AMP Bank Home Loan Review for Expats
As an Australian expat looking to invest in property back home, navigating the intricacies of the home loan market can be a daunting task. AMP Bank, one of Australia’s leading financial institutions, offers home loan solutions specifically tailored for expats who want to purchase property in Australia while residing overseas.
Find out if AMP Bank is the right choice for you!
- Borrow up to 90% of the purchase price
- Competitive interest rates
- Flexible lending criteria
AMP Bank Home Loan Options
AMP Bank offers a range of home loan options for Australian expats, including the following.
Variable Rate Home Loan
Fixed Rate Home Loan
Packaged Home Loan
The AMP Expat Variable Rate Home Loan is designed for Australians living overseas who want to purchase property back home. It offers the flexibility of a variable interest rate, which means the interest rate can fluctuate up or down over the life of the loan depending on market conditions.
A variable rate means monthly repayments will change if the RBA cash rate moves up or down. This loan gives flexibility for expats who want the option to pay off their loan faster or switch to a fixed rate later on. Approval will be subject to AMP's standard credit criteria and proof of foreign income.
The AMP Expat Fixed Rate Home Loan allows overseas borrowers to lock in an interest rate for 1 to 5 years. This gives certainty over the repayment amount for the fixed period chosen.
At the end of the fixed rate term, the interest rate reverts to the standard AMP variable rate. This loan offers payment certainty for expats who want to lock in a fixed rate as they enter the Australian property market from overseas. Approval is based on AMP's credit criteria and proof of foreign income.
The AMP Expat Packaged Home Loan bundles together a home loan along with AMP's Home Insurance and Credit Card products. This can help overseas borrowers simplify their finances.
The packaged home loan rate discount can save expat borrowers thousands over the life of their mortgage. Approval is still subject to meeting AMP's standard credit criteria. This loan bundles home financing with protection and everyday banking for Australians purchasing property from overseas.
AMP Bank Home Loan Review
Here are the pros and cons of applying for a home loan with AMP Bank to buy property in Australia from overseas.
| Pros | Cons |
|---|---|
Online applications for Australian expats. | Higher interest rates than some competitor home loans. |
Rate discounts are available for larger home loans. | Added fees for international transfers and currency exchanges. |
Access to help from a dedicated expat banker. | Limited branch access for overseas borrowers. |
The ability to use overseas income to qualify for a home loan. | Documentation requirements can be strict. |
Allow us to find you the perfect home loan.
Apply online to get expert recommendations with real interest rates and repayments.
AMP Bank Home Loan Features
AMP Bank offers various home loan features to Australian expats looking for a mortgage. These include the following.
| Feature | Details |
|---|---|
Offset Accounts | The bank offers offset accounts, allowing borrowers to reduce interest payments by offsetting the balance against their home loan. |
Loan Splitting | Borrowers can divide their home loan into multiple splits with different interest rates, providing flexibility in managing their finances. |
Online Loan Applications | AMP Bank facilitates online applications, making it convenient for expats to apply for home loans remotely. |
Partial Repayment Option | Borrowers have the flexibility to make partial loan repayments, helping to reduce the overall interest burden. |
Facts About AMP Bank
AMP Bank was founded in 1849, making it one of Australia's oldest financial institutions.
The bank is a subsidiary of AMP Limited, which is one of the largest financial services companies in Australia. In 2021, AMP demerged its wealth management and corporate trustee services arms.
The bank has a strong commitment to sustainability and has been recognised as one of the most sustainable banks in Australia.
How Do I Apply for an Expat Mortgage with AMP Bank?
You can apply for an expat mortgage with AMP Bank online, by phone, or in person at a branch. Here are some steps to follow for an easy home loan application process with them.
- Online Application: Visit the AMP Bank website and complete the online application form.
- Gather Documentation: Prepare the necessary documents, such as proof of income, identification, and financial statements.
- Verification Process: AMP Bank will review the application and documentation and may require further verification.
- Loan Approval: Once approved, the bank will issue a conditional approval, subject to property valuation and other conditions.
- Settlement: After satisfying all conditions, the loan will be finalised, and settlement procedures will take place.
Please note that our mortgage brokers can streamline and simplify the entire process, plus negotiate a better deal on your expat home loan.
Who is Eligible?
To be eligible for an Australian expat mortgage with AMP Bank, you must meet the following criteria:
- You must be an Australian citizen or permanent resident.
- You must be living overseas.
- You must have a good credit history.
- You must be able to provide proof of income.
- You must be able to provide proof of residency.
What Documents Do I Require?
The documents you need to provide will vary depending on your individual circumstances. However, you will typically need to provide the following:
- A copy of your passport
- Proof of income
- Proof of residency
- Tax returns and financial statements
- A letter from your employer confirming your employment
Other Related Products from AMP Bank
AMP SuperEdge Home Loan
AMP Bank’s AMP SuperEdge Home Loan is a home loan designed for investors who are buying property in Australia through their self-managed super fund (SMSF). It offers a number of features that are designed to make it easier to invest in property using SMSF, such as the ability to use the loan to purchase multiple properties.
The interest rates on the AMP SuperEdge Home Loan are variable, and they are subject to change. However, AMP Bank typically offers competitive interest rates on its home loans.
If you are an SMSF investor who is considering buying property in Australia, the AMP SuperEdge Home Loan may be a good option for you. It offers a number of features that are designed to make it easier for SMSFs to invest in property, and it is available to SMSFs that meet the qualifying criteria.
Investment Property Loan
AMP Bank’s Investment Property Loan for overseas buyers is a home loan designed for investors buying property in Australia but living overseas. It offers a number of features that are designed to make it easier for overseas investors to get a home loan, such as the ability to use overseas income to qualify for the loan.
The interest rates on the AMP Investment Property Loan for overseas buyers are variable, and they are subject to change. However, AMP Bank typically offers competitive interest rates on its home loans.
If you are an overseas investor who is considering buying property in Australia, the AMP Investment Property Loan for overseas buyers may be a good option for you. It offers a number of features that are designed to make it easier for overseas investors to get a home loan, and it is available to investors who meet the qualifying criteria.
Construction Loan
AMP Bank’s Construction Loan for overseas buyers is a home loan that is designed for investors who are building a property in Australia but are living overseas. It offers a number of features that are designed to make it easier for overseas investors to get a construction loan, such as the ability to use overseas income to qualify for the loan.
Here are some additional things to keep in mind if you are considering applying for an AMP Construction Loan for overseas buyers:
- The maximum loan amount is $2 million.
- The loan term is up to 30 years.
- There is a minimum deposit requirement of 30%.
- There are some additional fees associated with this loan, such as an application fee and an annual service fee.
Applying for an Expat Home Loan with AMP Bank?
Investing in Australian property while living overseas is an exciting opportunity, and AMP Bank’s tailored home loans for expats can make it a reality. With competitive interest rates, flexible features, and dedicated customer support, AMP Bank stands out as a reliable choice for Australian expats seeking to purchase property back home.
Odin Mortgage specialises in home loans for Australian expats, permanent residents, and foreign buyers living overseas looking to invest in property Down Under. Our team of expert mortgage brokers can help you select the best deal with the ideal lender depending on your unique circumstances.
Contact us today to discuss your needs in detail with one of our team members.
Other Australian Lender Reviews
Allow us to find you the perfect home loan.
Apply online to get expert recommendations with real interest rates and repayments.
FAQs About AMP Bank Home Loans
Can Australian expats apply for AMP Bank home loans while residing overseas?
Yes, AMP Bank offers home loan solutions specifically designed for Australian expats living abroad.
Are the interest rates competitive compared to other lenders?
Yes, AMP Bank provides competitive interest rates for its home loans, giving borrowers cost-effective options.
How can expats access customer support if they are living in a different time zone?
AMP Bank offers online services and dedicated customer support to accommodate expats in different time zones.
Is it possible to make additional repayments on an AMP Bank home loan?
Yes, some AMP Bank home loans offer flexible repayment options, allowing borrowers to make additional repayments.
What happens if an expat's financial circumstances change during the loan term?
In case of changing financial circumstances, expats can seek assistance from AMP Bank to explore suitable options and solutions.
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