Concidering giving AMP some business.

[The Wild One]

Loads of equity and income, problem is most of our income is from rental. Westpac, CBA and many more aren't to keen to loan money based on high rental income.

However AMP are more than happy to help us out with another ip or two and their interest rates are the same if not better than the banks.

I'm thinking, why not give them a go !! Why sit here wondering what could of been ?

Does anyone else here have AMP loans ? Any problems ?

 

[Bigtone]

Does anyone else here have AMP loans ? Any problems ?

Basic loan is good cheap product with offset and no on gong fees, can split loan and have offset account on each split for no charge.

good with cashout upto 85%


i think they are a good bank to have in portfolio but by all means don't give them all the properties , just 1 ,2 or max 3.

when they drop the ball they lose it bigtime so give them a piece but not the whole pie

 

[Rolf Latham]

ok as long as your financials are simple and there arent too many addbacks or even sal pack that isnt mainstream.

At AMP exp greater than 2 mill their service calc becomes less attractive.

ta
rolf

 

[Rixter]

I have a couple of LOC's with AMP.......no problems so far. Good product at a good rate that serves its purpose for me.

Im also taking Homeloans Ltd out for a trot too -have a couple of Adelaide Banks loans managed through Homeloans with a 3rd pre-approval ready for IP purchasing action.

 

[peaches]

As Rolf says as long as you are pretty vanilla AMP are fine and their current 'Basic' split pack is very attractive with no ongoing fees.

I can never understand why the take a nice flexible variable rate loan with a 100% offset and call it Basic...

And their Master Limit is built around and LOC - unlimited cash out to 85% LVR and basically no third degree as to the purpose - the LOC rate is highish but you have unlimited free rebalances with 10 sub accounts which can be term variable or fixed. So as you draw down the LOC rebalance the amount into the cheaper term account

 

[The Wild One]

Thank you all for your advise, sincerely appreciated.

I'm happy to take advantage of their offering, but first will need to obtain a pre-aproval which costs $350 per property. Not about to hand them some mortgages without the reasurance they'll hand me some doh.

One other thing that is very interesting, they calculate rental income at 100% unlike others who take it at 75/80%. But only provided you don't nead LMI.

 

[Brett IP]

I think if you have your Superannuation with AMP this may attract a further interest rate discount also. Not sure, checking with them now.

Will let you know

 

[sammmeee]

Hi we are with AMP. No issues yet. Their serviceability calculations aren't as harsh as others.

 

[Nth Brisbanite]

I've just refinanced 2 Westpac loans to AMP. I'm very happy with their rates, fees and service. I was able to get quite a bit of cash out as well. Tried with Westpac but they knocked me back so was willing to pay the refinance fees to change over to AMP

 

[BV]

I've just refinanced 2 Westpac loans to AMP

Were they quick to approve your loans?

 

[sammmeee]

Very quick. Bankwest were taking way too long and needing more and more info and time was of the essence. However AMP were great I think took maybe 5 days MAX for formal approval. Maybe 10 days for loan docs to be sent out..

 

[BV]

Very quick I think took maybe 5 days MAX for formal approval.

That's not bad.
It took a different lender 5 days just to tell me no....

 

[Nth Brisbanite]

Were they quick to approve your loans?

As other posters have already mentioned, they were very quick in approving my loans. It helps to have a good mortgage broker though. Not sure how long, but wouldn't have been much more than a week once I'd got all the information to them.