AMP Bank has announced a reduction in interest rates for all variable rate home loans by 0.25% per annum, effective March 3, offering financial relief to homeowners amid rising living costs.
The AMP decision reflects RBA’s latest monetary policy adjustment, reducing the OCR by 25 basis points to 4.1%, after holding steady at 4.35% since November. The move also follows a cut to fixed rates for the bank’s professional package home loans earlier in the month.
“We’re pleased we can deliver this rate relief to our home loan customers, particularly in a high-cost living environment,” said Michael Christofides (pictured above), AMP Bank’s director of lending and everyday banking. “We will continue to regularly review our products and ensure we provide our customers with competitive loan and saving rates.”
The AMP rate cut, following RBA’s recent rate reduction, mirrors similar moves from CBA and NAB.
In addition to home loan rate cuts, AMP Bank continues to provide attractive savings options.
Customers can benefit from competitive rates on savings and term deposit accounts, with the AMP Saver account offering rates as high as 4.95% per annum and term deposits reaching up to 4.70% per annum.
AMP Bank advises customers to discuss these changes with their brokers or contact the bank directly for more information.
For those experiencing financial difficulties, AMP Bank is available to help. Customers can also find more details on the new home loan rates or changes in savings accounts by visiting AMP Bank’s website.
Those facing financial challenges are encouraged to get in touch for support.
