AMP is one of Australia’s oldest financial institutions, offering modern digital home loans supported by one of the country’s largest broker networks. While AMP’s lending approach focuses on flexibility and smart features like its unique Master Limit, it’s not ideal for everyone — especially low-deposit or self-employed borrowers. This review breaks down who AMP is best suited for, how its products work, and what you should know before applying.
Table of Contents
What Are AMP Home Loans Like?
The top 5 things AMP are good at:
- Approved Master Limit: This allows you to get an approved line of credit with a maximum limit, giving you a choice to add or close multiple accounts within that specified limit. It is a great option for investors who have many sub-accounts and wish to have an approved master limit. For example, if you are approved for a loan up to $500,000, you can switch sub-accounts to $250k/$250k or $100k/$400k with just a simple phone call.
- Less Focus on Credit Scoring: When assessing a loan application, AMP takes a lot of factors into consideration instead of focusing only on giving you a credit score. In other words, it uses common sense while assessing an application and keeps all the factors in mind. Note that this refers to the bank’s own way of assessing your credit and is not related to your bad credit.
- Working with a Mortgage Broker: AMP is working with a large number of mortgage brokers. Therefore, if you are applying for a home loan via a mortgage broker, it is pretty likely that the broker is accredited with AMP, which would improve your chances of getting an approval.
Repayment Holidays: As a fairly unique feature, AMP offers their mortgage safety net as a part of their home loan products. This allows you to suspend repayments for up to 6 months and capitalise interest to the loan for that period. It can help manage your cash flow and is mostly designed for anyone facing an involuntary redundancy. For example, it was recently offered to those affected by Covid-19.
The Top 5 Things AMP Aren’t So Good At:
- Bad credit: Amp doesn’t usually approve a loan application for those with a bad credit history, so If you have a bad credit history, it is less likely that you will qualify for a home loan. If you have bad credit, try improving your record to secure a home loan.
- Over 90% LVR borrowing: If you need to borrow over 90 % of the property price, you might not be able to get loan approval from AMP. So AMP is not the right choice for those without a big deposit.
- Fairly strict property policies: Being a smaller bank, it doesn’t quite have the risk appetite as some of the larger players, so if you have a unique property or something on larger land, you might have trouble getting your loan approved with AMP.
- No branches: Similar to ING and other smaller banks, AMP does not have any branches across Australia. So, while they have fairly good internet banking, if you need to bank a cheque, you will need to do so via Australia Post.
- Not for self-employed Individuals: Are you self-employed and looking for a home loan? If so, AMP may not be the right option for you because it won’t offer loans to self-employed individuals if you don’t have sufficient proof of income.
Who Should (and Shouldn’t) Choose AMP Home Loans
AMP caters to a broad mix of borrowers, but its range of packages (which we cover below) are better suited to some borrower types than others. Here’s how different buyers might find value (or not) in AMP’s offerings:
1. First-Home Buyers
AMP can be a solid choice for first-home buyers looking for flexible features without overwhelming complexity.
- AMP accepts various government grants and first-home buyer incentives.
- The Essential Home Loan offers low-fee flexibility and optional offset accounts to help manage repayments early on.
- Family Guarantee options also allow parents to use their property’s equity as security to help children buy sooner.
May not suit: Buyers needing very high LVR loans (above 95%) or non-standard income verification, as AMP’s criteria can be stricter than some competitors.
2. Property Investors
AMP’s Professional Package Home Loan is well-suited for investors managing multiple properties or seeking rate discounts.
- Offers both principal & interest and interest-only repayments.
- Allows borrowers to group several loans under one package and access multi-loan offset accounts.
- Competitive for high-income professionals and seasoned investors who value portfolio flexibility.
May not suit: New or low-equity investors wanting aggressive LVRs or low-doc options, as AMP tends to prefer financially stable applicants with solid track records.
3. Refinancers and Upgraders
Borrowers refinancing to lower their rates or upgrading to larger homes can benefit from AMP’s streamlined processes.
- Periodic cash-back deals make refinancing more attractive.
- Top-up options allow additional borrowing for renovations or larger purchases.
- Redraw and offset features support flexibility during transitions between homes.
May not suit: Borrowers refinancing from smaller regional banks or those with complex credit histories, as AMP’s turnaround times can be longer.
4. Joint Applicants and Family Buyers
Couples, de facto partners, and family buyers can take advantage of AMP’s joint application structures.
- AMP’s Family Pledge is ideal for parents helping children get on the property ladder.
- Joint applicants can benefit from income pooling to improve borrowing capacity.
- Guarantor loans can reduce or eliminate the need for mortgage insurance.
May not suit: Applicants with mixed credit histories or inconsistent income, as AMP maintains conservative risk policies.
5. Downsizers and Empty-Nesters
Those planning to pay down debt or move to smaller properties can benefit from AMP’s lower-fee, flexible products.
- The Basic Home Loan helps minimise costs for borrowers who don’t need package extras.
- Offset and redraw access allow retirees or semi-retirees to keep liquidity from property sales.
May not suit: Borrowers wanting specialised retirement-focused lending (like reverse mortgages), as AMP no longer actively promotes these products
Expert Tip: Understand AMP’s “Common-Sense” Credit Assessment
- AMP’s credit assessment process stands out.
- Instead of relying solely on automated credit scoring, it uses a holistic review — considering income stability, spending habits, and asset position.
- This can benefit first-time buyers with limited credit history or professionals with high earning potential but short employment tenure.
- However, it doesn’t override strict lending caps like LVR or bad credit limits.
If you’re unsure whether AMP is the right fit, a Hunter Galloway mortgage broker can compare AMP against over 40 other lenders and help you find the best deal for your situation.
What Different Home Loan Types Does AMP Offer?
AMP offers a wide range of home loan packages suitable for different types of borrowers with different loan requirements. They have a professional package, a basic home loan package, and an essential home loan.
In addition, they also have a package called SuperEdge cash account, which is suitable for borrowers who want to purchase a house with their self-managed superannuation fund.
What sets AMP apart from other financial institutions is its Master Limit feature on a home loan, which allows you to get an approved line of credit with a maximum limit. As a borrower, it gives you the option to add or close accounts within that specified limit for up to 10 years. It is an outstanding feature for investors who sell or purchase properties regularly.
1. Professional Package Home Loan
This home loan package is available for both professionals and those who just want more features. You can choose if you’d like a fixed or variable rate, and the loan can be split between accounts.
The Professional Package has the following features.
- Variable, fixed rate or line or credit available
- Other banks can be linked to your loan
- Not just for professionals
- 100% offset account with variable rate loan
- Loan size from $100,000 to $2,000,000
- Line of credit: $349 annual Package fee
- Variable rate(i) loan: $349 annual Package fee
2. AMP Essential Home Loan
This basic home loan offering is a simple, no-frills option.
- Competitive variable rates and no monthly fees
- Additional repayments at any time
- Free redraw facility
- No ongoing fees
- Loan size from $100,000 to $1,800,000
- No fixed rate option or line of credit available
- No offset account available
3. Basic package
As the name suggests, this one is the most basic option of them all but gives the applicant a choice between fixed or variable rates.
- Fixed or variable rate options
- No monthly fees
- Optional Offset deposit account with basic variable rate loan
- Redraw facility
- Unlimited extra repayments with the variable rate.
- No establishment fees on home loans up to 90% LVR
- True flexibility with up to 10 account splits at fixed or variable rates.
- Loan size from $40,000 to $1,800,000
- No line of credit available
- $250 settlement fee
4. SuperEdge Cash Account
The AMP SuperEdge Cash Account is a great way to manage your SMSF’s cash flow with a competitive interest rate and access to your money. You’ll gain flexibility towards how you deposit and withdraw your money, and it also acts as an everyday account that earns interest.
- Interest is calculated daily and paid monthly.
- 24-hour access
- No account fees.
- Only SMSF trustees or SMSF pensioners are eligible to open one.
- No Visa Debit card or digital wallet facilities
- Cannot make same-day payments to an external account
AMP Home Loan Features At A Glance
Feature | Details / Benefits |
100% Offset Account | Available on Professional Package variable loans; reduces interest payable on your home loan. |
Redraw Facility | Most variable rate loans allow extra repayments to be accessed anytime, giving flexibility and cash flow control. |
Split Fixed & Variable Rates | Borrowers can mix fixed and variable components within the same loan, managing risk and interest exposure. |
Line of Credit / Master Limit | Lets borrowers set an approved credit limit and create multiple sub-accounts for investments or property purchases. |
Repayment Holiday / Hardship Support | AMP offers temporary repayment suspensions (up to 6 months) for eligible borrowers during involuntary redundancies or financial hardship. |
No Branch Access | AMP operates mainly online; cheques and physical payments processed via Australia Post. |
Broker Network Strength | Over 90% of AMP home loans are written through accredited brokers, ensuring faster approvals and package guidance. |
What Documents Does AMP Need For A Home Loan?
AMP’s application is fairly standard compared to most banks. Assuming you are a salaried employee and you are purchasing your first home, they would ask for the following:
- Signed Application Form and Privacy Act form completed by all borrowers
- Identification documents: Current Medicare + Drivers license or Australian passport
- 2 most recent consecutive payslips inclusive of YTD; (minimum of 3 months year to date (YTD) income & tax figures) and tax return or PAYG summary (other options stated on the document too).
- 3 Months’ statements showing all continuing liabilities – i.e. any open credit card, personal loan, store card or overdraft statements
- Savings pattern (Applicable when LVR > 90%) – Established over 3 month period with regular deposits or from shares, real estate or other. 2 most recent computer-generated payslips
- Evidence of your Genuine Savings, being statements to show the funds have been held for more than 3 months.
- Signed Contract of Sale
- All Personal Loan and Credit Card refinancing and/or debt consolidation – 1 months statements (<30 days old\
Self-employed (sole trader/ partnership/company/ trust income)
- Minimum self-employed period 2 years – All applicants (including directors and trustees) must provide personal/company tax returns for the previous 2 years and a minimum of one financial year’s.
- Tax Assessment Notice for each income source – Balance Sheets and Profit and Loss Statements must be provided for the previous 2 years.
- Income projections and cash flow forecasts or income from a business being purchased are not acceptable for serviceability assessment.
- If income from the latest financial year has increased by less than or equal to 20% of the previous year, then the latest year’s income is used.
- If income from the latest financial year is more than 20% of the previous year, then a maximum of 120% of the previous year’s income is used.
- If income from the latest financial year is less than the previous year, the lower of the 2 figures is used.
What Else Does AMP Offer?
In addition to home loans, AMP also offers the following products:
- Superannuation
- Amp Pension
- Term Deposits
- SMSF bank accounts
- Investments
Amp also offers financial advice through its network of financial advisers.
What Are Some Of AMP’s Customer Reviews?
AMP has been investing heavily in digital innovation and service improvements, making its home loan experience more streamlined for brokers and borrowers alike. While public borrower satisfaction data is limited, AMP’s recent reports and broker surveys provide a clear picture of how the bank performs.
Customer & Broker Feedback:
- In a 2023 AMP broker survey, 83 % of brokers rated AMP highly for overall experience, and 91 % were satisfied with the application process.
- Broker Pulse data (June–August 2025) shows AMP ranked among the top lenders for “client circumstances,” with a 73 % broker recommendation rate.
Common Feedback Trends:
Borrowers and brokers alike report:
- Pros: Easy-to-use online and mobile banking, transparent rate structures, strong broker support.
- Cons: Slower discharge times during refinancing, limited flexibility for non-standard or complex properties, and fewer branch-based services.
Key Takeaway:
AMP’s home loans excel in digital convenience, broker relationships, and structured lending, making them ideal for borrowers comfortable with online management. However, turnaround for discharges and complex property financing can be slower than with larger banks.
How Does AMP Compare To Other Lenders?
Since a large number of brokers are accredited with AMP, the best way to apply for its home loans is via a mortgage broker.
It is important to know that AMP has its own network of financial advisers who are less likely to compare their products with other lenders. This limits your search for a suitable package because you are never sure you are securing the best deal.
Speak to our team to find the best deals. We compare different lenders using different parameters while keeping your financial goals in mind.
AMP Home Loan FAQs
Can self-employed borrowers get an AMP home loan?
Yes, AMP accepts self-employed applicants, but you need at least two years of business financials and tax returns. AMP does not offer low-doc or alternative-income verification loans.
What is AMP’s maximum LVR?
AMP generally allows a maximum loan-to-value ratio (LVR) of 90 % for standard residential loans. Higher LVRs may be considered case-by-case, but typically require mortgage insurance.
What is AMP’s Master Limit feature?
The Master Limit is a flexible line-of-credit system. It lets you create multiple sub-accounts under one approved limit. For example, a $500,000 limit can be split between home and investment loans as needed.
Does AMP allow interest-only loans?
Yes, interest-only options are available under AMP’s Professional Package, primarily for investors. Repayment terms and eligibility depend on the borrower’s financial situation.
What fees apply to AMP home loans?
AMP charges include:
- Annual package fees ($349 for Professional Package)
- Settlement fees ($250–$349 depending on package)
- No ongoing fees for Essential or Basic Home Loans
- Fees vary by loan type, so always check the product disclosure statement.
Can I apply directly or must I go via a mortgage broker?
Most AMP home loans are applied via accredited mortgage brokers, though direct applications are possible for certain packages. Brokers can often improve approval speed and help select the best package.
Does AMP have branches or is it digital only?
AMP has no retail branch network. Banking is mostly online, with support via brokers, phone, and digital platforms. Cheque lodgements require Australia Post.
How does AMP’s offset account work?
AMP’s offset accounts link to your home loan to reduce interest payable. Daily balances offset the loan principal, helping you pay less interest over time. Only certain packages (Professional & Basic with optional offset) offer this feature.
What happens if I have bad credit and want an AMP home loan?
AMP generally does not approve loans for borrowers with poor credit history. Improving your credit score and providing full financial documentation increases your chances of approval.
Is AMP suitable for first-home buyers?
Yes, AMP can work for first-home buyers, especially with the Essential Home Loan. Features like offset accounts, redraw facilities, and Family Pledge options help reduce interest and boost borrowing power. Borrower grants and incentives can also be applied.
Can I apply for an AMP home loan with a co-borrower or family guarantee?
Yes, AMP supports joint applications and family guarantees. Parents can use equity in their property to help children secure a home, improving borrowing capacity without paying mortgage insurance.
Are AMP home loans good for property investors?
Yes, investors benefit from the Professional Package, which allows interest-only repayments, multi-loan management, and linked offset accounts. AMP prefers borrowers with stable income and solid property investment experience.
Next Steps And Getting Your Home Loan
Our team at Hunter Galloway is here to help you buy a home in Australia. Unlike other mortgage brokers who are just one-person operations, we have an entire team of experts dedicated to helping make your home loan journey as simple as possible.
If you want to get started, please call on 1300 088 065 or book a free assessment online to see how we can help.
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