Amp ????
- Thread starter triton07
- Start date
Hiya
We have done some
In general, they are ok.....................cost wise comparative to most other lenders.
They are mainly balance sheet funded ( meaning no extended sub prime woes), have an ok credit policy and an ok product for debt recycling.
In recent times they have added an offset to their product range, which is in essential in many structures.
App papework is voluminous
ta
Rolf
We have done some
In general, they are ok.....................cost wise comparative to most other lenders.
They are mainly balance sheet funded ( meaning no extended sub prime woes), have an ok credit policy and an ok product for debt recycling.
In recent times they have added an offset to their product range, which is in essential in many structures.
App papework is voluminous
ta
Rolf
I am with Rolf and would only do a loan with them if i had nothing else to do for afternoon and needed to get the fingers moving on the keyboard when filling out an application.
I must admit i cant think of any reason why you would take a loan with AMP over any other lender as even the shareholder benefits are not that great.
I must admit i cant think of any reason why you would take a loan with AMP over any other lender as even the shareholder benefits are not that great.
An insurance company pretending to be a bank
AMP are not a real bank and their record since demutualising has been a disaster. I had some shares with AMP when they first listed back in 1998 that I was allocated because I had a life policy. I sold the shares the day after they listed. Like the listed company their banking products and service leave a lot to be desired.
AMP are not a real bank and their record since demutualising has been a disaster. I had some shares with AMP when they first listed back in 1998 that I was allocated because I had a life policy. I sold the shares the day after they listed. Like the listed company their banking products and service leave a lot to be desired.
Hi,
I’m interested in getting a loan with AMP, was wondering if anyone on this forum are using AMP as their lender & share some information regards service or if any issues?
Cheers
George
May I ask why you're looking at them. As far as I've seen they offer nothing that can't be obtained by the majors who have a branch network on their side. This isn't to say I only use the majors but AMP has never tickled my fancy.
Regards
Steve
Did an AMP financial planner recommend you take an AMP loan?
or another thought.......AMP haven't dropped their commissions paid to MB's. Surely no MB would be recommending products just because they pay more rather than a product that meets a client's needs
Hiya triton
Before throwing the baby out .....................
Whats your citeria ?
ta
rolf
Before throwing the baby out .....................
Whats your citeria ?
ta
rolf
triton
IMO
AMP - Cheap rate intro followed by .7(ish) discount. offsets & i/o. Fixed rates higher & not super flex
Westpac - var/offset & i/o. IMO better fixed product due to redraw (if you need it). Noting higher package fee. Branch support (sometimes).
If looking at the comm side - AMP's still paying full whack (to me anyway) Westpac isnt
So dont know where youre coming from with the whoever is paying higher comm on each as it seems your 'preferred option (?)' is paying more.
Not trying to be misread here but as rolf says - whats your criteria... its a bit vague just saying 'it fits my criteria' but dont tell how... i.e. is it a servicing thing, are you chasing rate, trying to stick a round peg in a square hole etc.
IMO
AMP - Cheap rate intro followed by .7(ish) discount. offsets & i/o. Fixed rates higher & not super flex
Westpac - var/offset & i/o. IMO better fixed product due to redraw (if you need it). Noting higher package fee. Branch support (sometimes).
If looking at the comm side - AMP's still paying full whack (to me anyway) Westpac isnt
So dont know where youre coming from with the whoever is paying higher comm on each as it seems your 'preferred option (?)' is paying more.
Not trying to be misread here but as rolf says - whats your criteria... its a bit vague just saying 'it fits my criteria' but dont tell how... i.e. is it a servicing thing, are you chasing rate, trying to stick a round peg in a square hole etc.
Hi,
Like I said, one MB gives me AMP & another MB gives me Westpac or St George.
Now by doing a comparison on these 3 lenders on standard variable professional packages, they all seem to be pretty close in all options they provide, interest rates are around the 8.9%, and they all have thier offsets & I/O. So what does this all mean to me (AMP or Westpac or St George), nothing. But to a MB it matters off course, commission. Every MB has lenders priorities set on the software they use, anyway that’s the way I see it working, but someone can correct me on this if I’m wrong.
And naughty me,currently I have other MB’s doing the calculations for me, and they all have came back with different lenders; Adelaide bank, NAB, ING, and the list goes on.
So how do I see this, there are allot of choices & it's confusing.
Criteria?? Get a loan (just lend me the money). Maybe I should just think of it this way.
Cheers
George
Like I said, one MB gives me AMP & another MB gives me Westpac or St George.
Now by doing a comparison on these 3 lenders on standard variable professional packages, they all seem to be pretty close in all options they provide, interest rates are around the 8.9%, and they all have thier offsets & I/O. So what does this all mean to me (AMP or Westpac or St George), nothing. But to a MB it matters off course, commission. Every MB has lenders priorities set on the software they use, anyway that’s the way I see it working, but someone can correct me on this if I’m wrong.
And naughty me,
currently I have other MB’s doing the calculations for me, and they all have came back with different lenders; Adelaide bank, NAB, ING, and the list goes on.So how do I see this, there are allot of choices & it's confusing.
Criteria?? Get a loan (just lend me the money)
. Maybe I should just think of it this way.Cheers
George
Hi George
mate, there is the problem.................... a good analogy would be
You want a car, any car will do, can be big, small, 3 cyl, v12, 4wd, just sell me a car.
Tells me spades about the brokers you are dealing with are clueless in a normal sales role too.
Number One rule, ...........determine what the client wants and nail it and then use it to sell your solution.
If you cant, walk away from the sale because either your skill set isnt good enough to help the client and you are doing them a dis service , or the client is not really in the market for the item you have.
ta
rolf
mate, there is the problem.................... a good analogy would be
You want a car, any car will do, can be big, small, 3 cyl, v12, 4wd, just sell me a car.
Tells me spades about the brokers you are dealing with are clueless in a normal sales role too.
Number One rule, ...........determine what the client wants and nail it and then use it to sell your solution.
If you cant, walk away from the sale because either your skill set isnt good enough to help the client and you are doing them a dis service , or the client is not really in the market for the item you have.
ta
rolf
Luke, has that fixed rate redraw cap changed from 15k. IMHO, a gimmick, just so's they can include redraw as a selling feature.
if the options offered mean nothing to you Triton, how can you expect a MB to recommend a product based on 'the options offered', let alone weight the options based on a non existent criteria.
anyways, if you put your thinking cap on, you'll eventually realize the options do mean something to you.
Nah, you don't get my point. If these lenders are offering packages with same details, why would you stress out who you get the loan with? Does it really mater?
Now I know some experts get to say, but AMP shares dropped 10% yesterday & haven't been stable for the last quarter, so be careful. As far as I know AMP have been trading for long years & that they will be for years to come.
So my question is, what makes AMP different from the others & why? Am I putting myself in a risk if a get a loan with AMP? Aren’t all others a risk as well?
Cheers
George
Hi George
If share price volatility was an indicator of "lender risk" then I reckon you could do better than 10 % >)
ta
rolf
If share price volatility was an indicator of "lender risk" then I reckon you could do better than 10 % >)
ta
rolf
Hi George
If share price volatility was an indicator of "lender risk" then I reckon you could do better than 10 % >)
BTW,............AMP, STG and WBC are not indeed the same product, each has different features and benefits that suit different needs.
ta
rolf
If share price volatility was an indicator of "lender risk" then I reckon you could do better than 10 % >)
BTW,............AMP, STG and WBC are not indeed the same product, each has different features and benefits that suit different needs.
ta
rolf
Hi,
Like I said, one MB gives me AMP & another MB gives me Westpac or St George.Now by doing a comparison on these 3 lenders on standard variable professional packages, they all seem to be pretty close in all options they provide, interest rates are around the 8.9%, and they all have thier offsets & I/O. So what does this all mean to me (AMP or Westpac or St George), nothing. But to a MB it matters off course, commission. Every MB has lenders priorities set on the software they use, anyway that’s the way I see it working, but someone can correct me on this if I’m wrong.
And naughty me,
So how do I see this, there are allot of choices & it's confusing.
Criteria?? Get a loan (just lend me the money)
Cheers
George
Well George you seems to have a few issues here however confused some may be.
It would appear that you have quite a few people running around for you. This being the case it would appear that the performance of the loan is high on you list of needs other why have so many people (some wasting their time and others appearing to be wasting yours).
You have asked a question in regards to AMP, some MB's (including myself) have voiced an opinion (based on very limited information from yourself), yet instead of taking the opinions on board it would appear that we are being questioned.
Well here goes......
* AMP has a higher SVR at present
* AMP don't start offering a 0.70% discount until lending is $750k plus whereas most lenders are at $250k
* AMP traditionally over the past few years haven't been all that competitive with their fixed rates.
* No branch network
These would be some of the main reasons forgeting about policies. As such there wouldn't be many using them frequesntly. I freely admit that some/all of these may not relate to your needs even though the interest cost must if you have so many MB's running around (unless it's a policy issue).
You mention that ING was recomended. I find this hard to beleive if you require an off-set account as they currently don't have one ( there Vic State Manager hinted there will be one in the new years to me recently). Westpac has also been mentioned, I for one rarely use them as their annual fee is higher along with their discharge fees. It may only be a handfull of $$$'s but why pay it? If I was to knock on your door and ask for say $50 once a year I'm guess you'd stop answering the door pretty quickly.
All in all you will always find that there may be a variance in recomendations put to you as different MB's find differing levels of service with the same lenders just as customers do from branch to branch. If after taking into account your needs and goals there may be 2,3 or even 4 options (usually not AMP I would suggest) that come in pretty close. In this case your personal preferance would probably make the decision for you (you make the decision anyway but sometimes things like cost, performace etc lead to your choice). The software should have nothing to do with it unless it includes other lenders that another MB doesn't have access to through their aggregator. Some MB's may only have 20 panel lenders available, others 30 and others 40. Unless you have a loan that is outside of " the square" most of these panel lenders will be just window dressing and others just for credit impaired loans.
I suggest getting a recommended MB off here and stick with them. Don't bother having 3 or 4 doing the job as quite honestly, most MB's on here waste (probably not the right word there) quite a lot of time on here trying to assist others without making a single cent. The only way for a MB to make a living is by writing loans. Everything else they do doesn't put food on the table. Read through some posts that you find relivant to you, look at some of the MB's replies, find one you can relate to and use them. There are plenty on here and quite a few in Sin City.
Good luck in your endeavors George
Regards
Steve
Disclaimer:
I take no responsibility for any typing errors as my 2 fingers find it hard chasing these slippery keys all around the board
Similar threads
