Owner Occupied Rates Available for Investment Property + $5,000 Cashback ($1M loan) / $2,000 Cashback ($500k loan) @ AMP

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AssociatedMortgage Broker @ Lending Clinic on 26/11/2022 - 14:12 amp.com.au (154 clicks)
Last edited 01/12/2022 - 11:58 by 1 other user

Hello OzBargainers,

AMP has announced a new home/investment loan offering, where you can get Owner Occupied variable interest rates, if you refinance both your owner occupied home loan and investment loan(s) to them, and your total loan amount is at least $500k ("combo loan" offer).

They also have a "cashback offer" ($5k cashback for $1m+ loan, $2k cashback for $250k-$999k loan).

For a typical scenario, AMP can offer the following:

• 4.59% variable rate (CR 4.96%), $5k refinance cashback, if the total loan is $1m or more, LVR <=80%
• 4.74% variable rate (CR 5.11%), $2k refinance cashback, if the total loan is $500k-$999k, LVR <=80%
• $349 annual fee, $295 one-off legal fee
• Principal & interest repayment for both your owner occupied and investment loans
• The owner occupied loan can be small and the investment loan can be big, and you can still get the owner occupied interest rate for the invesment loan
• Can potentially be combined with a property purchase to meet the $500k loan threshold for the combo offer (but the predominant purpose must be refinance for the cashback offer)
• Up to 10 offset accounts available
• Master limit feature for debt recycling strategy
• Not available for companies and trusts
• Combo loan offer: No specific end date but can be withdrawn anytime
• Cashback offer: Apply by 31 December 2022, settle by 31 March 2023

If you use us as your mortgage broker, we also have extra 0.30% cashback offer, paid after 18 months from our pocket 😀

Think AMP might be for you, or just want to review your options?
Call/email me for a no-obligation chat 😀

Arman Soetanto
M: 0431 825 128
E: [email protected]
W: www.lendingclinic.com.au
Lending Clinic Pty Ltd (Credit Representative Number 511270) is authorised under Australian Credit Licence Number 384704

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• 

  shabaka on 26/11/2022 - 14:47

  we've seen bigger cashbacks for $500k+

• 

  mr_asstight on 26/11/2022 - 14:51

  Meh. Suncorp better atm for cashback and rates

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  donkeyhokey on 26/11/2022 - 16:10

  If brought under the same loan, can the IP proportion of the interest still be negative geared?

  • 

    AssociatedMortgage Broker @ Lending Clinic on 26/11/2022 - 17:16

    You can still have 2 loan accounts. Just need to apply at the same time, for both loans, under 1 application.

• 

  Justuser on 26/11/2022 - 18:20

  +1

  Went to AMP via broker, promised 3k cashback, it’s been 4 months now me trying to get my cashback. Called them 2 months after settlement, they promised to pay me in a week, which they didn’t, called them again after 3 weeks, was told next week again, didn’t happen. Called them again after 3 weeks and they are saying that I’m not eligible now. Stay away from AMP if you can

  • 

    AssociatedMortgage Broker @ Lending Clinic on 26/11/2022 - 18:22

    Hmm did they say you are not eligible?

    • 

      Justuser on 26/11/2022 - 18:29

      Yes, operator on the phone said it after talking with someone who deals with cashbacks. Obviously I raised complaint and waiting for official response. It’s been 20 days since I raised a complaint and they say it might take maximum 30 calendar days. Patiently waiting….