There were twenty four investors in the deal, of which approximately 68 per cent by volume were real money investors, including interest from off shore investors across the capital structure.

The transaction gained good momentum from the outset allowing for the book to be upsized and the Class A Notes priced at 1MBBSW +95 bps. The Class AB Notes priced at 1MBSW +165 bps, the Class B1 Notes 1MBBSW +245 bps and the Class B2 Notes at 1MBBSW +300 bps.

AMP Bank Treasurer, Kevin Stephenson said: “This is the first Progress Trust transaction this year and the result was very pleasing, especially the number of real money investors in the transaction.

Deutsche Bank was the arranger and ANZ, Deutsche Bank, Morgan Stanley and NAB were Joint Lead Managers.

Details of the transaction are as follows:-

• Issue amount: A$1,000 million
• Class A Notes (AAA(sf)/Aaa(sf)): A$ 920 million (3.3yrs) 1MBBSW +95bps
• Class AB Notes (AAA(sf)/n.r.): A$60 million (5.5yrs) 1MBBSW +165bps
• Class B1 Notes (AA-(sf)/n.r): A$15 million (5.5yrs) 1MBBSW +245 bps
• Class B2 Notes (AA-(sf)/n.r): A$5 million (5.50yrs) 1MBBSW +300bps

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The AMP standard variable home loan interest rate will be reduced to 6.00 per cent per annum. The AMP Essential Home Loan will be reduced to 4.90 per cent per annum.

AMP Bank has also reduced its interest rate for its one year standard fixed rate home loan by 20 basis points to 4.69 per cent per annum, effective 11 August 2013.

Interest rates have also been cut for the two, three and five year standard fixed rate home loans:

The interest rate reduction also applies to Select, Affinity and AMP SuperEdge fixed rate home loans but excludes Low Doc fixed rate home loans.

The variable rate changes come into effect on Thursday 22 August for new customers and Sunday 25 August for existing customers.

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The AMP Notice Account has no minimum opening balance and a generous maximum balance of $10 million. Interest is calculated daily and paid monthly.

Customers must provide a minimum of 31 days’ notice to withdraw funds.

AMP Bank Chief Operating Officer Rob Slocombe said the account is suitable for everyone from retail customers wanting to save more to wholesale investors looking for a competitive rate for their funds.

“This is a real set and forget account as it offers a great rate all the time, so there’s no need to shop around. It allows you to access a highly competitive interest rate without having to lock your money up for a long time, offering the best of both a term deposit and a high interest savings account.

“Unlike a term deposit, there’s no maturity date so you can top it up any time with unexpected lump sums or regular contributions. There’s also no penalty for putting your money on notice, so you can access it within 31 days.

“The account balance is treated separately from the $5 million maximum account balance for other AMP Bank deposit products. This means customers can have an AMP Notice Account in addition to their shorter-period term deposits with AMP Bank,” Mr Slocombe said.

AMP Notice Account features:

• Variable interest rate set at a minimum of 100 basis points above the Reserve Bank of Australia Cash Rate Target
• Customers must provide at least 31 days’ notice to access funds
• Ability to add to balance whenever you want
• No opening or ongoing fees
• No minimum opening balance
• Maximum balance $10 million
• Limit of two withdrawals per month with a minimum of $500 per withdrawal.

The AMP Notice Account is available now to new and existing customers.

Full details can be found in the AMP Notice Account can be found at www.amp.com.au/bank.

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AMP Bank reduces interest rates

AMP Bank has reduced its interest rates for new and existing customers across all variable rate home loans by 25 basis points. 
 
The AMP Bank standard variable home loan interest rate will be reduced to 6.25 per cent per annum.
 
The changes come into effect from Friday 24 May for new customers and Monday 27 May for existing customers.

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The offer is available for variable rate loans over $500,000. The current AMP Bank standard variable rate is 6.50 per cent.

The changes come into effect on Monday 29 April for new customers and existing customers increasing their loan amount.

AMP Bank Chief Operating Officer Rob Slocombe said: “The increase in the discount rate makes AMP Bank’s variable rate loan products even more competitive.

“This adds to the attractiveness of our suite of products, which also includes the popular AMP Superedge loan for SMSF customers.”

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Interest rates have also been cut for the two and three year standard fixed term home loans:

AMP home loan rates

The interest rate reduction excludes the AMP SuperEdge and Low Doc fixed term home loans.

The changes came into effect on Sunday 10 March for new customers.

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Developed to meet increased demand in SMSF lending, AMP SuperEdge enables trustees to borrow within their SMSF to buy a residential investment property or refinance an existing SMSF loan.  The loan is repaid by the property’s rental income and contributions paid into the fund. 

AMP Bank Chief Operating Officer Rob Slocombe said a growing number of SMSF trustees are looking to add bricks and mortar investments to their SMSF and AMP is uniquely positioned to offer this type of loan. 

“People want diversity in their SMSF investments.  There was a strong level of interest in AMP SuperEdge in a pre-launch trial as it helps trustees add property to their fund using an attractively priced loan,” Mr Slocombe said.  

“The loan will be offered through AMP’s network of accredited mortgage brokers and financial planners as well as direct to customers.  It’s got many of the same features as a regular home loan so it will feel very familiar to customers, planners and brokers.”  

The SMSF sector is the largest and fastest growing superannuation sector in Australia.  

“Now is the right time for AMP to launch this product.  AMP has a strong focus on SMSF within the business and good relationships with financial planners and brokers.  

“AMP Bank’s sales team has also undergone SMSF training to ensure the right expertise in this relatively new sector,” Mr Slocombe added. 

AMP SuperEdge features:

• Available to SMSFs with individual trustees or a company as a trustee – loan policies and features are identical regardless of SMSF structure. 
• Link an offset account that may act as the SMSF’s cash management account, with super contributions and the property’s rental income paid into the offset account, therefore reducing the interest due on the loan.
• Maximum Loan to Value Ratio of 80 per cent.
• Choice of Principal and Interest or Interest Only repayments.
• Choice of a combination of fixed and variable interest rates, with the first split free.
• 100 per cent mortgage offset account available with zero opening balance.
• Unlimited free transactions include rediATM/eftpos in Australia, BankNet, BankPhone, direct debit, direct credit, BPAY© and cheque book.
• No redraw.

This year, AMP increased its focus on the SMSF market, establishing a new business unit, AMP SMSF, and acquiring SMSF administrator Cavendish making AMP the market leader in professional SMSF administration.  

AMP SuperEdge is not available in conjunction with any other AMP Bank product type. 

Brokers and aligned and independent financial planners need to be accredited specifically to submit applications on behalf of clients for this product. 

Standard commission rates will be available to mortgage brokers and financial planners that arrange the product on behalf of a customer.

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The AMP standard variable home loan interest rate will be reduced to 6.87 per cent per annum.

 The AMP Essential Home Loan will be reduced to 5.90 per cent per annum. 

The changes come into effect from Friday 15 June for new customers and Monday 18 June for existing customers.

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The consistent production of high quality home loans won AMP Bank gold for overall ‘best bank’, along with four other product medals: 

• Gold Medal – Best Bank 3 Year Fixed Rate Home Loan
• Silver Medal – Best Bank 1 Year Fixed Rate Home Loan
• Silver Medal – Best Bank Introductory Home Loan
• Silver Medal – Best Bank Basic Variable Home Loan

AMP Bank Chief Operating Officer Rob Slocombe credits the bank’s success with listening to customers and distributors and creating products to suit their needs. 

“We’ve worked hard to give our customers home loans with features they want at a competitive price.  Over the past 12 months we’ve refreshed our product range, introduced a new low cost variable rate home loan and had a greater focus on creating competitive pricing for fixed and variable rate loans. 

“In 2011, we just missed out on the top spot for the Bank of the Year award, so we’re thrilled to have won this year.  It demonstrates that AMP Bank is a real alternative to the major banks and we will continue to adapt our offerings to the needs of our customers,” Mr Slocombe said. 

The product that took out the gold medal was the AMP Bank 3-Year Fixed Rate Home Loan.  With an initial interest rate of 5.99 per cent per annum (6.18 per cent per annum comparison rate), the product then rolls into a competitive 6.57 per cent per annum rate after three years. 

This product also allows for up to $10,000 per year in additional repayments at no extra cost, along with the option to pay interest only.  An LVR maximum of 90 per cent with LMI, or 80 per cent without, provides a compelling offer for those looking to borrow at least $250,000.

The AMP Bank Basic Variable Rate Home Loan won a silver medal in the Best Basic Variable category.  The product boasts a 6.27 per cent headline rate, backed up by a 6.34 per cent comparison rate.  This product includes such features as unlimited additional mortgage repayments, 100 per cent offset and unlimited redraws.

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The AMP standard variable home loan interest rate will be reduced to 7.07 per cent per annum.

The new AMP Essential Home Loan will be reduced to 6.10 per cent per annum.

The changes come into effect from Friday 18 May for new customers and Monday 21 May for existing customers.

AMP Bank customers can visit www.amp.com.au/banking or call 13 30 30 for further information

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