Finty
Lending and bank accounts, both associated with BSB number 939 200

Lending and bank accounts, both associated with BSB number 939 200 AMP Essential Home Loan

Variable rateRedraw

A variable home loan with no offset facility and no package fees.

Written byDavid Boyd
Interest rate a year, from
6.24%
Comparison rate
6.27%
Upfront fees
$844
Annual fee
None
Monthly fee
None

Monthly repayment

$600,000 over 30 years

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What it would cost

At the lowest rate of 6.24% (variable, live in, principal and interest). The rate you are offered depends on your deposit and the loan you choose, and upfront fees are not included.

Monthly repayment
$3,690
Total repayments
$1,328,545
Interest
$728,545

Rates

Every rate Lending and bank accounts, both associated with BSB number 939 200 publishes for this loan. LVR is the loan as a share of the property's value: 80% for a 20% deposit.

RatePropertyRepaymentsLVRInterest rateComparison rate
VariableLive inPrincipal and interestUp to 50%6.24%6.27%
VariableLive inPrincipal and interestUp to 50%6.24%6.27%
VariableLive inPrincipal and interestUp to 50%6.44%6.47%
VariableLive inPrincipal and interest50% to 60%6.44%6.47%
VariableLive inPrincipal and interest60% to 80%6.33%6.36%
VariableLive inPrincipal and interest60% to 80%6.54%6.57%
VariableLive inPrincipal and interest80% to 90%6.54%6.57%
VariableLive inPrincipal and interest80% to 90%6.64%6.67%
VariableLive inPrincipal and interest90% to 95%6.94%6.97%
VariableLive inPrincipal and interest90% to 95%7.04%7.07%
VariableInvestmentPrincipal and interestUp to 50%6.39%6.42%
VariableInvestmentPrincipal and interestUp to 50%6.44%6.47%
VariableInvestmentPrincipal and interest50% to 60%6.39%6.42%
VariableInvestmentPrincipal and interest50% to 60%6.44%6.47%
VariableInvestmentPrincipal and interest60% to 80%6.47%6.50%
VariableInvestmentPrincipal and interest60% to 80%6.54%6.57%
VariableInvestmentPrincipal and interest80% to 90%6.64%6.67%
VariableInvestmentPrincipal and interest80% to 90%6.79%6.82%
VariableInvestmentPrincipal and interest90% to 95%7.14%7.17%
VariableInvestmentPrincipal and interest90% to 95%7.19%7.22%

Comparison rates are for an example loan of $150,000 over 25 years. WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

Fees and features

Fees

Upfront fees
$844
Annual fee
None
Monthly fee
None

Features

Offset account
No
Redraw
Yes
Highest LVR
95%
Loan amount
From $250,000

How it compares

Against the other home loans we compare, for a home you live in with a 20% deposit. Typical means the middle half of them.

Variable rate

6.33%

For a home you live in, paying principal and interest. Typical is 6.62%.

Comparison rate

6.36%

For the same rate. Typical is 6.70%.

Upfront fees

$844

Typical upfront fees are $600.

Annual fee

None

A typical annual fee is $350.

Smallest deposit

5%

Most loans need at least 10% of the price.

Pros and cons

Pros

  • A lower variable rate. 6.33%, below the typical 6.62%. On a $600,000 loan, every 0.10% less saves about $600 a year in interest.
  • No annual fee. Nothing extra to pay each year over the life of the loan.
  • Extra repayments. Paying more than the minimum pays the loan off sooner and cuts the interest you pay.
  • Redraw. You can take back extra repayments later if you need the money.
  • No early repayment fee listed. You can pay the loan off early, or refinance, without a penalty. Check the terms to be sure.

Cons

  • No offset account. Your savings can't reduce the interest unless you pay them into the loan.

Similar home loans

Home loans from other lenders with a similar starting variable rate, for a home you live in with a 20% deposit.