AMP Bank has announced it will reduce interest rates across all variable rate home loans by 20 basis points, effective Monday 23 May 2016.
The AMP Bank standard variable home loan interest rate for owner occupied loans will reduce to 5.53 per cent per annum (comparison rate 5.70 per cent per annum) and to 5.82 per cent per annum (comparison rate 5.99 per cent per annum) for investment property loans.
For new owner occupied home loans the AMP Essential Home Loan variable rate will reduce to 3.88 per cent per annum (comparison rate 3.90 per cent per annum).
The Professional Package variable rate for new owner occupied term loans $750,000 and above will drop to 3.95 per cent per annum (comparison rate 4.31 per cent per annum).
The Basic Package variable rate for new investor property loans will reduce to 4.37 per cent per annum (comparison rate 4.41 per cent per annum).
The AMP SuperEdge variable rate for new SMSF residential property loans will reduce to 5.67 per cent per annum (comparison rate 5.93 per cent per annum).
