AMP has said the Bank will reduce interest rates across all variable rate home loans by 10 basis points, effective Monday 22 August 2016.
The AMP Essential Home Loan for owner occupied loans will be reduced to 3.98 per cent per annum (comparison rate 4.00 per cent per annum).
The AMP Professional Pack Home Loan for owner occupied loans of $750,000 and above will be reduced to 3.85 per cent per annum (comparison rate 4.22 per cent per annum).
Sally Bruce, Managing Director AMP Bank commented: “We aim to provide our customers with competitive interest rates to help them own their home sooner.
“Changes to our home loan rates take into account not just the decision by the RBA but other factors such as wholesale funding costs, which are continuing to increase,” she said.
