soon be broadened with self-employed income to be eligible, further to the currently accepted PAYG salary or rental income.

The online application process is a guided step-by-step experience which uses secure, automated assessment tools to provide a fast decision. AMP Bank’s online home loan application allows customers to choose between AMP Bank’s two most popular home loans; the offset Professional Package Home Loan, or the low-rate AMP Essential Home Loan.

Visit AMP Bank’s website for more information about its digital home loan.

Sean O’Malley, continues: “The enhanced capability of our digital mortgage released today strengthens AMP Bank’s position as a digitally enabled bank.

“We continue to focus on strategic investment in digital technology to simplify and enhance customer and broker experience.

“The digital application experience makes the process of getting a home loan or refinancing simpler, and in most cases, a lot faster.”

Tips to get the most from your home loan:

• Tailor your home loan to suit you. The way you structure your home loan could help you pay less interest in the long run and take years off your mortgage. It’s a good idea to find out the features of your home loan and how they work. While they might sound good in theory, they may not be what you need. Online resources like ASIC’s MoneySmart tools, and AMP Bank’s repayment and offset calculator provide helpful information and help to estimate your interest savings, and how much you can reduce your loan term, by making regular additional repayments.
• Create an offset account. An offset account operates like a transaction account, but it reduces the interest you pay as interest is only charged on the mortgage balance less the offset account balance. If you haven’t already, check if you can link an offset deposit account to your home loan.
• Take advantage of your redraw facility. It allows you to request to access extra repayments you might have made, on top of your minimum repayments, when you need it. So, if you have unexpected expenses or other things you need money for, it’s worth checking if you have available funds on your home loan that you could redraw. But bear in mind this could extend the life of your loan and mean you end up paying more interest in the long run.
• Consolidate other debt into your home loan. You’ll generally find the interest rate on your home loan is lower than the interest on your credit cards or personal loans. So, if you have any debt, you could transfer this over to your home loan so that you don’t pay as much overall interest.
• Increase your repayments and pay your home loan off sooner (if you can). Creating a budget could help you get across how much income you’ve got coming in, how much you need for the essentials and where the rest of your money might be going. This will help you identify if there’s any room for movement and if you could potentially add a little bit extra to your repayments. AMP’s budget planner calculator could help you crunch the numbers.

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Sean O’Malley

AMP Bank has announced it will begin lending to mortgage broking businesses, strengthening its commitment to the mortgage broking industry.

Mortgage broking finance builds on the Bank’s deep experience in the third-party channel and existing commercial lending practice with financial planners.

The new offer is customised to broker circumstances and provides competitive credit policies. The offer will support a variety of scenarios for brokers that will support the growth of their businesses, including mortgage broker mergers, acquisitions, equity buy-ins and investments. AMP Bank has been engaging with leading aggregators to ensure the offer will deliver on the needs of brokers.

AMP Bank’s relationship managers and business development team already provide education, counsel and strategies for brokers and adviser businesses, which will be complemented by the introduction of the Bank’s finance offer.

AMP Bank’s investment to support brokers in growing their businesses reflects the Bank’s commitment to intermediary distribution and its importance to driving the Bank’s strategic growth agenda.

The Bank is also delivering enhancements, including to self-service capability and support for brokers and advisers, along with increasingly digitalising and automating the lending experience across its channels.

Sean O’Malley, AMP Bank Group Executive said:“The mortgage broker profession continues to grow and play an important role in supporting Australians realising their home ownership aspirations.

“Th ere is an important role AMP Bank can play to support brokers in growing their businesses. This includes acquisition, succession planning, or other investment opportunities.

“We are proud of our longstanding commitment to brokers, and that we’re able to continue to back the next phase of their businesses.

“Providing mortgage broking finance strengthens our offer in the third-party channel and supports our strategic agenda to grow AMP Bank.”

Paul Herbert, Head of Intermediary Distribution and Governance said: “AMP Bank has strong experience partnering with brokers and advisers, and close relationships with aggregators and their distribution network.

“Mortgage broking finance is a natural fit for the Bank within our existing expertise, and further demonstrates our commitment to brokers.

“Any brokers interested in our offer should speak to their AMP Bank Business Development Manager or their aggregator to learn more.”

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